And even more impressive are the results of InterNation’s Expat Insider Survey 2017. This year’s Survey was triumphant for Portugal. Out of all countries in the report, Portugal made the most significant gains in the overall ranking, rising 23 places from its 2016 spot to fifth. What’s more, it came first in the report’s Quality of Life Index (as well as fifth for the quality of life category in the HSBC survey), portraying it as a very happy place to live indeed.
When it comes to what is the most appealing factor about retiring to Portugal, it’s hard to choose. This beautiful country has so many great things going for it that it’s no wonder it is one of the most popular expat destinations (and has been for decades). But if you need further convincing, here are the top reasons why it may be worth thinking about retiring to Portugal.
Cost of living
Compared to the rest of Europe, Portugal’s cost of living is very affordable, among the lowest in Western Europe. According to Live & Invest Overseas, the cost of living in the country is, on average, 30 percent lower than any other country in the region. If you’re retiring to Portugal from the UK, you might be pleasantly surprised by how much your cost of living goes down.
Friendly, welcoming people
A common complaint that some expats have when moving to overseas is the lack of a warm welcome. People can often struggle to fit into a new culture, but not many have that problem when retiring to Portugal. In fact, looking back to the Expat Insider survey, the country took the top spot for friendliness and expats feeling welcome, with 88 percent of respondents saying that it’s easy to settle down in the country. Even more (94 percent) felt that the locals adopted a welcoming attitude towards foreign citizens, which is quite rare compared to other European countries.
Good quality of life in the sun
Yes, the sunshine is a big part of what makes life in Portugal so enjoyable, especially if you’re retiring to Portugal from the UK and our infamously dreary weather, but it’s not the only aspect that makes it an attractive place to live. There are plenty of options when it comes to leisure activities and picking up a new hobby. For instance, the Algarve is often considered one of the best places in the world for a game of golf, and it’s also the perfect place to take up water sports, with many of its beaches awarded the prestigious blue flag award. In 2017’s Expat Insider survey, the country once again had one of the most impressive rankings: it came second out of 65 countries in the Leisure Options sub-category, making it an ideal option for anyone retiring to Portugal but planning on keeping busy!
A healthy and happy population
Given the sun and relaxed nature of the citizens, it’s easy to understand how the well-being of the Portuguese is naturally very high (it placed ninth in the health sub-category on InterNation’s report), but the affordability of its healthcare is also a key reason retiring to Portugal can be a great option. Similar to the UK, basic healthcare in Portugal is free to all residents, although you do have the option of paying to go private. (Your Blacktower financial adviser in Portugal will be happy to help you budget for future healthcare in your retirement plan.)
All of these factors make retiring to Portugal a tempting option. With so much to offer expat retirees, Portugal is one of the best places to live out your retirement years.
Expat financial services for living in Portugal
Portugal offers many tax benefits to British expats because of the non-habitual resident regime, which was introduced in the country in 2009 and remains a key reason why it’s so appealing to retirees. Blacktower’s Group Managing Director, John Westwood, recently wrote a blog on the benefits of the Non-Habitual Resident (NHR) regime, including what it means for pension income.
The NHR regime is extremely attractive to expats retiring to Portugal from the UK, as it offers tax benefits for your first ten years in the country, including interest, dividends, foreign income, and certain capital gains. One of the things you’ll need to know if you’re hoping to retire to Portugal is the flat 10% tax that was recently introduced on foreign pension income, which will affect UK expats retiring to Portugal.
As Brexit continues to have an impact, it’s crucial for expats looking to retire to Portugal to seek guidance from specialists in expat financial services when moving to any country abroad. Blacktower’s financial advisers can help expats in a number of ways, offering a variety of wealth management services that can help you make the best decisions regarding your money.
We also have offices in Portugal’s sunny neighbour, with expat financial advisers located in Barcelona, Costa Cálida, Costa del Sol and Costa Blanca. Spain shares many of the same pros for expats retirees, also ranking very highly in the Quality of Life Index.
Whatever your financial goals, Blacktower’s expat financial services can help set you up for the best possible retirement, so contact us today.
Disclaimer: The above information was correct at the time of preparation and does not constitute investment advice. You should seek advice from a professional regulated adviser before embarking on any financial planning activity.