International Living elected Portugal as the best place for retirees in 2020 thanks to affordable cost of living, the inviting mediterranean climate and the health insurance system in the country.
The Annual Global Retirement Index from International Living outlines countries where you can “live a healthier and happier life, spend a lot less money, and get a whole lot more”.
Now Portugal has stood out for retirees, surpassing competition from France, Spain, Panama, Costa Rica and Mexico.
There’s a plethora of factors for crowning the Portugal for retirees in 2020, and even though the country did not do so well concerning opportunity and governance, all the other factors like climate category, entertainment and housing helped the country obtain a final score of 89, placing it at the top of the table. When it comes to visas and residency, although the application process might be long, we believe that it is definitely fruitful in the long term.
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Nationality by Investment for retirees
Non-EU residents looking to retire in Portugal may benefit from Portugal Golden Visa, which is only available to third-country individuals who fulfill one of the following requirements:
invest in real estate with the value of at least €500.000 or above;
- invest €280.000 in a low density area, which gives you 20% off price; know more about low density areas here;
invest in a real estate property with a minimum value of €350.000 for the purpose of refurbishing; learn more about investing in off-plan properties.
Expats who apply to Portugal GV are granted rights such as to work, study, vote in the host country, as well as travel visa-free to many countries. Learn more about global mobility with citizenship by investment here.
On the other hand, opting for Residency by Investment offers attractive tax conditions. The Non-Habitual Residence status is eligible to you if you have not been a tax resident in Portugal in the past 5 years, as long you follow certain requirements.
You will be able to enjoy 10 years of tax exemption, even if your earnings, investments, pensions, and so on, come from overseas. Want to retire in Portugal through the Non-habitual Residency? Discover how to here.
An affordable retirement
The type of accommodation and its affordability is naturally the first consideration when buying a new house. Fortunately, the cost of living in Portugal are about as inexpensive you’ll find in a modern country.
Tricia Pimentel, former investor in portuguese land, stated that “As far as finances go, we immediately found that we spent between one-quarter to one-third of what we did when we lived in the States."
Thinking about retiring in Portugal? Read our complete guide on Retirement in Portugal!
Source: The Portugal News
