The 2023 Annual Global Retirement Index is out and… surprise, surprise! Portugal is once again the World’s Best Place to Retire in 2023!
Published by International Living, this global retirement index aims to provide guidance to anyone who is considering retirement abroad. The ultimate goal is to help retirees live a healthier and happier life while spending less money and getting a lot more.
According to International Living, this retirement index “is the most comprehensive and in-depth survey of its kind”, resulting from hundreds of opinions and real-life experiences compiled by various independent sources across the globe.
Best retirement havens in 2023
So, why is Portugal, once again, the most popular retirement destination on the planet? According to International Living, it’s because “Portugal offers something for everyone”.
The Index highlights our country’s diverse landscape and natural beauty, which changes depending on the region. However, it’s the Portuguese people’s genuine way of living that truly distinguishes life here:
“The people of Portugal are some of the kindest and most genuine in the world, and they welcome foreigners with open arms and double-cheeked kisses.”
Other areas where Portugal stands out include:
Ease of integrating into the Portuguese community: The fact that many of the locals, especially the younger generation, have a good grasp of the English language makes settling into Portuguese daily life easier.
Overall safety: Portugal is one of the safest countries in the world, ranked 6th by the Global Peace Index.
Access to public & private healthcare: Healthcare in Portugal is not only affordable, it’s also ranked as the 12th best in the world by the World Health Organization.
Modern infrastructures: Portugal offers excellent infrastructures, on par with the world’s most developed countries. This includes good quality tap water, reliable electricity, high-speed fibre Internet and also one of Europe’s finest highway systems.
Average cost of living: “How much do I need to retire to Portugal?” — that’s probably the first question anyone asks themselves before making the move… it’s also one of the hardest to answer because it depends on several factors. However, the 2023 Annual Global Retirement Index indicates, as a general rule, that “a couple can live comfortably on about $2,500 to $3,000 per month”, depending on lifestyle, whether you own or rent and the location.
The Index also highlights the enormous appeal that the Silver Coast region has gained, especially over the last few years:
“The Silver Coast offers various options for expat living, from coastal villages to mid-sized cities like Caldas da Rainha. Daily markets in and around the historic city centre sell fresh fruits and vegetables, bread, meats, poultry, and fish while a weekly flea market is packed with everything including the kitchen sink. On the outskirts of town lush farmland blankets the hillsides while sheep graze and farmers roll by on tractors...”
Why choosing the right type of property (and services!) is key to a happy retirement in Portugal
For anyone considering retirement in Portugal, it’s important to choose the right property. After a full life working, your dream home in Portugal should guarantee you the comfort and well-being you deserve!
New-build properties, depending on the materials used, construction methods and even the design itself, also allow for better living conditions for all ages, but especially for retirees. Features such as spaciousness and accessibility (e.g. wider doors, shower trays that enable access to chairs, etc.), as well as improved insulation techniques which guarantee better thermal and acoustic conditions, make modern homes in Portugal much more comfortable.
There are also advantages to those who choose to buy a property in Portugal rather than rent, such as tax and financial benefits. As an investment option, the average property price in Portugal, despite increases in the last year, is still significantly much lower when compared to other European countries with similar characteristics.
For 400 thousand euros, you can buy a modern new build villa, with three bedrooms and a private pool just a few minutes from the coast. A new beach apartment can be found for less than 300 thousand euros! Certified real estate experts such as Portugal Realty and Immo Portugal can help you find the right property for your lifestyle and budget.
Also, the fact that there are several property management companies in Portugal with years of experience taking care of foreigners' properties will give you added peace of mind, should you need this kind of support. Simple things like cleaning the pool or general maintenance need not be a source of worry at this stage of your life!
Portugal’s fiscal benefits equal more money to enjoy the simple life
Last, but not least, Portugal also guarantees retirees several benefits that will save you money. Finances may not be the most important thing at this stage of a person’s life, but let’s be honest: it sure makes life less stressful (and more fun!).
Special income tax regimes such as the NHR - Non-Habitual Residents in Portugal, designed specifically for foreign pensioners residing in Portugal, can save you a lot of money, leaving you with more cash in pocket to enjoy Portugal’s simple pleasures!
If you're interested in retiring in Portugal and want to know more about investing on the Silver Coast, visit Portugal Realty's website to see properties for sale or schedule a meeting today!
Portugal The Simple Life is sponsored by a network of Portuguese companies that specialise in supporting families to transition to a simple life in Portugal. Please contact us if there is anything we can assist you with: Leisure Launch Group, Immo Portugal, Portugal Accounting, Portugal Interiors, Portugal Realty, Presprop Portugal Construction, SCH Holiday Homes and SCH Property Management & Rentals.