Retiring In Portugal: A Guide For Expats

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Retiring In Portugal: A Guide For Expats

Portugal is becoming a more and more well-liked retirement destination because of its gorgeous coastline, pleasant climate, and rich cultural legacy. Retiring in Portugal offers a laid-back lifestyle and lots of options to spend your senior years, whether your dreams include sipping wine by the Atlantic or touring historic villages. We’ll go over all you need to know about retiring in this stunning nation in this article.

1. Visa and Residency

Prior to your packing, let’s discuss residency and visas. You will need to apply for a residence visa as an expat British citizen. There are various retiree visa alternatives available from Portugal, so it’s important to speak to an expert who can give you the correct advice on which option would be the best for you.

2. Finances

Making the most of your finances in Portugal

If you are moving to Portugal from a country that does not use the euro, then you will need to convert your home currency into euros. This could be for an investment, a car purchase, a pension transfer, or the purchase or rental of real estate. While there are other ways to accomplish this, employing a foreign exchange broker such as Regency FX is the most economical option.

A foreign currency broker is a professional who will assist you in exchanging one currency for another at the best available rate. A foreign exchange broker can help you save money by:

Providing you with a more favourable exchange rate compared to banks or other money transfer services. This implies that you’ll have more purchasing power in Portugal and receive more euros in exchange for your local currency.

By offering you customised options like limit orders, forward contracts, or regular transfers, we can help you take advantage of market movements, lock in a favourable rate, and prevent currency volatility.

Providing you with professional help and advice regarding the ideal timing and method of money transfer, considering your objectives and situation.

4. Cost of Living

Compared to many other European countries, Portugal offers a relatively affordable cost of living. Housing, food, and transportation costs are reasonable, especially if you choose to live outside major cities. The Algarve region, known for its sunny weather and picturesque beaches, is a favourite among retirees. Other popular areas include Lisbon, Porto, and the Silver Coast.

5. Best Places to Retire

Let’s examine a few of Portugal’s top retirement destinations:

Algarve: A popular destination for retirees, the Algarve is renowned for its golden beaches, golf courses, and active expat community. Places like Lagos, Albufeira, and Faro provide a combination of entertainment and leisure.

Lisbon, the capital of Portugal, is a vibrant cultural centre with well-known restaurants, old neighbourhoods, and a great vibe. It’s a desirable choice because of the pleasant weather and breathtaking scenery.

Porto: Well-known for its picturesque riverbank, Port wine cellars, and vibrant art scene, Porto is a hidden treasure for retirees looking for a new take on heritage.

Central Portugal: The charming cities of Coimbra, Tomar, and Aveiro are in this region. They have stunning scenery, a rich history, and a slower pace of life.

Conclusion

Portugal offers a special combination of affordable housing, scenic scenery, and a hospitable local community for retirees. Portugal welcomes you with open arms, whether you’re drawn to the historic charm of Lisbon or the beach lifestyle. Raise a drink of vinho verde and begin arranging your travels for retirement in this fascinating nation!

As a valued member of the Expat Network, Regency FX is pleased to extend a complimentary, no-obligation consultation to guide you through their currency exchange services, and you will also get access to preferential exchange rates. Please click here to request your free quote.

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.