Portugal is gradually emerging as a hot spot for expats to retire, thanks to the country's warm weather, friendly locals, affordable cost of living, and laid-back lifestyle. Not only is it less expensive than many Western European countries, but Portugal also offers a high standard of living, fresh seafood, lush greenery, and a rich cultural heritage. Here are a few advantages of retiring in Portugal.
The first advantage of retiring in Portugal is the
country's affordable cost of living. Portugal's cost of living is as much as
30% lower than the European average, which makes it very attractive for retirees.
For instance, a retired couple can enjoy a comfortable lifestyle for as little
as $2,500 per month, which includes accommodation, food and drink, transport,
and entertainment. Retirees can also take advantage of the country's excellent
public health system, which is fully accessible and affordable.
Another significant advantage of retiring in Portugal is
the country's mild climate and scenic beauty. Thanks to its southern location
on the Iberian Peninsula, Portugal enjoys a warm, Mediterranean climate with
plenty of sunshine year-round. Retirees enjoy this climate by sitting outside
in the sun, taking long walks, playing golf or tennis, and swimming in the
ocean. Portugal is also home to some of Europe's most stunning coastlines,
mountains, and natural parks, which provide retirees with an abundance of
opportunities for hiking, bird watching, and exploring.
Portugal is also a land of warm hospitality, where
visitors are always made to feel welcome. Retirees in Portugal often report
feeling connected to a vibrant, welcoming expat community. English is widely
spoken, which reduces the language barrier for non-Portuguese speakers. The
Portuguese people are friendly and welcome newcomers with open arms. They are
happy to share their country's rich history and culture with foreigners, which
makes adapting to a new life in Portugal relatively seamless.
Retirees in Portugal also have an opportunity to indulge
in a variety of cultural offerings while enjoying their golden years. The
country is known for its rich history, architecture, and art, with several
world heritage sites like the historic towns of Sintra, Obidos, and Evora, as
well as museums, galleries, and music and film festivals. The country also
boasts of excellent wine production and a world-famous food scene. Retirees can
feast on fresh seafood, pastries, cheeses, and wine in local cafes,
restaurants, and markets.
Finally, Portugal offers many opportunities for adventure
to retirees. Portugal is a fantastic place for history buffs, art enthusiasts,
wine connoisseurs, and foodies to explore the country's cultural heritage.
Portugal also has some of the best beaches and surf spots in Europe for the
adventurous retiree. All of these make Portugal a compelling destination that
offers a unique blend of culture, history, adventure, and relaxation for
retired expats.
Retirement Laws
In terms of the laws of retiring in Portugal, there are
several things to keep in mind.
1.
As a retiree, you will be able to apply for the
Non-Habitual Resident (NHR) tax regime, which offers a 10-year tax exemption on
most types of foreign income. This includes pensions, interest, and dividends
earned from abroad. To qualify for the NHR, you need to meet certain criteria,
such as living in Portugal for more than half of the year and not being
considered a tax resident in any other country.
2.
Portugal has a residency program called the
Golden Visa that can be beneficial for retirees. The program allows you to
invest in Portuguese real estate or other approved investments, and in return,
you receive residency, which can lead to citizenship after five years. The
program has been popular among retirees, as it provides a way to live in
Portugal without worrying about renewing visas.
3.
Portugal has a social security scheme that
provides a range of benefits to retirees in the country. This includes a
pension, healthcare, and long-term care. The system is funded by contributions
from workers and employers, and retirees can benefit from this system if they
have contributed over a certain period of time.
4.
if you plan on purchasing a property as a
retiree, it’s important to understand the laws and regulations regarding real
estate in Portugal. Non-residents can purchase property in the country, but
there are certain restrictions and taxes that need to be taken into
consideration.
5.
Portugal has a healthcare system that is
accessible to all residents, including retirees. The healthcare system is
funded through taxes and provides free or low-cost medical care to those who
need it. Private healthcare options are also available for those who prefer to
utilize this option.
Crime Rate
Crime rate in Portugal has been on the decline in recent
years, making it a relatively safe country to visit or live in. According to
the Global Peace Index, Portugal ranks 3rd in the world for safety and peace,
outranked by only Iceland and New Zealand. But just like any other country,
Portugal also has its fair share of crimes.
The overall crime rate in Portugal has been steadily
decreasing over the past decade, with police reporting a decline of 3.3% in
2019. The most common type of crime in Portugal is theft, accounting for around
67% of all reported crimes. Pickpocketing is a common problem in tourist-heavy
areas, such as Lisbon and Porto. However, violent crime rates are relatively
low compared to other countries, with 0.7 murders per 100,000 people in 2019.
Drug trafficking is another major concern in Portugal,
with the country’s location on the Iberian Peninsula and easy access to
seaports and airports making it a major transit point for drug trafficking to
Europe. However, Portugal has adopted a progressive approach to drug laws,
which decriminalized drug use in 2001, focusing on the rehabilitation of drug
users rather than punishment. As a result, drug-related crime has decreased in
Portugal, and the country has become a pioneer in drug policy reform.
One crime that has increased in recent years in Portugal
is cybercrime. With the growth of technology and the internet, cybercriminals
have found new opportunities to commit fraud, hacking, and identity theft. In
2019, Portugal reported a 50% increase in cybercrime cases compared to the
previous year. However, authorities have been working to combat this, with the
Ministry of Internal Affairs creating a new national cybersecurity strategy in
2020.
Cost of Living
The cost of living in Portugal is relatively low compared
to other European countries. This is mainly because of its favorable tax
structure, low labor cost, and a moderate level of inflation. According to
Numbeo, a website that compares the cost of living in different countries, consumer
prices in Portugal are 27.83% lower than in the United States. The prices of
groceries, restaurants, and transportation are quite affordable, making the
country an ideal destination for people looking for a comfortable and
affordable lifestyle.
Housing is one of the most significant expenses for most
people in any country. Portugal has a wide range of options when it comes to
housing, which caters to people from different income levels. From apartments
to villas, from beach houses to countryside properties, there is something for
everyone. However, the cost of housing varies according to location. Lisbon and
Porto are the most expensive areas to live in Portugal, while the more rural
areas are more affordable. Nevertheless, the cost of renting or owning a house
is still lower compared to most European countries.
Food is an essential part of the Portuguese culture, and
Portugal is known for its excellent vineyards, fresh fish from the Atlantic,
and delicious pastries. The cost of food in Portugal is relatively affordable,
with a meal in a low-priced restaurant costing around €7 to €12 per person. The
cost of groceries depends on the shopping habits of individuals, but generally,
people can expect to pay between €150 to €200 per month for groceries for a
single person.
Another cost that affects the cost of living in Portugal
is healthcare. Portugal has a universal healthcare system that assures everyone
access to public healthcare, regardless of their social or financial status. As
an EU citizen, you are entitled to use the public healthcare system and pay the
same fees as Portuguese nationals. If you need medical assistance, you can
visit a public hospital or health center, and the cost you pay depends on your
income. Alternatively, you can take out private health insurance, which is also
affordable in Portugal.
Quality of Life
Portugal is renowned for many things including its
distinct culture, natural resources, world-class cuisine, and excellent living
standards. The country boasts a rich history, with remnants of its past to be
seen in the diverse architecture that dots its streets, beaches, and cities.
Portugal has been largely overlooked in terms of its quality of life when
compared to neighboring countries in Europe, but in recent years, it has
emerged as a coveted destination for those looking for a better quality of
life. In this essay, we will discuss the quality of life in Portugal and the
reasons why it is a preferred destination for many people.
Additional Information:
https://getgoldenvisa.com/retiring-in-portugal
https://smartasset.com/retirement/how-to-retire-in-portugal
https://internationalliving.com/countries/portugal/retire-in-portugal/
https://www.cntraveler.com/story/how-to-retire-in-portugal
