Moving to Portugal: Retirement in Portugal
With its castles, ancient ruins, fine wines, and great food, Portugal a popular retirement destination for expats from all over the world. A plenitude of golf, resorts, beaches, and trendy restaurants make this country one of Europe’s most pleasant surprises. The Algarve and other Portuguese communities enjoy a lot of popularity among retired Europeans, especially for British. People retiring to, or in, Portugal should know a few things before making this step.
This European country covers over 91,000 square kilometers and has a mild climate and diverse landscapes. Before you retire to Portugal, you need to consider where you would to move and then spend time living in your preferred location to make sure that this is what you were looking for. Those who want to live without working in this country must show enough savings to last their stay. This can be done with a letter from a Portuguese bank manager ensuring a monthly transfer of at least 3,000 euros, or a Portuguese bank statement that shows savings of 3,000 euros or more. You shouldn’t underestimate how much it is going to cost you to start a new life in Portugal. You will have to ship furniture and personal assets, find accommodation, and have enough money for your daily expenditures.
Most expats planning to retire in Portugal do not require a residence visa before arriving to this country. EU citizens can come here as visitors and remain for 180 days. After 90 days, they must apply for a residence cars or an extension to remain as visitors for another 90 days. Non EU nationals may visit this country as tourists and stay up to 90 days. After that time, they must either apply for residency or make an appointment to speak with The Serviço de Estrangeiros e Fronteiras. People who are non employed and move to Portugal must show proof that they have adequate financial resources to live in this country without working.
For those who have moved to Portugal a few years ago and now they want to retire, the standard pension age is 65. Early retirement is possible from age 55. Pensions in Portugal are handled by Segurança Social (Portuguese Social Security). People who have been resident and employed in EU-member countries retain entitlement to healthcare rights and pension when moving to Portugal. Those who receive a state pension from a country that is a member of the European Union are entitled to subsidized health treatment.