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Living in Lisbon
There are many advantages to living abroad, particularly in a place as culturally rich and picturesque as the Iberian Peninsula. However, expatriate living brings with it a variety of cross-border financial issues which must be considered.
Moving to Portugal conjures up images of glorious sunshine, beautiful beaches, and delicious food – and Lisbon offers the perfect mixture of this, with a big city feel. With more than 213,000 expats living in the Portuguese capital, it’s a particularly popular place for UK citizens looking to escape the dreary weather, to live and work abroad.
Cost of living in Lisbon
- Pint of beer: 2 EUR (£1.80)
- Cappuccino: 1.62 EUR (£1.47)
- Meal in a restaurant: 8 EUR (£7.23)
- Monthly public transport pass: 40 EUR (£36.17)
- Population: 504,718
Benefits of living in Lisbon
Alongside the tourism, property and aerospace industries, Lisbon has become a popular city for start-ups, with the IT sector seeing significant growth. In addition to the abundance of opportunities for expats in Lisbon, there are many other benefits in moving to the Portuguese capital.
Lisbon manages to maintain its rich heritage, whilst keeping a modern feel, which gives it a very distinct atmosphere. It’s easy to get around, with most areas of the city centre able to be reached on foot, and there are many museums, parks, cafes and restaurants to discover – not to mention the beautiful beaches that are just 20 minutes away.
Good cost of living
Lisbon might be a modern, capital city, but the cost of living is relatively low when compared with other cities in the EU. The average wages may be slightly lower, but everything – from transportation, to food, and property – is extremely affordable, especially on an expatriate’s wages.
Lisbon boasts 300 days of sunshine a year, which means that during your weekends and days off, you can make the most of being outside. Even in the winter, temperatures are mild, with it rarely dipping below 15 degrees Celsius during the day.
Best cities to move to in Lisbon
When moving to Lisbon, one of the first things on your list will be choosing an area to live. Whether you want to be at the heart of the action, or prefer a quiet suburb, there are plenty of options available.
For professionals and younger expats in Lisbon, Bairro Alto is the place to be. It boasts some of the best nightlife in all of Lisbon, whilst still retaining a traditional feel with its charming narrow streets, and breath-taking architecture. It’s also home to one of the most iconic attractions in Lisbon: Elevador de Glória. The majority of housing available in Bairro Alta are small apartments. Just be aware that because of the nightlife, if you’re a light sleeper, this may not be the ideal area for you.
The oldest neighbourhood in Lisbon, Alfama is full of charm, due to the quaint cafes and traditional craft shops that line the cobblestoned streets. Alfama has undergone a huge transformation over the years: it was once one of the poorest areas in Lisbon, but it’s now considered one of the best places to live – especially amongst expats and families. Many of the properties here are older, so whilst prices are cheaper on average, they’ll likely need renovating.
Popular amongst professionals and expats who choose to move to Lisbon due to the large (but more expensive) apartments available here, Avenidas Novas has lots to offer. As several university buildings are located in this area, it’s popular amongst expats who work there.
Whilst its modern architecture means that it doesn’t retain the charm of central Lisbon, there are still plenty of bars and restaurants to explore – and easy access to Baixa and Bairro Alto.
Managing your finances in Lisbon
Whether you decide to relocate to Lisbon, The Algarve, or any other part of Portugal, you’ll need to ensure your finances are in order – whether that’s in relation to tax matters, asset protection, inheritance laws or QROPS and SIPP pensions. That’s where we can help.
We strive to ensure our clients who are moving to Lisbon (or who already live there) receive the financial advice and products that work for them. Based in Lisbon, our experts are committed to helping you achieve your objectives, ensuring you take the necessary steps towards securing a better financial future today.
In addition, we can help you navigate language, bureaucratic issues and any pertinent cultural differences. Get in touch with us today to find out more – simply fill out the contact form above, or call our office directly on +351 214 648 220.
Alternatively, find out more information on Portuguese residents with UK pensions, or the benefits of life assurance in Portugal.