Ten Reasons Why You Should Retire in Portugal
Portugal has always been renowned as an ideal destination for retirement, and this reputation continues to shine brighter than ever. In the recently released 2023 Global Retirement Index, Portugal emerged as the undeniable winner, claiming the top position. Its mesmerizing climate, affordable cost of living, and outstanding healthcare are just a few factors that contribute to its well-deserved recognition.
If you’re a retiree from the UK or USA considering a move to Portugal, you’ll discover a vibrant community of expats. Over 42,000* Brits and 7,000 US-citizens have already chosen Portugal as their new home, joining people from all corners of the globe who have found their haven here.
Now, you might be wondering about the finest locations for retirees seeking to settle down in Portugal. From the sun-soaked Algarve to the historically rich north, there is an extensive list of the best places to retire in Portugal. However, in this article I will aim to highlight ten remarkable advantages that come with making Portugal your new home. Done correctly, you should be able to find your perfect retirement spot in this country.
- An easy path to residency:
Having an easy route to residency certainly makes the relocation process easier, and the D7 Visa — also referred to as the Retirement Visa — is the perfect option. “In Europe, generally visas are offered to non-EU citizens allowing temporary or permanent residency for pensioners, retirees, and those with passive income,” says Joana Mendonca, the head of legal at Global Citizen Solutions, a boutique investment migration company. “In Portugal, a D7 Visa — a long stay visa allowing non-EU citizens to live in Portugal for two years, renewable for a further three — is an excellent option for retirees, but also for anyone with a passive income looking to relocate”.
2. Attractive tax benefits
Portugal boasts an attractive tax regime for foreigners under the Non-Habitual Residence (NHR) program, whereby it’s possible to receive significant tax advantages for up to ten years. You will need to stay for a minimum of 183 days per year in the country or maintain a property as your habitual residence to gain NHR status.
3. World-class healthcare
Portugal has universal health insurance that is covered by its publically funded National Health Service, and it’s a very affordable and largely excellent service for legal residents of Porutgal. You will also find private healthcare across the country if you prefer to go down this route and you’ll be pleased to know that most healthcare professionals speak a very good level of English.
4. One of the safest countries in the world
Portugal ranked in sixth position in the Global Peace Index 2022,which takes into account the level of societal safety and security, domestic and international conflict, and the degree of militarization.
5. High quality of life
With an affordable cost of living, beautiful landscapes and buzzing cities up and down the country, excellent healthcare, infrastructure, and transport links, and progressive legislation, the country has a lot going for it. This is without mentioning the incredible food and wine that you’ll find here.
6. Stretch your pension further
While prices have risen in the last 10 years and Lisbon has the country’s highest price points, you’ll still find that compared to the UK or the USA, property prices are relatively affordable.
So, let’s provide you with a nice comparison of what your money can buy in Somerset, a glorious corner of England, and the Algarve. According to Numbeo, the world’s largest cost of living database, the price per square meter to buy an apartment in the city center of Taunton, the county seat of Somerset, was £3,114.59. If we compare this to Faro, the capital of the Algarve, this would set you back £2,108.05.
So if you’re looking to stretch your pension further, perhaps secure a more spacious property or a property with a sea view, then buying property in Portugal could be just the ticket.
7. Reinvent yourself
Long gone are the days when retirement meant stopping work. If you are looking to push the reset button, Portugal provides an excellent environment for individuals looking to reinvent themselves careerwise. The country has cultivated a vibrant entrepreneurial ecosystem, with a supportive network of incubators, accelerators, and co-working spaces. Whether you have a startup idea or want to join an innovative company, Portugal offers a conducive environment for entrepreneurial ventures.
8. Direct flights to home
There are regular direct flight connections between major cities in Portugal, such as Lisbon and Porto, and several destinations in the UK and the USA. These direct flights make travel between Portugal and these countries convenient and easily accessible for both leisure and business purposes.
9. Connection to major European cities
The country has a robust air transportation network with frequent flights to and from various European destinations. Major airlines and low-cost carriers operate flights from Portugal’s main airports, including Lisbon, Porto and Faro to popular European cities such as London, Paris, Madrid, Rome, Amsterdam, and many others. These connections provide travelers with a wide range of options for exploring and accessing different parts of Europe from Portugal.
10. The weather
The country benefits from over 3,000 hours of sunshine per year, making it a sun-seeker’s paradise. However, it’s worth noting that certain regions, such as the mountains and interior areas, can experience more extreme temperature variations and occasional snowfall during winter months. Overall, Portugal’s weather offers a delightful blend of warmth, sunshine, and moderate seasonal changes, making it an attractive destination for those seeking a pleasant climate year-round
Taking the Leap to Relocate to Portugal
Perhaps the hardest decision is deciding which part of the country is right for you and for this, you’ll need to determine exactly what you are looking for. A beach property with spectacular ocean views? A countryside villa? A townhouse in a charming historic city?
Portugal has it all, just dedicate sometime to research — and plan a recce trip to Portugal for your next holidays.
