During the last few years, Portugal has become one of the top choices for retirees and, in general, those who are looking for a place to settle. To this, several factors have contributed: inviting weather and culture, safety, low cost of living, and attractive tax benefits, among others.
From its picturesque cities, gorgeous coastlines, mossy forests, snowy mountains, architectural sites dating back to pre-historic times and modern architecture, Portugal has something for everyone, either in its cities or in the countryside. Many have sought a Portugal residency in recent years as it is known as one of the safest countries to live in, with a low crime rate, drawing in people of all ages, from young digital nomads to those looking for retirement in Portugal.
COST OF LIVING
One drawcard for many is the living expenses in Portugal . General living is relatively inexpensive compared to other EU countries, with a couple being able to live comfortably with a budget of EUR 2,500 a month. Whether eating in or dining out, food is also affordable and generally healthy. The local markets boast freshly baked goods, vegetables, fruit, and meat and are easily accessible instead of purchasing from a chain store. Of course, this affects everyone’s lives, but you retire in Portugal and know that it’s easy to look after your health.
PEOPLE, HEALTHCARE, AND RETIREMENT TAXES
Portugal has become a very sought-after retirement destination, being mentioned in several international publications as one of the best places to retire . Notoriously, there has been over the last twelve months an increased interest of North-American retirees. This is motivated by the above-mentioned affordable cost of living and the security and social peace. It also helps that English, French and Spanish are widely spoken, making it easy for expats to attend to their matters. Healthcare is worth mentioning, with a robust (and free) public healthcare system complimented by inexpensive private health insurance. In addition, the Non-Habitual Resident status ensures that foreigners moving into Portugal benefit from reduced tax rates for 10 years, notoriously a flat rate on pensions of just 10%.
PORTUGAL GOLDEN VISA
If you are not a EU citizen, the first step to relocate to Portugal is securing a residency permit. One of the best ways of achieving this is by obtaining an Investor Residency Permit, commonly referred to as the Golden Visa. Qualifying investments start at a minimum €280,000. The process takes 8 months. What makes the Portugal Golden Visa such an attractive proposition is that the residency requirements are considerably low: an average of 7 days per year.
The Portugal Golden Visa grants you access to the Schengen Area, and you will have the possibility of citizenship after five years. If you are considering retirement in Portugal, you’ll likely be living there permanently and perhaps taking holidays around Europe now and then. You can still hold dual citizenship to make trips back to your home country, and both you and your family with you will have the right to study, work, and live in Portugal.
RETIREMENT IN PORTUGAL
You can look forward to a smooth retirement filled with adventure, beautiful scenery, exquisite food, and a safe place to call home. With your Golden Visa, you can move to Portugal while the application is being processed and start familiarizing yourself with the surroundings. If you’d like to know more about the Portugal Golden Visa or retirement in Portugal, you can contact us for a private and complimentary consultation here.