US citizens are used to a very work-oriented and personal-success-oriented way of life that represents long working hours and little annual vacation. Despite this, the standard of living in this country is considered one of the best.
On the contrary, the high cost of education and health, the fast-food culture and the insecurity that derives from permitting the possession of a weapon are the aspects with the most negative charge in the daily lives of US citizens.
When analysing all this, we realised that Portugal has exactly what US citizens need to enjoy their retirement – the opposite lifestyle they led in their country while maintaining their quality of life.
Let's see in detail, why Portugal is the best country to retire for US citizens.
Why Portugal is the best country for retirement?
The Portuguese Government grants tax advantages, for a period of ten years, to US citizens who become Non-Habitual Residents (NHR) in the country. To be considered a resident, an US citizen need to change his/her tax residence to Portugal and remain in the country for 183 days a year or have a home of his/her own that serves as his/her main residence.
This status dictates that retired US citizens are exempt from paying Income Tax on all non-Portuguese source pensions, but to be considered eligible, these citizens 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 US citizen must transfer his/her pension to Portugal, submitting his/her application before changing his/her address to Portugal.
We know that all this information can be confusing fort hose who don’t know the Portugal fiscal regime. For that reason, our consultants are available to answer all your questions.
Low Cost of Living
Compared to the US, the cost of living in Portugal is significantly lower. Your pension will give you greater 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.
Real Estate market in USA has become quite expensive in the last years. In Portugal you are acquiring more value for the same money you spend in USA.
Retirement in Portugal means having free access to healthcare 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, 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 in Portugal, 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.
American Embassy in Portugal
Portugal was one of the first nations to establish diplomatic ties with the United States.The American Embassy in Portugal, located in the capital of Lisbon, represents a historic milestone in the friendly relations between Portugal and the UnitedStates of America, officially started in 1791 with the nomination of the first Resident Minister in Portugal.
The consular section of the American Embassy in Portugal has services for US citizens residing in Portuguese territory, on a wide variety of subjects. It can issue emergency passports, obtain information on electoral acts, document birth and death processes of US citizens in Portugal, among many others.
In this way, keeping in touch with your country of origin is not a problem.
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.
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