Retirement in Portugal: Home in Portugal
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If you're planning on moving to Portugal you'll need to find a place to live. Around 74% of people own their own homes in Portugal¹, which is higher than average homeownership rates in many other countries around the world. There are no restrictions to buying a home in Portugal as a foreigner², and the real estate sector is well developed.
It’s a lively and friendly city, and one that’s easy to reach from the UK all year round. Properties are still extremely affordable compared to those in most comparable EU cities. Many international residents are happily living in Cascais – an areas of Portugal that’s been popular with overseas guests for centuries. Cascais is located just to the west of thriving Lisbon, so it combines the convenience of living near a large city with the comfort and pace of a smaller town.
Acala Troia – Beach Property
The train tracks hug the coast for most of the way, making for a wonderfully scenic journey . Trains between Cascais and Portugal’s capital are frequent and inexpensive. You can also get a train back to Cascais as late as 1.30am, making nights out in Lisbon completely feasible. Like many places in Portugal, Cascais has a long history of overseas visitors, especially the British. In 1953, the casino in Estoril – part of the Cascais municipality – was the inspiration for Ian Fleming’s first James Bond novel, Casino Royale.
Or, you can take a small boat over to the family-friendly island beach — a true secret paradise. There’s plenty on offer for those needing more stimulation, from nightclubs to golf courses. The sophisticated and elegant city of Tavira is just five minutes away – perfect for culture-fixes and evening meals. Vila Nova de Familicão is a more modern town but serves as a base for dozens of attractive villages, making this somewhat of a hub. This working town is unpretentious, so there’s not really any grand sights to see, but it has a plethora of low-key attractions that may be of some interest. There are approximately 130,000 residents, so it’s pretty sizeable, aided by the fact it is very easy to reach in around 40 minutes from Porto by train or car.
Relocate to Portugal ?
While many of these homes are quite a drive from the coast, river beaches abound in Portugal, so you’ll have no problem finding somewhere to cool off. You are may also find that a traditional Portuguese “fixer-upper” may need a total renovation, including new roof. You can enjoy long lunches while your children mix with friendly local youngsters on the well-maintained public playgrounds.
The Barrio Alto is a perfect district for those of a bohemian persuasion. It’s not a region to expect peace and quiet, and there’s every chance one of those bars will be underneath you. However, it is a place to be yourself – and the property in the area is surprisingly reasonable.
Money Transfers in Portugal
The cost of living in Portugal is 31% lower than in the UK, and 30% less than in the US. Property prices in Portugal are affordable enough to buy real estate as well. Since January 2022, you cannot purchase real estate in Lisbon, Porto, and coastal towns.
And, that’s a relatively small price to pay if it saves you making a far more expensive mistake. Remember that any delay in responding leaves room for a seller to consider other offers. Make sure you have decided on what price you’re willing to go to before entering negotiations and be quick and confident when upping your offer. It’s incredibly important to assess any tax implications of your residential status and ensure you are paying tax correctly.
Coimbra is an interesting option if you want to enjoy a vibrant city life on a budget. Cheaper than Porto and considerably cheaper than Lisbon, the city still has plenty of charm. It’s within easy reach of Lisbon, Porto and the beaches of the Silver Coast, by both road and rail. Even if retirement is far off in the future for you, there’s no better time than the present to arrange your retirement housing. This is especially true if you plan to take out a mortgage to finance your purchase. Buying a retirement home early, rather than after you retire, brings about a myriad of benefits.
You may be eligible to receive up to 10 years of tax benefits, which will certainly help you extend your retirement savings. A financial advisor can also assist in stretching your nest egg and help you financially decide if Portugal is where you should spend your golden years. Let’s talk about the pros and cons of buying a new home before and after you’ve actually retired. With 75% of the population owning homes, Portugal is one of Europe’s most family-friendly countries.
Read our essential guide to buying property in Spain for foreigners, including average prices, legal info and more. The essential guide to buying property in Italy as a foreigner, including average prices, best places to buy and key legal information. Wise offers you a quick, secure and transparent way of sending money to Portugal. You get the mid-market exchange rate for your payments and see how much it’s charged for the transfer before sending the money from your bank.
Caldas doesn’t feel like a resort, despite offering green spaces, hot springs, and beaches just 10km down the road. Great food is inexpensive and there’s a well-stocked farmer’s market. This is true bolthole territory for those seeking a calm holiday home location. There’s an attractive but relatively low-key marina, a beautiful walled old town, and a series of pedestrianised streets lined with bars and restaurants.
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