Many of us dream of our retirement as a long-term project. However, more and more people are making that decision long before the date arrives, seeking great investment opportunities to secure a dream home for themselves.
In an increasingly globalised environment, the world is our oyster. But with so many options to spend our golden years, choosing where and why may seem like a daunting task. However, there are places that have been a favourite with retirees for many years and Portugal is one of them! Whatever your lifestyle and budget, Portugal is definitely an excellent option to consider. Find out why this beautiful stretch of paradise on the western edge of Europe is being chosen by people from all nationalities for an active and fulfilling retirement:
Portugal is one of the sunniest places in Europe, with over 3,000 hours of sunshine per year! Whether you prefer to live near the coast or further inland, the mild climate is one of the main reasons so many expats chose to retire in Portugal.
2. Health Care
Portugal is also well known for its excellent healthcare, ranked as the 12th best on the planet by the World Health Organisation. Depending on your nationality or residency status, access to public health care services, known as the “Serviço Nacional de Saude” (SNS), may be free or cost very small co-payments. There are also various options for private healthcare that are renowned worldwide and accept a large variety of insurance plans.
For citizens of the European Union retiring to Portugal is fairly straightforward as anyone can apply for a residence permit. However, non-EU citizens who want to retire to Portugal must obtain a temporary residence permit for the first five years, after which it is possible to apply for permanent residence. It is also possible to apply for a residence permit through the ARI – Residence Permit for Investment (also known as Golden residence permit programme). This option is available to all foreign investors acquiring real estate with a value of 500 thousand Euros or more.
Portugal is also a favourite for retirees who want to stay close to their loved ones abroad. Three international airports and low-cost daily flights to practically everywhere in Europe make travelling, visiting friends and family or receiving guests in your dream home fast and simple!
Portugal was ranked the world’s third most peaceful country by the Global Peace Index 2019. But no one in Portugal needs statistics to know the country is safe! In small rural villages, it is still common for people to leave their doors unlocked.
6. Affordable prices
Property prices in Portugal continue to be reasonably priced despite the increase of demand in the last few years. In the Algarve, listed by CNN and Forbes as one of the best places to retire, resales in coastal areas such as Albufeira can be bought from 155,000 euros. New build property for sale in the Silver Coast can cost as little as 140,000 euros, with beautiful modern architecture and a pool! The general cost of living in Portugal is also lower than that of most Western European countries.
The Portuguese will welcome any expat with opened arms and warm smiles! It is custom for people to say “bom dia” when they walk into the café, regardless of knowing you. And don’t be surprised to find a bag of lemons at your doorstep every now and then! The Portuguese way of life is kind and generous and will win your heart time and time again.
8. Laid-back lifestyle
Portugal offers all of the commodities of any other Western European country, but it also maintains a very simple and laid-back joy for life. That small village feeling of belonging is still very common, and life in Portugal is made of simple pleasures. From enjoying delicious food to appreciating nature, every aspect of the Portuguese lifestyle was designed for slow-living.
9. Pensions in Portugal
Portugal’s Non-habitual Residency (NHR) programme entitles foreigners to benefit from a favourable tax arrangement for a 10-year period. The NHR status is available to anyone who has not been a tax resident in Portugal in the last five years, as long as they meet certain criteria.
Although learning Portuguese is an option for many retirees, it’s always reassuring to know that most Portuguese people do speak some English. In the Algarve, for example, a large proportion of the locals speak foreign languages. However, even in the more rural towns where the elderly population might only speak Portuguese, their willingness to help foreigners never gets lost in translation! If your retirement plans include delicious food, a fantastic climate, friendly people and lots of things to see and do, contact us for more information.
Overseas Property Forum have a great selection of properties around Portugal, with new properties being added every day. Find your ideal property on Overseas Property Forum, and we can also put you in touch with trusted professionals – pension, accountants, lawyers, money transfers, removal, and more.