Portugal captivates hundreds of citizens from the UK each year. So many foreigners are getting attracted to this beautiful place due to its pleasant climate, wonderful coastlines and considerably priced property. One can merrily think of residing in the areas they prefer to live. Varying from sleepy fishing villages to riverside rushing cities, Portugal is filled with choices. Portugal is a place for recreation that traditionally goes down well with retirees such as golf, diving, sailing and wine tasting.
Shifting to Portugal also turns out to be a practical move because of the benefits this place offers. There are undoubtedly endless reasons why people desire to retiree to Portugal from the United Kingdom.
Privileges of Shifting to Portugal from the UK
Let's look at some of the primary advantages of retiring to Portugal from the UK.
- Economical cost of living.
- Real estate Property is affordable.
- Premium Care Services when needed (Algarve Care)
- Calmer and more pleasant climate than the United Kingdom.
- Retirement pastimes for leisure include sailing, diving, golf, fishing etc.
- Top-notch health care system.
- The English dialect is widely spoken.
- Public transportation and infrastructure are reliable.
- Safety is never a major issue in Portugal.
- Redemption from taxes.
- Breath-taking landscapes whose one view is never enough.
- Portugal's cuisine and wine are most inexpensive.
The above-mentioned reasons are ample to cite that Portugal has a great reputation as a retirement location. It is simple for retired people to chill out in the country as there is so much to do there. The Government of Portugal has always encouraged travelers and expats retirees from all over the world.
According to a survey, the expenditure of living in Portugal is around 30% cheaper than it is in the United Kingdom. The difference will be especially encountered more if they are moving from London.
In case you wish to settle in Portugal and are about the benefits, then keep on reading this article. There are many kinds of visa and government programs that are super favorable for retirees. A few of them are:
A popular alternative that has regularly been in the news feed is a Golden visa. A golden visa scheme was initiated in 2012 to attract Global investors to the region. The golden visa authorizes citizens from abroad, residency in Portugal if they buy property worth over €500,000. In this condition, the Portuguese government gives UK citizens 5 years Residency permit. After 5 years they can apply for a Portuguese passport.
Another way to acquire a Portuguese Residency is by getting a D7 visa. In this, one needs to earn, around €1,000 a month or more than that to acquire a visa.
Obtaining Pension in Portugal
It is relatively simple to retire in Portugal especially in the Algarve region. The Algarve region is popular with retirees as approximately 100,000 retirees live there. A significant number of them are from the United Kingdom.
Portugal has various social safety agreements with several non-European countries. Tax agreements with non-European countries make things easier for those who are relocating overseas.
Qualifying recognized Overseas pension scheme (QROPS)
More than half a million UK citizens move to Portugal every year. Each day comes across a similar question that whether they should leave their pension funds or transfer them to QROPS.
A qualifying recognized overseas pension scheme is a scheme that meets specific requisites which are set. It was launched on 6 April in the year 2006 by British legislation. This scheme helps to receive benefits of transferring British pension to abroad. Expats or retirees moving to European countries can transfer pensions after receiving proper financial advice.
Non-Habitual Residency Status
Another option to preserve International reserve pension is to apply for non-habitual residency (NHR). NHR has been a great significant reason for many UK citizens to shift to Portugal. NHR entitles foreigners to favorable tax exemption for ten years. It is available for anyone who has not been a tax resident in Portugal in the last 5 years.
In addition, for skilled professionals, the income tax is reduced to a flat rate of 20% from 48%.
Algarve Is the Ideal Place in Portugal To Retire
Though there are other prominent retirement locations available such as Porto, Madeira, Lisbon etc. Algarve has become one of the desirable destinations for retirees. Thinking about one’s temperature tolerance and what kind of lifestyle they are seeking, they can choose different places in Algarve. After receiving legal financial advice, one can easily purchase property to settle in Algarve. The best part is that real estate rates are also moderately low here.
On top of this, the health care system in Portugal is powerful. One can effortlessly receive top-notch medical therapy without having to spend out too much. The service which provides Healthcare to all Portugal's citizens and residents is Serviço Nacional de Saúde. This service is free but in certain cases, fees may be applied. It can cover basic Health Care needs, accidents, illnesses, etc.
For those who require regular care service or special support, you can always rely on the team at Algarve Care that will always give 100% and be there to support you whenever you need.
If one is looking forth to a lifestyle upgrade, then Algarve can be an excellent place in Portugal to settle. Portugal proposes a perfect setup for retirees by making their life happy and remarkable.