For those UK citizens that are thinking about spend the retirement in another country, we would like to present you some special information about the advantages of retire in Portugal and show you why Portugal is the best country to retire for UK citizens.
When we analyse some lifestyle characteristics like cost of living, the country weather, the tax system, public services and more, we realise that Portugal, not also maintain the lifestyle, but give the UK citizens amazing opportunities – some of them, financially - to live better the calm days they are searching for.
Let's see in detail, why Portugal is the best country to retire for UK citizens.
Why Portugal is the best country for retirement?
The Portuguese Government grants tax advantages, for a period of ten years, to UK citizens who become Non-Habitual Residents (NHR) in the country. To be considered a resident, an UK citizen you are going to need to change your residence to Portugal and remain in the country for 183 days a year or have a home of your own that serves as your main residence.
This status says that retired UK citizens are exempt from paying Income Tax on all non-Portuguese source pensions, but to be considered eligible, you must not have resided in Portugal in the five years prior to application.
In order to the Non-Habitual Resident Status to be granted, the you must transfer your pension to Portugal, submitting the application before changing your address to Portugal.
We know that all this information can be confusing, especially if you don’t know the Portugal tax regime. To help you on this journey, our consultants are available to answer all your questions.
Portugal is a great investment market. The sectors of technology, tourism, real estate, renewable energy and agriculture are booming. The real estate sector is the one with the greatest growth potential, where many projects have been developed in recent times. Investing in the real estate market brings many advantages for your stay in Portugal and for your family, as well as your future citizenship and fiscally. Here you can find out more about this opportunity.
Low Cost of Living
Compared to the UK, the cost of living in Portugal is not so distinctive, but maybe in Portugal, a little bit lower in a few things like real estate. But, of course, we’re talking about different currencies. Your pension will give you better purchasing power in Portugal than you would in your own country. Whether having lunch in a good restaurant, enjoying a weekend in another part of the country or attending shows, the prices are quite inviting.
Like it happens in UK, get access to healthcare inPortugal is free, through the National Health Service. In addition to the health public service, private healthcare is also available with shorter waiting times and more advanced technology.
Unlike other European countries and also in UK, where the sun is scarce and temperatures reach very low values during the winter, Portugal has a mild climate with temperatures that hardly go below 10 Celsius degrees. With more than 300 days of sunshine a year, the mild climate is, without a doubt, a good reason to enjoy retirement inPortugal, where you will be able to carry out outdoor programs throughout the year, and throughout the country.
Landscape &Cultural diversity
We cannot forget the beauty of the country itself, which is, in fact, a great advantage for those who want to enjoy the retirement, marveling each day at what nature has to offer, as well as the architecture of some cities. For those who prefer sun and beach, the GoldenCoast and Algarve region may be the best destinations to experience retirement.For those looking for the tranquility of the countryside, you can buy a property in Alentejo or a farm in Douro (North of Portugal). If, on the contrary, you prefer to maintain the characteristic hustle of the city, Lisbon and Porto are the places that offer the greatest potential in terms of cultural offer and access to multiple services.
For further information, contact our consultant.
DRP is the leading pioneer in Portuguese real estate consultancy and Golden Visa Program. Since 2015 our company has grown and have become a one-stop shop solution for this program offering bespoke services, expert knowledge, and custom-tailored services towards client needs. Our company works directly with you to provide expert advice on the investment and acquisition of property within Portugal – suitable for your investment requirements.
We use our extensive connections within the industry to access suitable investment opportunities ahead of the competition. The Lisbon area property market can be highly competitive, so early access is crucial. We find prime properties that are hand-picked from our leading partners, we offer expert advice on the locations most appropriate for your investment requirements, guiding you on how rental yields and capital values vary from area to area.
+351 912 585 085