Recently, there have been several improvements in architectural supports for two-level address translation for virtualized systems. However, those improvements including HW-based two-dimensional (2D) page walkers have extended the traditional multi-level page tables, without considering the memory management characteristics of virtual machines. This paper exploits the unique behaviors of the hypervisor, and proposes three new nested address translation schemes for virtualized systems. The first scheme called nested segmentation is designed for static memory allocation, and uses HW segmentation to map the VM memory directly to large contiguous memory regions. The second scheme proposes to use a flat nested page table for each VM, reducing memory accesses by the current 2D page walkers. The third scheme uses speculative inverted shadow paging, backed by non-speculative flat nested page tables. The speculative mechanism provides direct translation with a single memory reference for common cases without page table synchronization overheads. We evaluate the proposed schemes with the Xen hypervisor running on a full system simulator. Nested segmentation can reduce the overheads of two-level translation significantly for a certain cloud computing model. The nested segmentation, flat page tables, and speculative shadowing improve a state-of-the-art 2D page walker by 10, 7, and 14 percent respectively.