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.