how much do i need to retire in portugal

Expat Let the professionals do what they do best. or a toucinho do céu (heaven’s bacon) — your ears might not like the sound of it, but your taste buds will be grateful forever!”, Prentice says that a dinner for two “cost as little as $21 but in Lisbon that would be more like $42 to $47, less in the provinces.” Peddicord reports that she had lunch, in the center of Lagos, in the touristy area where prices are usually the highest, and the tab was just a little over $6. At present, NHR offers a 20% income tax rate to people employed in ‘high-value-added’ professionals, as well as the potential to receive some foreign income, like property gains or pensions, completely free of Portuguese taxes. Retirees are eligible for certain tax exemptions, via Portugal’s NHR regime. Our prices are transparent and competitive, and we guarantee a fast service, tailored to your specific objectives. It’s just that immigrating to a new country is complicated and confusing. The Portugal Golden Visa is a five-year residency-by-investment initiative for non-EU nationals. Our content is DMCA propected, and it can't be reproduced on other websites without our authorisation. .affiliate-item div { New Portuguese legislation has eliminated some local taxes on foreign pensions and other retirement income. Just make sure you’re organized and diligent about getting your documents in order, and you should have no problems. As you’d expect, the cost of your home or apartment will depend on where it is and what it is. Do you plan on renting or are you going to buy? In particular, the best city to retire in Portugal is Silves, and another best city to retire in Portugal is Lagoa. The Algarve is probably the most well known for retirement, and for good reason. The Algarve in particular has attracted huge numbers of English-speaking retirees. The exact documents and requirements for your initial visa change occasionally, but in general, you’ll need to show: You’ll probably be asked for a few other items, like transportation reservations to (and from) Portugal. But, as said earlier, maybe it’s better for you (and especially for us) that you do not retire in Portugal. Portuguese real estate also has one of the best price-to-rent ratios and price-to-income ratios in Europe. It's free, quick, and easy to use. Also consider how long you’ll need to actually move and set up a calendar for yourself. Portugal is a safe country. Many say Porto feels more “authentic” than Lisbon, and gives you a peek at a more traditional side of Portugal. In exchange for proving you have a regular and reliable income, either from your pension funds or from your own financial resources, you can get the  residence permit (D7 visa), granting you special tax status for a 10-year income tax break. Sometimes, transferring international pensions to Portugal are subject to tax. Read more about life in Lisbon’s neighborhoods in our full article: Where to Live in Lisbon, Portugal’s Trendiest City. In part because of the crowded public system, EU citizens who retire in Portugal often carry private health insurance. Thanks to a robust system that combines private healthcare with the public SNS system, anyone who retires in Portugal will be able to access the medical care they need. Or you want to shop, take classes, or golf. .affiliate-box-container i { If you’re planning your retirement in Portugal, this guide can help. The city is simply gorgeous, and is well located for just about any activity you enjoy. So much so that she and her husband have bought a two-bedroom home in Lagos (pronounced La-Goosh), a classic old world harbor town on the Algarve coast that was the starting point for many voyages during Portugal’s “Age of Discovery.” , Peddicord paid about $115,000 for the apartment in one of the town’s older buildings and anticipates that, after minor renovations, she will be able to rent it out for $720 per month. She admits that she got a bargain but says that there are many other desirable properties to be had in the area for under $150,000., Real estate in Portugal is still undervalued and although a slow recovery has begun, “Portugal is today a reasonable option for a retiree or expat on a budget,” says Peddicord., A good housing market is a powerful draw but most would-be retirees have other items on their wish list as well. It is sold by the liter, which is about a quarter of a gallon, and one liter costs about $1.33, or roughly $5.00 a gallon., You can generally rent a car for $26 per day, but most major highways have toll roads that are expensive: The drive from Lisbon to Porto costs about $45 in tolls., Taking the train to Porto from Lisbon is a less expensive option; the train fare is approximately $32 and the bus fare, $21. One long-time Lisbon resident says he prefers the train “since it is a little bit faster and a lot more comfortable.”. Expats often say the friendly people, good food, and beach communities are among the biggest benefits of retiring in Portugal. To learn more about applying for a residence permit in Portugal, check out our article on SEF Portugal: Immigration and Residency Assistance. No doubt, Portugal is a good place to retire. What is life in Portugal like for retirees? EU citizens can transfer their pension contributions from their home country, along with any other contributions where they’ve worked, to count towards their state pension in Portugal.

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