Portugal is a stunning, warm country that offers retirees the kind of later life they have always dreamed of. Nearly 40% of British people who move to Portugal are aged 65 and over, and most decide to stay because they love it so much. Regardless of the long list of pros associated with retiring to Portugal, there are some important things to consider first. Here are some key considerations to make before you think about retiring to Portugal:
The Healthcare Is Good
The Portugese health service is called Servico Nacional De Saude and it is known for being proficient. As a citizen you get treatment for free if it is general, but A&E visits do incur a small fee, and diagnostics might cost more. You could also opt for a private healthcare plan which lots of people have in Portugal. Healthcare is an important consideration to make when you are looking to spend your later life somewhere new, as you might require more health support later down the line, and it is important to know that support is in place.
What About Pensions And Finances?
You can receive your UK pension in Portugal straight into a Portugese account, or for a charge, into a UK bank account which you then need to transfer and withdraw. Realistically, you will need some expert help with financial planning for your move to help ensure that everything is properly in place for this next stage in your life.
Ensure That You Have Written Your Wills
Having a will in place is a good idea at any age, but as you acquire assets in Portugal it is even more important. If you do not have a will then forced heirs distribute what you had, but if there is a will then you’re protected by UK law and the details of your will can be carried out.
Get Your Taxes In Order
The tax system in Portugal is as complex as it is in the UK. It makes sense to understand how it works before moving over to Portugal so that you can ensure you get everything right. This includes checking that your tax arrangements in the UK are correct before your move. Speaking to an accountant who is well versed in tax laws in the UK and Portugal could be really useful.
Locations Matter
Retiring in Portugal may not be as perfect as you envisioned if you choose the wrong location. In later life, no matter how healthy you are now, you have to think about the future and potentially being less mobile or less able. So, hilly areas, remote areas and properties with lots of stairs might not be appropriate. Luckily there are plenty of suitable locations for expats to consider retiring to in Portugal so you won’t be short on choice.
Moving to Portugal for retirement is a great idea if you fancy a great social life, sunshine, access to stunning coastline, culture and overall a better quality of life. Considering the above, and all other aspects of the move is important to ensure that your relocation goes as well as possible, for the best chance at a fantastic later life in the beautiful country of Portugal. An international moving company will make life much easier for you.
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