Can you imagine retiring at a place where you could enjoy tax financial benefits only for being an expat? This means that all the income you earn from your retirement wouldn’t be fully taxed at the standard rate but a special one.
You’ll be saving thousands and enjoying life at a place you love! How does that sound to you?
Let me talk to you about an astonishing place, surrounded by beautiful beaches, historic old towns, coastal caves, and stunning castles and cathedrals. A place that is home to 10 million people, including around 100 thousand retirees from all over the world, where you can live the best of a European country while enjoying some financial benefits.
Introducing Portugal, one of the oldest countries in Europe and the one that will take your breath away.
Perfectly Convenient
Being on the border of the Iberian Peninsula, next to Spain, calls expats attention, and that’s precisely why it’s often chosen as one of the most popular retiring destinations. Especially places like The Algarve, Cascais, and Coimbra.
People living in the Algarve region find it very convenient living there as it has its own international airport, making it easy to fly to America, Europe, and the rest of the world. You can easily find one-way flights to or from the United States from $700 to around $1,100 (just a 9-hour flight). Or fly to any country in Europe in just 3-5 hours, what a dream, isn’t it?!
Its proximity to the US is not the only advantage, though. But also, how easy it is to move around throughout Portugal, thanks to its great infrastructure. Comboios de Portugal manages the country’s railroad network, which connects most of the main cities and serves international destinations via Spain. With most of the trains providing relatively modern interiors and access to Wi-Fi, which, by the way, is part of the excellent technological infrastructure the country provides to locals and tourists.
Now, let’s imagine you’ve decided to live around the Algarve region and buying a property. Would you feel good about paying between €1,500 and €3,000 per square meter? Because that’s an average of how much it could cost a house; of course, it will always depend on the location, proximity to the city, size and other factors.
You can always rent a place anyway, but it’s actually easier to find places for sale than for rent in the region, especially in very busy or touristy areas.
You’ll Never Be Bored!
The Algarve’s spectacular weather is one of its definitive golden treasures, compared to other retirement destinations. Guess what you get when you mix the influences from the Mediterranean Sea and the Atlantic Ocean? The most amazing and enjoyable weather!
Summers are warm, and winters are mild, nothing extreme. But there are definitely more sunny than rainy days, making it perfect for people to hang around and enjoy the plenty of activities the region offers.
You can plan a day of shopping in one of the American-styled shopping centres, or go exploring historic castles and cathedrals; this is a place that has it all for keeping everyone entertained.
But what you definitely can’t miss is all the wide range of water activities available through all the 100 miles of Atlantic shoreline. Trust me; if you’re looking for amazing beaches, here you’ll find them all. From desolate ones to the most popular and crowded beaches, all the options are there for you to choose from!
If you ask me to mention three or four must-visit places in The Algarve, I would say Lagos, with beautiful rocky cliffs on the back; Loulé, a pretty big town with local markets opening every weekend; Faro, capital of the region and home of lots of festivals and cultural activities; and Tavira, an amazing place full of roman history, lovely bridges and riverside cafes.
However, you can still enjoy the beauty of this European country by just moving locally and trying their fantastic food; I’m completely sure this is something you’ll absolutely love.
Portuguese people have a fantastic variety of food, from elaborated seafood dishes to the tastiest street food. You can make Sardinhas (sardines) part of your everyday meals, or you also try their Bifanas (pork sandwich) or their legendary Feijoada.
But that’s not it! Don’t think I’ve forgotten about the wine. Oh, beautiful Portuguese wine…
There are two wine-producing regions in Portugal protected by UNESCO as World Heritage sites: the Douro Valley Wine Region (Douro Vinhateiro) and Pico Island Wine Region (Ilha do Pico Vinhateira). But also four of the biggest wine producer towns in Portugal are in the Algarve Region: Lagos, Portimão, Lagoa, and Tavira. Hence, you really need to try their wine.
So, whether it is by wandering around the historical towns, doing some water sports or going on a wine tour, you will definitely enjoy visiting or even living in The Algarve region.
Safety and Cost of Life
One of the biggest concerns for expats, but in general for travellers when visiting a place, is if they’re going to feel and be safe. But guess what? If there is something Portuguese people can be proud of is its safety.
The country ranks as the third safest country according to the 2017 Global Peace Index. So, safety is not something you need to be worried about.
You can travel safe when taking the train from Faro to Lagos and be there in about two hours for only €7,45, or you can take the bus for €6,20 for a bit of a longer trip.
Also, if you chose to buy a house in a place like Portimão, expect to pay around US$245,000. Or a bit cheaper one in Tavira for US$190,000. All, great and safe areas to live in.
Now, if you decide to rent instead, you’ll be able to find a two-bedroom place for around US$780 to $2,100/month, depending on the area you choose.
Utilities costs are between $85-$196/month and $30-$40/month for internet service. So, that gives you an idea of how much would it cost you if you decide to live in this charming Portuguese region.
Becoming a Permanent Resident is Pretty Simple
So, tell me, what do you think about Portugal and The Algarve Region? Do you imagine yourself living the best of your days at this stunning place? (Personally, I do!!).
If you’re looking for a place to retire, this one should definitely be on your top 3 list. And, if you end up choosing it as your retirement destination, becoming a resident will be a pretty simple process, especially if you’re an American citizen.
The paperwork can take around a month or two. You’ll need to get your temporal residence first before getting the permanent one, but this will be a straightforward and easy process if you get the right guidance.