The Washington Post’s financial guide to retire abroad

Following our previous blog post about why Americans should retire to Portugal (click here to read it), we are now sharing an article from The Washington Post with a financial guide to retire abroad.

Plan a retirement abroad requires careful planning and many places can be cheaper than the United States.
The financial guide from The Washington Post includes the following topics that prospect retirees should take into account before making the decision:

  • Easy residency programs for foreigners – In Portugal, the Golden Visa residency program makes it easy for foreigners to buy property and establish residency in the country with tax benefits
  • Cost of living and lifestyle – “(…) in the Algarve region of Portugal, named the most attractive place to retire abroad by Live and Invest Overseas, a retiree could live on $1,410 a month, including $600 for rent.”
  • Healthcare – Medical Port can help you with this. We have special healthcare solutions for foreign residents in Portugal that have health insurance or not. The For Health card is a solution for those foreign citizens who live in Portugal and have healthcare needs that aren’t usually covered on health insurances.
  • Bank accounts – It is advised to keep a bank account in the home country and another in the country where you are retiring.
  • Social security – Portugal is one of the countries where American citizens can move and still receive their social security benefits.
  • Pay taxes – Retirees will still need to pay taxes in the United States.
  • Buy property – While some countries make it hard for foreign citizens to buy property, others – like Portugal – make it easy like any other national citizen would.

Spend the retirement years in a foreign country is an exciting idea for many Americans who look for better weather, affordable cost of living and the opportunity to experience a new culture.

Portugal is becoming increasingly popular as a retirement destination and has received for the past few years the top places on the best retirement abroad rankings (click here to read more about it).

To learn more about Medical Port’s solution for healthcare for foreign citizens in Portugal, the For Health card, click here.

Read the full article on The Washington Post, by clicking here.

 

medicalport-banner-01

Click here

Portugal in the top 10 best countries to retire abroad

Once again, Portugal is in the news as one of the best places to retire abroad.

During the first days of 2016 were revealed two important rankings regarding the best places to retire abroad: one from Live and Invest Overseas and another from International Living. Both rankings highlight Portugal as great place to retire abroad, as they did for the past few years.

Live and Invest Overseas, considered the Portuguese region of the Algarve as the number one region in the world to retire abroad.

This distinction is awarded to the Algarve for the 3rd year in a row. The Algarve, in the south of Portugal is known for its white sand beaches, low cost of living and large expat English-speaking communities. The Algarve is considered a paradise in Europe where the sun shines all year round with mild temperatures.

International Living put Portugal in the 10th place this year. The country drops one place from last year, but still makes the top 10. Once again categories where Portugal received high scores were Infrastructures, Healthy Lifestyle (this category was added this year), Climate and Cost of Living.

Over the last few years Portugal became a popular destination for foreign retirees. Helped by tax benefits programs – the Non-Habitual Regime for European citizens and the Golden Visa for other nationalities – moving to Portugal was never so attractive to foreign citizens from around the world.

For those considering retiring in Portugal and concerned about their health, Medical Port developed the For Health Card. This card offers discounts in consultations and medical procedures even those that aren’t normally covered by health insurance. For Health cardholders that also have health insurance can benefit from using both when recurring to health services.

 

medicalport-banner-01

Click here

The Algarve region, in Portugal, named the best place to retire abroad

For the second year in a row, the Algarve is considered the best place in the world to retire abroad.

Last year, the publication Live and Invest Overseas awarded the Algarve with the first place to retire abroad, and this year the publication decided that the best place to retire continues to be in Portugal. In the Algarve, it is possible to live well with $1, 410 a month.

It’s not the cheapest destination, but it’s the destination that offers a better balance between cost and quality of living.

According to Live and Invest Overseas “This region on the coast of Portugal has held the top spot for two years in a row thanks to its low cost of living, affordable real estate and pleasant weather. The area was highlighted for having mild temperature year-round, with temperatures usually staying below 80 degrees Fahrenheit.”

The author of Live and Invest Overseas, Kathleen Peddicord, recently wrote an article on the Huffington Post on how to retire in Portugal, calling it a “sunny European paradise”. One of the strong points of retiring to the Algarve, according to the author is: “Unlike many sunny paradises, however, the Algarve is not a little island in the middle of no place in the sea. It is attached to the Old Continent and reachable by car from Lisbon and points farther north. You can also fly from the U.S. East Coast in short hops, as few as six hours to Lisbon from Boston, for example, where many flights originate thanks to the Portuguese diaspora. From there, a three-hour drive takes you to the south coast resorts.”

One of the advantages the author points is the quality of healthcare in Portugal: “One more driving advantage for this region is the standard of healthcare on offer, which is both modern and innovative and personalized and humane.”

Here is the list of the 10 best places to retire around the world:

  1. Algarve, Portugal
  2. Puerto Vallarta, Mexico
  3. Cayo, Belize
  4. Languedoc, France
  5. Abruzzo, Italy
  6. Medellin, Colombia
  7. Hua Hin, Thailand
  8. Chiang Mai, Thailand
  9. Cuenca, Ecuador
  10. El Valle, Panama

Since the raking was published, many journalists around the world have been talking about it and highlighting what Portugal has to offer to retired people.

CBS News, the Huffington Post, Forbes, the Washington Post are some of the newspapers who wrote articles about the Algarve as the best region in the world to retire.

Common reasons to why Portugal is a great place to retire are the cost of living, natural beauty, safety, and mild temperatures all year-round.

Medical Port offers top quality medical solutions for foreigners who retire in Portugal and whish to access medical care. Our solutions include access to consultations, exams and surgeries at internationally certified private healthcare facilities throughout the country with experienced medical staff and top notch technology.

 

medicalport-banner-01

Click here

Why many foreigners decide to retire in Portugal

Retiring abroad is becoming a growing trend among many Europeans. With the increased mobility between European Union countries, many pensioners decided to spend long periods abroad looking for a better way to spend their retirement days.

Foreign retirees living in Portugal come mostly from France, the Netherlands, Switzerland, Ireland Poland and Brazil.

It is estimated that more than 177 thousand French citizens are living their retirement in Portugal. Being the 3rd abroad destination choice for French people. Their main motivations are the lower cost of living, the weather and the fiscal advantages.

According to an article in the French newspaper, Capital, for many years the preferred destination for French retirees was Morocco, but in the last few years Portugal has increased as is becoming the new retirement Eldorado. And the choice is quite simple because Portugal has advantages like the political stability, security, fiscal advantages, lower cost of living, good climate and easy living and is relatively close to France.

Since the introduction of the Non Habitual Resident regime that allows European citizens to benefit from tax reductions in Portugal for 10 years – the reason why The Telegraph recently called Portugal a retirement heaven – many have chosen to apply for the regime and rent or buy a property in Portugal.

Two of the main advantages of retiring in Portugal are the climate and the proximity to other European countries. Lisbon is 2 hours away by plane from both Paris and London. To better serve expats living in Portugal, Medical Port developed the For Health Card, a card that provides a privileged access to health, fiscal, real estate and leisure services. Click here to read more about the For Health Card.

 

medicalport-banner-01

Click here