Retiring in Portugal has been on the top of the list for many years. This country offers great advantages to retirees from all around the world. Live in Europe and enjoy low living costs almost comparable to South America. A retired couple could live comfortably on a budget of $1,500 per month.
Residency
For EU nationals and you wish to remain in Portugal for more than three months, you must request a Registration Certificate. For all other nationalities that want to reside in Portugal, a resident visa known as Type 1 for retiree must. One of the requirements is the provide proof of income of at least 1000 euros per month. Retirees are usually given a one-year residence permit, which can be renewed for two consecutive years. After five years of temporary residence, a permanent residency status can be established.
Health insurance
Portugal offers the National Health Scheme known as NHS to residents. The NHS benefits the resident by just paying 5 euros for doctor consultation and 10 euros for emergency care. Healthcare is very modern, and health insurance is available for all retirees. Some GP consultations and basic vaccinations are free. Pensioners have the right to receive dental care for free.
Taxes
The tax system in Portugal is very lenient. Every retiree wishing to reside in Portugal needs to complete a registration form called the “fiche de inscricao” and then submit it via the local tax office. A flat rate of 20% applies to income received from overseas or earned in Portugal. Tax only applies if a resident has been residing in Portugal for more than 183 days. Receiving a pension income is tax-free, and retirement income is not taxed.
Property prices
Real Estate in Portugal is undervalued and among the most affordable in Europe. Property prices in Algarve are reasonable with a one bedroom apartment starting at 120,000 euros and a 2 bedroom apartment at 150,000. In rural areas, an old property can be priced starting at 50,000 euros, if you are willing to carry out renovation on it.
Social Life
The main language in Portugal is Portuguese. Although many foreigners don't speak the language, many Portuguese in larger cities speak English which makes communication easier. Learning Portuguese is not a must. Portugal is also ranked as the 17th safest country in the world.
Weather
The climate in Portugal is very stable offering sunshine around the year with more than 137 days of sunshine. Springs are warm, and the winters are not very cold with an average temperature of 15°C in the North, and 18-20°C in the South.
Cost of Living
|
Rent |
500 euros monthly |
|
Internet |
22 euros monthly |
|
Bus & Public Transport |
1.50 euros |
|
Movie ticket |
6 euros |
|
Gasoline (Liter) |
1.42 euros |
|
Lunch at restaurant |
7 to 10 euros |
|
Glass of wine in a restaurant |
3 euros |
|
Coffee at Cafe |
1.50 euros |
|
Water (1.5 Liter) |
0.54 euros |
|
Milk (1 Liter) |
0.60 euros |
|
Dozen eggs |
2 euros |
|
Rice |
0.84 euros |
|
Bread |
1 euro |
|
Pack of cigarettes |
4.50 euros |
Recommended cities
The best cities to retire in are Lisbon, Chaves, Porto, and Algarve. Algarve has a longstanding reputation as a top summer destination among European, as it offers 100 miles of Atlantic coastline of azure sandy beaches, and lagoons. It is also the favorite destination for many avid golfers. For New Year celebration, Lisbon is the best destination for this magical night. Porto offers a thrilling experience of a medieval city with wine tasting in several historical vineyards. This country has a lot to offer.
