Let me tell you why CNBC put Portugal’s Algarve region in first place on its Overseas Retirement Index. It offers Europe’s best beaches and golf courses, friendly people and one of the lowest costs of living in Europe.
1. A Huge Financial Incentive.
Whether you want to retire or live off business and property income, the combination of the D7 visa and the Non Habitual Resident tax scheme make this one of the most attractive propositions in Europe, especially if you don’t want to spend the tens of millions that a property would cost in Europe’s favourite tax haven, Monaco.
2. A Beautiful Place To Live
But of course, all the tax breaks in the world are useless if the place is not somewhere you and your family want to live. Dubai is a tax free country but the summer temperatures will fry you to the pavement as soon as you step out of your air conditioned apartment. The Algarve offers a 200 kilometre coastline with some of Europe’s cleanest and prettiest sandy beaches, while further inland the Serra Algarvia mountains provide a rugged backdrop with some beautiful scenery. Year round temperatures are among the highest in Europe without becoming unbearable.
3. Almost everyone speaks English.
Portuguese is not the easiest language to learn so this is a really practical benefit that will make it much easier to adapt to your new home.
4. The 3rd Safest Country In The World
The fourth factor that makes the Algarve stand out is safety and security. According to the 2019 Global Peace Index, Portugal ranks third safest out of 163 countries. You can walk the streets at any time of day or night and be far safer than you are in Britain which ranks a pathetic 45th on the list. Still not convinced? There’s more!
5. One of the Best Climates in Europe.
The fifth reason to escape grey old Britain is the Summer temperatures average 30 degrees and the mild winters average 15 degrees. There’s 3130 hours of sunshine a year so throw away the SAD lamp and get the speedos out.
6. Great connections from Faro Airport.
If, for some strange reason, you miss Blighty, flights from Faro airport can whisk you back in just two and a half hours.
7. A Wide Range of Sports from Surfing to Rock Climbing.
Once you are in the Algarve, you probably won’t want to spend all your time lying on the beach sipping pina coladas, so reason 7 is the range of sporting activities waiting for you. Everyone thinks of golf when you mention the Algarve, but there’s also plenty of walking, mountain biking, surfing, tennis, kayaking and rock climbing to keep you active.
8. Great Portuguese Food and Wine.
Burning all those calories brings us on to reason 8, Portuguese cuisine. You can take your pick from an amazing selection of restaurants or pick up fresh ingredients at the local markets. As you might expect, fish and seafood are an important part of the Mediterranean diet but there’s also really high quality meat for us carnivores. And the Portuguese wine makers have become world class since the days of Mateus Rose so you’ll enjoy a glass or two of white, red or rose with your healthy meal.
9. Low Cost of Living.
All this great food and drink will cost you less than in the UK because according to Post Office Money Portugal has the second cheapest cost of living of 44 European destinations. You’ll see that the first time you buy some coffees or the dish of the day in the restaurant, but value for money also applies to gym memberships, cinema tickets, even surfing lessons. Having been used to prices in the south of France I find myself checking the bill every time we go out in the Algarve. Admit it, you’re sold now so you don’t care what reason number 10 is do you?
10. A Stable Political & Economic Climate
Portugal offers a stable political and economic environment in which you can make long term plans with complete safety. According to risk management specialists Marsh Portugal qualifies as a stable country on any measure of operational, political and economic risk.