Any expats still looking for incentives to move to Portugal need only look at the sheer variety of styles, culture, and activities in Portugal’s major cities, charming rural towns, and quaint seaside resorts; Brits moving to Portugal will find there’s an area to suit every lifestyle.
Lisbon
Many expats choose to join Lisbon’s 504,718 population, not just for its vast array of historical sites and buzzing Mediterranean atmosphere, but also for its vast employment opportunities, especially in the property, IT, and aerospace industries.
And when it comes to choosing where to live in Portugal’s capital, Bairro Alto and Avenidas Novas are often popular amongst professionals, whereas Alfama – the oldest neighbourhood in the city – is a favourite of families.
Lisbon also offers an excellent quality of life for expats. The bright, warm sunshine means you can make the most of the great outdoors, with several beautiful beaches located just a short drive away. In terms of low local prices, Lisbon includes some of the following:
- 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)
Alternatively, if you do choose to stay in the city during your weekends and days off, be sure to visit St. George’s Castle, ride on one of the quaint trams, and sample a world-renowned Pastéis de Nata.
Faro
While Lisbon is great for anyone after a busy city lifestyle, for those who want to move to Portugal from the UK to enjoy a more relaxed pace of life, Faro might be just the place for you.
The capital of the Algarve, Faro still offers a city feel, but is surrounded by beautiful countryside, with countless beaches and numerous golf courses located throughout the region; relocate here, and you’ll get to enjoy a relaxed outdoor lifestyle.
The city of Faro is also well connected with the rest of Portugal, with several internal flights to Lisbon and Porto, as well as flights to large cities in Spain. And despite being located in the popular Algarve, prices in Faro are very competitive:
- Pint of beer – €2.25 EUR (£2.70)
- Cappuccino – €1.90 EUR (£3.05)
- Meal in a restaurant – €9.50 EUR (£15.30)
- Monthly public transport pass – €32 EUR (£25.65)
Whilst the Algarve is seen as a favourable retirement destination, there are still many employment opportunities available for a young expat moving to Portugal – most notably in the construction, retail, and tourism sectors.
Porto
Located in northwest Portugal by the coast, Porto is renowned for its fortified wine production – in fact, the Douro Valley has produced port since the 17th century.
The Douro River runs right through the heart of Porto, winding past the cobblestone streets of Ribeira, which in turn is lined with plenty of colourful houses, quaint coffee shops, and restaurants. Anyone visiting Porto is also likely to be delighted with the local prices:
- Pint of beer – €2 EUR (£1.80)
- Cappuccino – €1.58 EUR (£1.42)
- Meal in a restaurant – €7 EUR (£6.30)
- Monthly public transport pass – €35 EUR (£31.45)
Foz de Douro is a popular area in Porto for expat families to settle, whereas professionals often prefer Vila Nova de Gaia, which boasts some of the best restaurants – and views – in the city. Either way, the local beaches are just a tram ride away. Despite having a city feel, Porto has a much more laid-back atmosphere.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
As it stands, its been nearly a year that expat retirement transfers of pensions have incurred a charge when moving to or between Qualifying Recognised Offshore Pension Schemes (QROPS), with only expats living within the European Union or a select group of 13 other countries immune to this charge.