Are you planning to retire in 2023? Have you ever thought about learning how to say “Olá” to your neighbours? This might the right year to do so since Portugal has been recognized as the world’s best place to retire!
The new Annual Global Retirement Index, from International Living, ranked Portugal above countries like Greece, Spain, and France. Healthcare was one of the areas where we scored the highest, so if you’re curious about the Portuguese healthcare system you can read all about it here.
But the report also highlighted other key areas where Portugal has more than meets the eye. Namely, the English proficiency level, overall safety for retirees and expats, and the fact that individuals with high assets and pensioners alike can benefit from favorable tax conditions!
Planning to retire with tax savings?
The Non-Habitual Resident (or NHR) has been the option for over 10,000 citizens since it was introduced, in 2009. It alleviates the tax burden with reduced tax rates and exemptions, such as:
- 10% tax rate on most pension income earned abroad;
- Tax exemption on inheritance or gifts;
And the best part? NHR status is granted for a period of 10 years.
Even though there’s no minimum stay required, applicants are required to hold a place in Portugal with the intent to turn it into a habitual residence. Buying a property might be the best solution here, but a long-term rental contract is also enough as proof of residency.
Need expert advice about retiring abroad?
When it comes to retiring abroad, expats from all over the world have frequently considered Portugal the best option, as you can see here.
The low cost of living and a low-tax life for the first ten years are the main reasons why, but the country can also offer inspiring natural sceneries for a relaxing retirement or truly engaging experiences (how does a private tour in Lisbon sound?).
Contact us now and we’ll be your gateway to one of the best locations in the world for foreigners to live in!