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Cost Of Living, Climate, Safety, Taxes, Health Care, And Residency In Algarve, Portugal

Kathleen Peddicord by Kathleen Peddicord
Apr 06, 2015
in Portugal, Retirement/Living
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Real Estate In Algarve- Portugal
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An Algarve Report Card— Why We Say This Region Is The World’s #1 Retirement Haven

As we’ve been reporting lately, we believe that Portugal’s Algarve region is the best place in the world, all things considered, to live in retirement. Nowhere else in the world, we’ve been arguing, could you embrace a better overall being-retired experience than in this southernmost coastal region of Portugal.

That’s a strong position to take. Let me back it up… by breaking it down.

Here’s our Algarve report card:

The Algarve has been attracting foreign retirees for decades and is home today to more than 100,000 resident expat retirees. We award it an “A”, therefore, for Existing Expat Community.

Thanks to its 3,300 hours of sunshine per year, more sunny days than almost anywhere else in Europe, 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. Definitely, the Algarve gets an “A” for Climate.

The Algarve is one of the safest regions in Europe, and 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. “A” for Safety and Crime.

Portugal and the Algarve have enjoyed important infrastructure investments recently, specifically to do with the country’s highway network and airports, making this a great base for exploring all of Europe and Northern Africa and earning the location an “A” for Infrastructure.

Portugal’s health care is international-standard, and medical tourism is a growing industry in the region. We give the country an “A-” for Health Care.

Retired in the Algarve, what would you do with yourself all day?

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. In other words, you could fill at least some of your days at the beach, swimming, sunning, and boating.

In addition, the region boasts 42 golf courses in less than 100 miles and is generally recognized as a top golfing destination in continental Europe, and the world.

Plus, again, this is Old World Europe, meaning Continental culture. We award the region, therefore, an “A” for Entertainment. Living here, you’d be well and fully engaged, whether your idea of a good time is a morning round of golf, an afternoon shopping at an open-air market, or an evening of fine dining.

You could describe life here as healthy. The Portuguese are the biggest fish eaters per capita in Europe, and fresh fish of great variety is available in the ever-present daily markets. The abundance of sunshine means an abundance of fresh produce, too. These facts, along with low rates of pollution and generally clean streets and towns, translate to an “A” for Environment.

You could also describe life here as very affordable. 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 €1,100 or €1,200 per month. Right now, that’s only slightly more in dollar terms.

With a budget of €1,800 per month or more, you could enjoy a fully appointed lifestyle in the heart of Old Europe.

That said, other destinations on our radar offer more affordable costs of living. The Algarve is among your most affordable options in Europe, but perhaps your heart isn’t set on Europe. If you’re shopping in the Americas or Asia, you have cheaper choices. That’s why we give the Algarve a “B” for Cost Of Living. If we were grading the Algarve for its cost of living relative to the rest of Europe, it’d get an “A”.

If you’re thinking of buying a home of your own for your retirement overseas, you’ll be interested to know that the property market in this region remains severely undervalued and, like the cost of living in general, 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. Bottom line, this means housing is cheaper to buy and investors can make more money from rentals than in most other European countries. We give the country an “A-” for Real Estate.

Further, recent legislation allows resident foreign retirees to receive pension and foreign income in the country tax-free for 10 years, if they qualify for the new Non-Habitual Resident (NHR) status. The law also provides for reduced taxation on wages, intellectual property, interest, dividends, and capital gains. On the other hand, tax rates are relatively high and the tax-free status for NHR residents is not indefinite but for 10 years, which is why we give Portugal a “B” in our Taxes category.

Finally, how easy is it to become a legal full-time resident of Portugal? The country’s new Non-Habitual Resident and Golden Visa programs mean it is much easier than it’s ever been. These retiree- and investor-residency programs are not as benefit-rich or as affordable as comparable programs in the Americas (in Nicaragua, Ecuador, or Panama, for example), but they are very competitive for Europe. That’s why we award Portugal an “A” for Residency.

Kathleen Peddicord

Continue Reading: How To Get A Tourist Visa For Travel In Panama

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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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