The number of Italian pensioners migrating abroad, where their pensions are taxed lower or not at all, is increasing. Last year, there were around 240,000. Over the last eight years, there has been a significant shift in preferred destinations, owing primarily to changing economic conditions, most likely due to exchange rate fluctuations and the resulting cost of living in various host countries, or the implementation of particularly favorable tax policies. There has been a 40% decrease in the number of pensioners receiving payments in the United States, and over 50% in Australia and Canada. However, there has been substantial growth (+75%) in Spain (which is now the overwhelmingly preferable destination), Portugal (+144%), and Tunisia (+255%). Portugal, in particular, had exponential growth (+172%) between 2018 and 2021, before slowing due to the expiration of tax breaks. Some places on the Adriatic's eastern shore develop, including Romania and Albania.