Portugal crowned as 2024’s ultimate retirement paradise

Saturday, January 20, 2024

Portugal shines as the 2nd best retirement destination in the 2024 Global Index, favored for its culture, safety, and sunny climate.

Basking under the Mediterranean sun, this European gem recently secured the runner-up spot in the 2024 Annual Retirement Global Index, right behind Costa Rica, with Mexico trailing in third. Portugal’s allure is undeniable, captivating people globally with its sun-kissed beaches, dynamic culture, over 300 days of sunshine a year, low criminal activity, and a hospitable atmosphere.

An increasing number of retirees are joining the affluent expatriate community flocking to Portugal.

The UK’s Portuguese Chamber of Commerce reports a twofold increase in Portugal’s foreign population in the past ten years, surpassing 800,000 newcomers. This influx includes investors and high-skilled professionals, alongside wealthy retirees, contributing to the nation’s economy.

Portugal’s growth is propelled by its attractive residency programs for non-European Union citizens, notably the popular Golden Visa and the D7 Retirement Visa. These programs provide a pathway to a Portuguese passport and access to the Schengen Area for employment and travel.

The Golden Visa demands an investment of EUR 500,000 in qualifying private equity or venture capital funds in Portugal. A more charitable option, the Cultural Production Golden Visa, allows for residency starting from an investment of EUR 200,000 in cultural projects.

These regulated investment visa initiatives under the Golden Visa scheme are also boosting Portugal’s economy and employment. Investment options range from vineyards and tech firms to stock market ventures.

Additionally, these programs allow families to include extended relatives, offering them not only a passport to their original country but also access to 26 countries within the European Schengen area.

In international assessments, Portugal consistently ranks highly for its excellent quality of life, as evidenced in the 2023 Social Progress Index, thanks to factors like affordable healthcare and an emphasis on sustainability.

Portugal also stands out for its significantly lower living costs compared to other European destinations. On average, living expenses are 26.5% less than in the UK, with similar disparities when compared to many other locations in Europe and North America.

Steve Philp, Partnership Director at Portugal Pathways, a platform which is dedicated to assisting individuals in optimising their relocation for investment, tax, or life strategy in Portugal, said: ‘’Affluent expats consistently praise the relaxed pace of life and the perfect balance between bustling cities and charming villages in Portugal.

“There are a host of attractive visa options which can ease the route to residency, and which have proved hugely popular and which we are happy to advise on.

“The Golden Visa may no longer be open for investment in real estate, but there are more and more opportunities to invest through approved funds as well as in cultural projects.

“Many retirees and wealthy expats we have helped, tell us they love the local culture, local produce, wine, the stunning scenery, and a thriving investment market, whether that’s through a Golden Visa or through owning property in a market that’s been consistently outperforming most of the other international markets in recent years.”

From Lisbon’s historic charm to the Algarve’s breathtaking cliffs, Portugal presents a mosaic of visual and cultural experiences. The country is dotted with historic sites, medieval castles, and Roman ruins.

Adapting to life in Portugal tends to be seamless, supported by the Portuguese government’s efficient residency programs for retirees and remote workers. The local community is known for its warm hospitality and friendliness.

Anne Brightman, CEO and Founder of a Boutique Real Estate Agency in Portugal with branches near Lisbon and the Algarve, remarked, “Portugal holds immense appeal for affluent families and investors, be it through property investment or the Golden Visa program. It’s no surprise that Portugal remains a top choice for attracting wealthy retirees and other investors.”

English-speaking expatriates and a significant English-proficient Portuguese population make daily life easier for newcomers.

Moreover, Portugal is attracting not only retirees but also professionals and entrepreneurs, who are investing or relocating via the D2 Entrepreneur Visa or the D8 Digital Nomad Visa.

Portugal Pathways is organizing several webinars in the upcoming months for those interested in investment and relocation opportunities in Portugal.

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