Retire in Portugal - Residence Permit, Taxes, Real Estate

Retire in Portugal: Taxes, Residence Permit, Real Estate, Cost of Living, Health Care

00:00 Intro
01:47 Residence Permit (D7 Visa)
04:55 Taxes (Portugal NHR)
07:21 Real Estate (Lisbon, Porto, and Elsewhere)
08:52 Cost of Living
10:05 Permanent Residency and Citizenship
10:54 Health Care

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Residence Permit:

-The first and foremost aspect you should consider before retiring to Portugal is getting a residence permit there.
-For EU citizens, coming to Portugal and registering is enough
-Non-EU citizens, it is more complicated. You will need to apply for a visa beforehand, the D7 visa, and then, once you are already in Portugal, get a residence permit from SEF.
-Even if you don’t need a visa to come to Portugal you will have to apply for a visa.
-Portugal has some of the lowest financial requirements for financially independent persons currently at ??? euros per year.
-You will need to show regular payments coming your way (pension, dividends from stocks, income from property rental).

Taxes

-The second aspect you should consider when retiring in Portugal are taxes.
-There are many people claiming that you can live tax-free in Portugal, but that only applies for a very few restricted types of income.
-If you retire in Portugal, you can also use the Portugal non-habitual residence program to reduce your tax bill.
-In the NHR program, your foreign pension will be tax at 10% in Portugal. It used to be zero, but now it is 10%.
-Some income is indeed tax free, such as stock dividends for example. Rental income or capital gains on real estate is also tax free on NHR.
-If you decide to work, either in Portugal or abroad while you are retired in the country, different rates apply. But you will be taxed. Either you will be taxed at a rate of 20% in Portugal or your income will be tax free in Portugal if you pay tax in the country where the work is performed. Working online applies here.

Real Estate

-Real Estate is another critical factor you should consider before moving to Portugal.
-Portugal, despite being a small country, with slightly more than 10 million inhabitants, actually has pretty varied property prices.
-The most expensive place to buy real estate in Portugal is the capital Lisbon and its surrounding areas. The difference between prices in Lisbon and the rest of the country is very significant.
-In Lisbon, prices per square meter can easily be at around 4 to 5k euros.
-Porto, is the second largest city in the country and also the place ranking second in terms of real estate prices. But the price difference from Lisbon to Porto is sharp. You can find many properties in Porto around the 2500 euros per square meter.
If you go to smaller cities like Coimbra, Braga, Aveiro, you can find even cheaper properties.

Cost of Living

-Now let’s briefly consider the cost of living in Portugal.
-The cost of living trends in Portugal follows almost exactly the same patterns we see in real estate.
-Lisbon is the most expensive city. Porto, the second most expensive one, and everywhere else is slightly cheaper.
-The difference here is that, apart from the costs where real estate is involved, the cost of living differences are not that sharp when considering Lisbon and other areas in the country.
-Services are the sector in which you will see the hardest price differences between Lisbon and the rest of the country. A cleaning lady will definitely cost more in Lisbon than in other cities.

Permanent residency and citizenship

Now we will just briefly talk about becoming a permanent resident in Portugal and a citizen of Portugal

-Another advantage of moving to Portugal is that it has some of the most flexible laws in Europe when it comes to permanent residency and citizenship.
-5 years, you can apply for PR.
-After 1 year on PR, you can apply for citizenship
-Dual citizenship is allowed.

Health care

-Healthcare in Portugal is good, inexpensive and widely available for foreigners with residence in Portugal.
-If you are an EU citizen it is fairly easy to access healthcare in Portugal since EU countries have a number of reciprocity agreements in many areas, and healthcare is one of them.
-If you are a non-EU citizen the situation is slightly more complicated. You will need to buy an insurance policy to be able to apply for your D7 visa. Once in Portugal and after getting your residence permit, you will be able to access the Portugal public health care if you apply for it, or you can also get private healthcare.

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