This is the first step towards residency in Portugal. You can get residency in Portugal in six basic ways: Marriage, family reunification, study, work, investment, or retirement. How can a US citizen retire in Portugal? Portugal scores well for its reasonable property price to income ratio, with the cost of living in Portugal around 31% lower and rent around 48% lower than in the UK. In the meantime, here’s a rundown of what you need to know about Portugal. The retirement age in Portugal is 66 years and 3 months for both women and men. This includes income from work, investments, capital gains, pensions and rental income. You may be eligible to receive up to 10 years of tax benefits, which will certainly help you extend your retirement savings. There are sunny beaches in Algarve, wine in Porto and a historic metropolis in Lisbon. They need to use an S1 form –previously referred to as E121 form. If you do plan to spend years in Portugal, it might even be worth buying your own home. For those retiring to Portugal from the UK, this is possible through the Qualifying Recognised Overseas Pension Scheme (QROPS). NHR applies to people who have not been tax-paying residents of Portugal in the previous five years. Once that visa is accepted, you’ll apply … There is a contribution-based state pension in Portugal that residents can claim if they have made at least 15 years of social security contributions while under Portuguese employment. Made up of 16 municipalities on the Portuguese southern coast, it includes beautiful beaches and clifftops and is the most affordable option in Europe for retirees according to Forbes. So you will need to pay for any health or medical services you use. For more information read Expatica’s guides to healthcare in Portugal and health insurance in Portugal. You may claim your UK state pension by contacting the International Pension Centre in the UK. But in smaller villages, a couple could get by on as little as €1,400 per month. Living farther from the city center will save you as much as a few hundred dollars per month. But the process is also simple for U.S. citizens. The close second to Portugal for retirees came to France. There is a variety of places to live in Portugal, from sleepy fishing villages to riverside bustling cities. You may need private health insurance for up to the first five years of residence. So you will need to pay for any health or medical services you use.With that being said, you will need to have health insurance before moving to Portugal anyway. There are also some private company pensions available. One reason was safety, affordability and lower taxes. This is only negated by the will. Recent changes by the government to help attract foreigners could also allow you to save money on taxes for up to 10 years. You will also need to submit to a criminal background check. Portugal has around 900,000 expats living in Portugal . Living in Portugal é o website oficial para informação sobre compra de casa em Portugal. However, as mentioned earlier, the Portuguese government has taken steps to make the country a welcoming place for expatriates. When traveling to Portugal, they should bring their EHIC card with them and present it to any hospital or … This site uses functional cookies and external scripts to improve your experience. NOTE: These settings will only apply to the browser and device you are currently using. Saiba que Portugal é um dos melhores países para viver, que tem uma fiscalidade atrativa para os estrangeiros e um setor imobiliário competitivo. Jim Barnash is a Certified Financial Planner with more than four decades of experience. All residents have to pay tax in Portugal on their worldwide income, unless they are considered a non-resident taxpayer. In Portugal, any citizen who has deducted from their social security salary for at least 15 years is entitled to a pension. Things to consider when retiring to Portugal from UK Property Specialists Algarve Portugal has got a great climate, beautiful coastlines, historic towns and offers a cost of living that is lower than in many other European destinations, which makes it one of … Hi! See the conditions and a list of countries that have tax treaties with Portugal. I adore Lisbon as well as we are also moving to Lisbon at the end of this year! The National Health Service in Portugal (Serviço Nacional de Saude) provides free healthcare to Portuguese citizens. I am so happy to see you are thoroughly enjoying Lisbon. (The Certificado do registo de cidadão da União Europeia). There is no inheritance tax in Portugal on property. 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