Many Americans are leaving the United States and relocating to Portugal in search of a more fulfilling life in Europe. This is due to the low cost of living, beautiful scenery, mild climate, and enticing tax breaks. Here is a detailed explanation of why US citizens are relocating to Portugal.
In Portugal, unlike in the United, there is no need to incur debt in order to pay for healthcare. Because of the government's generous funding, children under the age of 18 and people over the age of 65 have access to completely free health care. Additionally, it has a high-quality healthcare that is constantly improving.
Temporary residents are ineligible for public health services, with the obvious exception of an emergency. They must obtain private health insurance prior to being granted permanent residency.Fortunately, private health insurance is reasonably priced, with a basic annual plan costing around $440.
Low gun crime
Portugal has some of the most lax gun ownership restrictions in the EU. For Portuguese nationals, gun ownership is legal for hunting, target shooting, pest control, and collection. There is also a permit for selfdefense, though it is rarely issued. Portugal's stance has strained relations with the rest of the EU, which has much stricter regulations, such as the EU Gun Ban.
In the United States, mass shootings are all too common. In 2016, there were 133 mass shootings in the United States in just 164days. Portugal, on the other hand, is ranked among the top three nations for global peace. It is ranked far higher than neighbouring countries such as Spain and France. If you intend to relocate there, peace and security are guaranteed.
Generous tax breaks
One of the main draws for US citizens moving to Portugal is the Non-GenericResidential (NGR) tax regime. Among the benefits are tax exemptions, which apply to the majority of non-Portuguese income categories such as foreign dividends, property income, and capital gains. People who relocate to Portugal from the United States and then obtain EU citizenship benefit greatly from theNHR.
US citizens are required to file annual tax returns with the IRS, regardless of where they live. Despite the fact that theUS has a citizenship-based tax system, double taxation agreements keep them from being taxed twice in Portugal and the US. Furthermore, the IRS provides some exemptions for people living abroad, such as the earned income credit and the international tax credit.
Real Estate and Rent
Rents in Portugal are reasonably priced. A one- or two-bedroom apartment in Lisbon, for example, costs between $750-$1,500 per month, while a comparable property in the United States costs around $2,000. But that's not all. Such properties can also be found in cities and small towns like Porto for as little as $500 per month, which is extremely competitive.
US citizens moving to Portugal for an extended period of time or relocating for retirement, purchasing real estate is a very cost-effective option. Property investments in Portugal face few restrictions, and the government encourages non-residents to invest in real estate through initiatives such as the Portuguese Golden Visa.
Moving to Portugal from USA
Living in Portugal has numerous benefits, and an increasing number of Americans are discovering it to be a desirable place to call home. If you need advice on real estate investing or relocating to Portugal, our experts can help. Call us right away to arrange a meeting with a member of our team.
Contact DRP Advisers for more information about relocation, Golden Visa and real estate in Portugal.
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