Portugal is fascinating more and more foreign retirees these days. This country brags all the ailments for those who expect to get extreme enjoyment after their years of arduous endeavor. Portugal benefits from numerous assets and has made the region a landmark destination for retirement. Right from an expenditure of habitation and safety to climate, each retiree will have their motives to retire in Portugal. Let’s take a look at some of the tremendous benefits.
Weather plays a significant role, particularly when one is looking forward to retiring in a different country. There are numerous European countries where the temperature is low throughout the year. Unlike those, where the sun scarcely shines in the winter, Portugal has a favorable climate. The temperate hardly drops below 10 degrees. The population of Portugal primarily appreciates the sunny climate throughout the year.
However, the climate varies from region to region. Like in southern Portugal, the climate is mainly arid and the Northwest portion is predominantly rainy. Long and warm summers are the characteristic trait of the North-East part of Portugal. Portugal has a moderately warm environment, specifically in July, August and September. Temperature also varies from 13 to 19 degrees as the warmest month is August.
Affordable expenditure of Living
Unlike other countries like France or Germany, Portugal is a Country with minimal cost of living. This is one of the significant benefits which attract many retirees or ex-pats to select Portugal as their retirement location. Not only the cost of living but even real estate is lower in Portugal when compared to other European countries.
Low expenditure of living eventually leads to much more purchasing power in Portugal than it would be in any other country. One can certainly get access to decent food on a weekend at an affordable range. Sipping one’s favorite wine with soothing music at the rooftop restaurant is still a dream for many foreign retirees.
Those who haven’t visited Portugal will find Portugal as heaven on earth. This is because Portugal is blessed with the most remarkable landscapes. Even though Portugal is somewhat smaller in size, one will be surprised by the diversity this small country offers. There are a variety of captivating landscapes and habitats to reside that is suitable to all tastes. For retirees, Portugal is solely an eternal source of geographies.
For folks who adore expending their time on beaches by getting absorbed in sun, Algarve is the ideal place. For people who wish to dwell in the countryside, buying an estate will do justice to them. It is perfectly suitable for those who cherish a peaceful pace of life. As far as city life is concerned, Lisbon is a reasonable place to live in.
Extraordinary Health Care
When one is looking forward to retirement, they naturally spend more attention on the quality Public Health system. According to a recent report, Portugal spends approximately 9% of its gross domestic product per annum on healthcare. Medical care needs are made accessible free of cost at all public infirmaries. Portugal’s doctors and medical experts are among the best-educated and most experienced in Europe.
Outside the public health system, there is an extensive-ranging network of private Healthcare and hospitals. If one is opting to go for private hospitals, then they might require taking out Health Insurance which can be beneficial for them as several insurance policies cover part of the cost or the entire expenditure of the therapy or the treatment.
Freedom of taxes
Foreigners who strode to Portugal for retirement are exempt from expending tax on their pensions. Portugal initiated Non-Habitual Residency (NHR) status in the year 2009. They originally did this to encourage more and more foreigners to relocate there. NHR status is particularly attractive to retirees, as it frees people from them paying taxes on earnings earned abroad. This status enables the investors to lower the amount of income tax payable in Portugal. In easy terms, it indicates exemption from taxation on personal pension income.
The duration of exemption is commonly around the interval of 10 years. Following this period, taxes will be imposed progressively. For skilled experts, the Income Tax rate is reduced to 20 per cent from 48 per cent which is impressive. New visa and tax agreements are some of the reasonable available in Portugal which one can apply at any age.
Safety is certainly one of the most essential criteria when deciding on the country to retire in. Portugal is honestly the best place for the residents in terms of security. It is not a matter of surprise that there is a low crime rate in Portugal. The Portuguese are known for their generous and heart-warming behavior. They treat people with compassion, kindness and fondness.
Now looking at the above benefits, it is inevitably simple to make a choice. One can certainly think of devouring their golden age in one of the favorite regions in Europe.
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If you need short-term assistance to navigate an illness, injury, recovery, transition or any other life event, get in touch with Algarve Care Services to learn more.