Portugal was elected as the best place for retirees in 2020 thanks to the affordable cost of living, the inviting Mediterranean climate and the health insurance system in the country.
The Annual Global Retirement Index from International Living outlines countries where you can “live a healthier and happier life, spend a lot less money, and get a whole lot more”.
Now Portugal has stood out for retirees, overcoming competition from France, Spain, Panama, Costa Rica and Mexico.
There are many reasons for crowning Portugal top for retirees in 2020, and although the country did not do that well in terms of opportunity and economics, all the other considerations such as environment group, culture and accommodation helped the country get a final score of 89, bringing it at the top of the table. When it comes to visas and residency, although the application process might be long, we believe that it is definitely fruitful in the long term.
Nationality by Investment for retirees
Non-EU residents looking to retire in Portugal may take advantage from Portugal Golden Visa, which is only available to third-country individuals who follow one of the following requirements:
invest €500.000 or above in real estate;
- invest €280.000 in a low-density area; know more about low-density areas here;
invest in a real estate property with a minimum value of €350.000 for the purpose of refurbishing; learn more about investing in off-plan properties.
Expats who apply to Portugal GV are granted rights such as to work, study, vote in the host country, as well as travel visa-free to many countries. Learn more about global mobility with citizenship by investment here.
On the other hand, opting for Residency by Investment offers attractive tax conditions. The Non-Habitual Residence status is eligible to you if you have not been a tax resident in Portugal in the past 5 years, as long you follow certain requirements.
You will be able to enjoy 10 years of tax exemption, even if your earnings, investments, pensions, and so on, come from overseas. Want to retire in Portugal through the Non-habitual Residency? Discover how to here.
An affordable retirement
The quality and availability of accommodation is obviously the first factor when buying a new house. Fortunately, the cost of living in Portugal is about as inexpensive as you'll find in a modern country.
Tricia Pimentel, former investor in Portuguese land, stated that “As far as finances go, we immediately found that we spent between one-quarter to one-third of what we did when we lived in the States."
Source: The Portugal News