Portugal is named Europe’s top retirement destination.
Gone are the days when retirement was the time to put on some slippers, smoke a pipe and rent an allotment. It is now a time for adventure, new experiences and indulging in the pleasures of life. It´s also a time when you want to feel relaxed and not take any risks, which is why if you are looking to retire abroad, you need to do some proper research to make sure you are making the right choice.
If you are too busy enjoying your retirement and don´t want to set up your own spreadsheets, you will be delighted to learn that you can use someone else’s research!
A new study has named Portugal as the best country for retirement in Europe, so here´s all you need to know.
Portugal is ranked the Best Country for Retirement.
The ranking was announced by the platform Moving to Spain. It's somewhat ironic, considering that Spain came second with a rating of 7.31 compared to Portugal with 7.83!
The study rated countries on a points system based on factors including cost of living, house prices, life expectancy, safety, the population aged 65+, healthcare, beach quality and visa accessibility.
Portugal offers retirees an impeccable blend of natural beauty, rich history, delightful cuisine, and a relaxed lifestyle. With its affordable cost of living, pleasant climate, stunning landscapes, and exceptional healthcare system, it's no wonder that Portugal has become an increasingly popular retirement destination.
In a June report, the relocation company ranked the best European countries for retirement based on the following factors:
Health Care
Healthcare and private health insurance only get more important as the years go by and are increasingly important to retirees who want to have regular checkups. Access to quality medical care at reasonable prices is a key factor for many in their golden years when choosing Portugal. The SNS is Portugal´s National Health System and was based on the UK model offering free healthcare to residents.
Many retirees will also opt to take out a medical insurance policy, which is comparatively cheap compared to other European countries and the US. Private practices will often also have English-speaking doctors, which is an added bonus. Retirees choosing Boavista to live for all or part of the year are fortunate to have The São Gonçalo de Lagos Hospital less than 3 km from the resort. The modern facility offers a wide range of healthcare services, from medical and surgical services to examinations. To consult a GP, there is an excellent private clinic in Paria da Luz, LuzDoc, which has been serving expats in the area for many years.
This all makes Portugal the best country in Europe to retire that will take care of all your healthcare needs without breaking the bank and ensuring peace of mind during their golden years.
Retirement Visas
Without a European Union passport, you’ll probably need a visa to live in Europe. While other options are available, the survey looked at countries with a specific retirement visa without hurdles like language ability. Many retirement visas are also called passive income visas; the Portuguese version is the D7 visa. This visa is designed for those who can show regular passive income, such as rental income, dividends, or pension. It requires proof of consistent income and offers a one-year residency permit with the option to renew.
The temporary Stay Visa, also known as the Type 1 Visa, allows individuals to stay in Portugal for a period longer than 90 days for various purposes, including work, study, research, or investment. This visa is usually valid for one year.
The Golden Visa program is an investment-based residency program. It offers residency to non-EU residents who invest a minimum amount in Portugal. This route has been the most popular since its introduction in 2012. However, due to an unsustainable rise in house prices due to foreign investment, it will no longer be possible to apply for a Golden Visa based on capital transfers to Portugal or any form of real estate investment. Instead, a large capital transfer is required, which will be less appealing to many retirees.
Note that visa requirements and regulations may change over time, so it is important to consult official sources, such as the Portuguese Immigration and Borders Service (SEF), for the most up-to-date information before planning your move to Portugal.
Cost of living
One of the key advantages of retiring in Portugal is its affordability. Moving to a low-cost-of-living country can stretch your pension and investments, giving you a Golden Years upgrade. The cost of living is relatively low compared to other Western European countries, allowing retirees to make the most of their savings. Whether it's dining out at world-class restaurants, exploring local markets, or indulging in leisure activities, you'll find that your retirement budget stretches further in Portugal.
On average, the cost of living in Portugal, excluding rent, is almost 29% lower than in the U.S., according to SmartAsset.
Population Over 65
Countries with a high percentage of retirement-age population were seen as an advantage in this survey as governments tend to provide better services to an ageing community. To find out which country had the most retirees, Moving to Spain looked at the percentage of the population aged 65 and above for each European country. On average, 19.28% of the population in European countries are aged 65 and above. Portugal was in the top three, with 22.6% of its population aged 65 and above. The report also lists life expectancy in Portugal as being 81.07, which ranks 6th in the table.
The demographic of buyers on Boavista tends to be over 50, which is why the resort caters to retirement-aged buyers, with a large range of social events, an active golf club and the Essential Spa and Fitness. All the indoor pools are one depth, allowing for water walking in the pool and aqua aerobics, which is a great way to stay fit in your latter years. The new Bayview Village also offers an all-inclusive condominium service which takes care of everything from your wifi connection to security, membership of Bayview Fitness and property management, meaning Boavista retirees do not have to stress about the little things but can enjoy the bigger things in life.
the Most Blue Flag Beaches in Europe
Blue Flag is an award given to beaches based on several criteria, including cleanliness and safety. Portugal has 531 Blue Flag beaches. The Algarve was nominated as the best beach destination in Europe and the best sustainable tourist destination in Europe in 2023. Portugal´s spectacular coastline is the jewel in its crown, which it takes great care of with a significant investment in wastewater treatment, which ensures that no sewage or dirty water ends up on its beaches. Not only do retirees enjoy relaxing on the beach, but the coastline also provides numerous marked tracks for hikers and cyclists to keep you fit and active.
The breathtaking landscapes of the Costa Vincentina and west coast beaches, which are about a 30-minute drive from Boavista, offer endless opportunities for exploration, tranquillity and beach bars serving up the day's fresh catch.
The Sunniest Countries in Europe
Portugal has a mild Mediterranean climate, which is ideal for retirees seeking sunshine and comfortable temperatures year-round. The Algarve region, in particular, is renowned for its sunny and warm weather, making it a popular choice for retirees. Imagine spending your retirement days basking in the sun on pristine beaches or enjoying outdoor activities like golf or cycling amidst picturesque landscapes in the sunshine.
Most northern European retirees consistently list the sunshine and the outdoors as giving enormous satisfaction in their latter years. Spending retirement in the sun is the dream for many. Portugal has an average of 2,628 sunshine hours per year, roughly the same as California, which is why it is currently listed as the Top Location to retire by many surveys such as Live and Invest Overseas, which places Portugal 2nd after Panama citing more sunshine than anywhere else in Europe, as one of the reasons to retire there.
At Boavista, retirees can enjoy a range of activities in the outdoors, which make the most of the long days of sunshine, including the 18-hole golf course, outdoor pools, tennis courts, and the beautiful cliff walks you can access from the resort.
Home prices per m2
The average property costs in Portugal are generally lower than many other popular retirement destinations. Moving to Spain, quote the average house price in Portugal as 227m2. However, it is important to note that prices can vary depending on the specific location, property type, and amenities offered. Resorts like Bovista tend to have a higher price per m2, but this is because they provide a range of amenities and security while the environment is meticulously maintained to a high standard that you won´t necessarily find in other urban areas.
Retire in Style
So, why not retire in style and embark on a new chapter of your life in Portugal? If you want to take advantage of the wonderful climate for outdoor activities, enjoy the delicious gastronomy and wine, explore the stunning beaches or immerse yourself in the rich culture, then Portugal awaits you with open arms.
