Portuguese Residence Permit for Retirees

Choosing a country to retire? Consider Portugal, one of the most attractive states in terms of relocation and obtaining a residence permit. The weather is usually sunny, and winter temperature almost never falls below zero. And even though the ocean is located nearby, the weather is not very changeable, with the number of fine days making up about 300 a year. There are several climatic zones you can choose for living: for example, you can opt for northern areas that have bright summers and cool winters, or mild-coastal regions where winters are warm. If you want to know more, please visit a trusted portal to read a complete guide for retirees moving to Portugal and talk to a specialist using a live chat at no fee.

Retiree Life in Portugal

Let’s look at the main advantages of living in Portugal for retirees:

• Safety. The country takes the second place in Europe in terms of security. The local residents are law-abiding people, and they are also warm-hearted and have a friendly attitude towards migrants.
• Environment. Portugal is one of the top thirty countries with the best environment. 
• International mix. You will find a lot of people from all over the world who come here to spend their golden years. Most of them are from the UK, France, China, Italy, Ukraine, Romania, Cape Verde, and Brazil. If you settle down in a large city, like Lisbon or Porto, you are sure to find your national diaspora. You will also find the food of your country in Lisbon’s large supermarkets, and the cultural variety of interest groups, churches, and activities is just amazing.
• Cuisine and wine production. You will find a lot of fresh seafood in Portugal, such as mussels, crabs, shells, and fish. The price of food is quite affordable. Green, white, red, and pink wines produced in Portugal are well-known all over the world. What is more, you must have heard of Madeira, a strong drink infused with grapes.
• Leisure. Portugal is a paradise for architecture lovers as it has its own distinctive style. You can explore its 15 UNESCO-protected historical sights, as well as museums, attractions, and other venues that offer entertainment for kids and adults. Carnivals are also held in Brazil, and their color and scope make them almost identical to Brazilian ones.
• Various restaurants. In Portugal, you will find large international restaurants that offer the food you know and a wide variety of small family venues with traditional designs where you are sure to taste some of the best mouth-watering dishes.
• Excellent transportation network in large cities. If you live in a major city, you can get around comfortably using buses, metro, suburban trains, and street cars. However, small towns have a less developed public transport system.
• Fishing all year round. Many retirees really enjoy this kind of activity! The ocean is the main attraction, of course. However, you will also find a lot of big and small freshwater bodies in Portugal. Keep in mind, though, that you will need a license for legal fishing.

Living in Portugal as a Retiree: Disadvantages

Each country has its downside, and Portugal is not an exception. Let’s take a look at some aspects that a potential retiree should pay attention to:

• Real estate prices are comparatively high. The well-being of the local population is steadily growing after Portugal has successfully overcome the economic crisis. As the living conditions are quite comfortable here, it attracts a lot of investors from abroad wishing to participate in the residence-by-investment program offered by the local authorities. One of the ways to get a residence permit by investment in Portugal is to buy real property, which resulted in high demand and increased prices. 
• High tax rates. If you become a fiscal resident of Portugal, you will have to pay a 10% tax on the pension you receive from abroad. However, you can apply for the status of a Non-Habitual Resident and thus reduce the taxes payable and avoid double taxation. If you come from a non-EU state and you want to get your pension at a bank in Portugal, you need to check the requirements set by your home country with regard to pension transfer abroad.
• It is hard to find a job. Retirees with a residence permit have almost no chance of finding a local job, except for seasonal part-time jobs in the sector of agriculture or tourism. However, as the prices are not very high, retirees may live a comfortable life on the pension received from their home country (they can get retirement benefits plus passive income from home rental).
• Traffic and transportation peculiarities. While large cities offer a well-developed transportation system, the situation becomes less comfortable as you move deeper into the country. You will definitely need a car – or you can use a car-sharing service. The peculiarities of the local topography mean that you will find a lot of dangerous curvy roads in Portugal. All Portuguese highways are paid (100 euros per 1,000 kilometers).
• Red tape. The local bureaucracy is just as notorious as the Italian one: officials are in no hurry, so it may take months or even years to resolve a regular issue. Additional problems may arise if you don’t speak Portuguese. Certain situations will also require the presence of a tax representative (a person who has the right to permanent residence in Portugal). However, the good news is that this aspect is beginning to ease up as the system of online applications for administrative issues is being developed.

How to Obtain a Residence Permit

There are two possible ways that we will consider in greater detail.

Buying Residential Real Estate

The main aspect to keep in mind is that you cannot purchase any property you like: Porto, Lisbon, and many resort areas are restricted. You can buy an apartment or a cottage in less populated cities and towns.

Investments in the Country’s Economy

• You can buy commercial real estate built at least 30 years ago that is subject to renovation and resell it in 5 years.
• You can buy unit shares in investment trusts and keep them for at least 5 years before you can resell them.

Interested in discovering Portugal in more detail? Do not hesitate to follow the above link and read the full text of the article or ask questions – we have a specialist online!