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Algarve, Portugal, Is The World’s Best Place To Retire In 2015

Kathleen Peddicord by Kathleen Peddicord
Mar 30, 2015
in Algarve, Portugal, Retirement/Living
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Algarve, Portugal, World’s Best Place To Retire In 2015
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11 Reasons This Underappreciated Coast In Europe Is The World’s Best Place To Retire

Portugal’s Algarve, home to more than 100,000 resident expat retirees, is the best place in the world to retire that nobody’s talking about. Particularly appealing are the two municipalities of Silves and Lagoa, both slightly west of the center of Portugal’s southernmost province. In these two spots, you can enjoy the best the region has to offer, from medieval towns and fishing villages to open-air markets, local wine, and some of Europe’s best sandy beaches. This is a land of cobblestoned streets and whitewashed houses with lace-patterned chimneys surrounded by fig, olive, almond, and carob trees.

Specifically, here’s why we say Portugal’s Algarve qualifies as not only a top retirement option in Europe, but, in fact, the world’s best retirement choice right now:

1. Great weather. This region enjoys one of the most stable climates in the world and 3,300 hours of sunshine per year, meaning more sunny days than almost anywhere else in Europe. As a result, the Algarve has a longstanding reputation as a top summer destination among European sun-seekers and a top winter retreat for those looking to escape Northern Europe’s coldest months. It’s a popular holiday destination among the Portuguese year-round, and the Spanish love the region’s wilder western coast.
2. Safety. Portugal ranks as the 17th safest country in the world. Violent crime is rare, and petty crime is limited to street crime during the busy tourist season.
3. Good infrastructure. Portugal and the Algarve have enjoyed important infrastructure investments, specifically in the country’s highway network and airports. This could be a great base for exploring all of Europe and North Africa.
4. International-standard health care. Medical tourism is a growing industry in the region, particularly if you are interested in the aesthetic, hip replacement, and dental specialties.
5. Golf. The region boasts 42 courses in less than 100 miles and is generally recognized as a top golfing destination in continental Europe, and some would say the world.
6. Great beaches. The Algarve’s 100 miles of Atlantic coastline is punctuated by jagged rock formations, lagoons, and extensive sandy beaches, many awarded coveted Blue Flags from the European Blue Flag Association. The water off these shores is azure, and the cliff-top vistas are spectacular. Most beaches have lifeguards during the summer season. Many have restaurants or snack bars, sometimes open only seasonally.
7. Affordable cost of living. The cost of living in Portugal is among the lowest in Western Europe, on average 30% lower than in any other country of the region. A retired couple could live here comfortably but modestly on a budget of as little as US$1,500 per month. With a budget of US$2,000 per month or more, you could enjoy a fully appointed lifestyle in the heart of the Old World.
8. English is widely spoken. Thanks to Portugal’s strong historic and cultural links with England, English is widely spoken in the country in general and even more so in the Algarve, the country’s main tourist draw. Retired here, you could get by without learning to speak Portuguese if you wanted to.
9. Healthy living and eating. The Portuguese are the biggest fish eaters per capita in Europe, and fresh fish of great variety is available in all the ever-present daily markets. In addition, the abundance of sunshine in this part of the world means an abundance of fresh produce is also available in the local markets.
10. Retirement income is not taxed. Recent legislation allows resident foreign retirees to receive pension income in the country tax-free. The law also provides for reduced taxation on wages, intellectual property, interest, dividends, and capital gains.
11. Severely undervalued property market. Real estate in Portugal is undervalued and among the most affordable in Europe. Further, Portuguese real estate has one of the most favorable price-to-rent ratios (a measure of the profitability of owning a house) and price-to-income ratios (a measure of affordability) in the region. What that means is that housing is cheaper to buy and investors can make more money from rentals than in many other European countries.

 

Kathleen Peddicord

P.S. Still not convinced? Take a look at this brief video. How could you do better than this?

Continue Reading: IRS Filing Requirements For Americans Abroad

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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