We present a new retrieval model designed to analyze the observations of the Michelson Interferometer for Passive Atmospheric Sounding (MIPAS), which is on board the ENVironmental SATellite (ENVISAT). The new geo-fit multitarget retrieval model (GMTR) implements the geo-fit two-dimensional inversion for the simultaneous retrieval of several targets including a set of atmospheric constituents that are not considered by the ground processor of the MIPAS experiment. We describe the innovative solutions adopted in the inversion algorithm and the main functionalities of the corresponding computer code. The performance of GMTR is compared with that of the MIPAS ground processor in terms of accuracy of the retrieval products. Furthermore, we show the capability of GMTR to resolve the horizontal structures of the atmosphere. The new retrieval model is implemented in an optimized computer code that is distributed by the European Space Agency as "open source" in a package that includes a full set of auxiliary data for the retrieval of 28 atmospheric targets.