Retirement, when combined with relocating, can revitalize your life. You may want to get a new, flexible grip of your remaining days ahead. In that matter, Portugal is a peaceful option. This country provides all the conditions for those who want to get the maximum enjoyment out of their hard-earned rest, after years of hard work. It boasts a rich culture and a Mediterranean climate, all at an affordable price. Surely, Portugal Golden Visa makes things easier for anyone who plans to retire in Portugal.
Possibility of Tax Exemption
Due to the Agreement on Double Taxation which gives taxing authority to the country of residence, and the Personal Income Tax regime for Non-habitual residents that exempts foreign pensioners from taxation in Portugal, foreign residents of the country can benefit from 10 years of tax-free period. There is also no tax on property during this period, and any wage obtained in Portugal will be charged at an income tax rate of just 20%, lower than the half of the usual rate. Non-habitual residency right can be granted any foreign individuals who have not been tax-paying residents of Portugal in the previous five years.
Low Cost Living In A High Quality Index
The cost of living in Portugal is significantly lower than in other European countries. (30% lower than in the U.S.) Even real estate prices are reasonable. Therefore, your purchasing power will increase considerably. With the Algarve selected by CNN and Forbes as being among the best places on the planet to retire, this becomes even more alluring. You can live comfortably with an estimated €1,300-1,500 (basically, the social security benefit alone) per month in small towns or €1,700 in larger urban areas such as Lisbon. For housing, in particular, €670 or less will do for a one-bedroom apartment in a central location.
With an average of 300 days of sun per year, temperatures rarely drop below 10 degrees in Portugal. If you have delicate health issues, combined with its easily reachable & well-organized healthcare, the country can ease your life. However, you must consider that in July and August, the weather can be extremely hot as temperatures may exceed 40°C.
The retirement age requires meticulous attention to body health. Until you become a permanent resident, you must pay the fees for healthcare in Portugal. Besides, having a health insurance beforehand is a requirement for applying the residency. Nonetheless, National Health Service is very well ordained, the costs are reasonable, and free healthcare is guaranteed once you become a permanent resident or citizen.
Buying Property to Obtain Portugal Golden Visa
Once you purchase land or property with a minimum estimated value of €500,000 or a 30-year old property with an estimated value of €350,000 to refurbish it, the process of gaining citizenship by investment officially starts. The Portugal Golden Visa scheme is straightforward and flexible when compared to other similar programs. So, you don’t have to stick with the temporary residence permit.