Saturday, July 13, 2024

European region becoming a magnet for British expats to retire in for one reason

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When it comes to retirement, many Brits choose to move to Europe to enjoy their twilight years. Moving abroad can sometimes mean better healthcare and a lower cost of living, as well as more sunshine.

One European country in particular is proving a very popular destination for British retirees. A study last year by Retirement Solutions found that 591 British pensioners move to Portugal each month.

The country is such a big hit with pensioners largely due to its high standards of living, affordable living costs and low crime rates.

Since the 1960s, the Algarve has been a magnet for British pensioners thanks to its year-round good weather, beaches, good transport connections and lower cost of living.

It also affords a special tax status to expats under Portugal’s NHR scheme.

Under the scheme, pension income is only taxed at a flat rate of 10 percent, as long as it is sourced from abroad for 10 years. The only exception is government employee pensions, which are always taxable in Britain.

The Algarve boasts around 300 days of sunshine per year and even during the winter temperatures average between 10-15 Celsius. It is also a golfer’s paradise with over 30 courses, where sport enthusiasts can hone their skills.

Property prices in the Algarve are still very affordable, with a charming two-bedroom apartment costing under £260,000.

Portugal has one of the lowest crime rates in the world and a high quality healthcare system.

Once you’ve got a Portuguese ID number and residence permit, you can access the public healthcare system or choose private insurance, which costs somewhere between €40 (£34) and €100 (£84) per month.

Flights to the UK are frequent and cheap, meaning it is easy to keep in touch with family and friends.

Expats are also not required to retake their driving test to get an EU licence, which has become the norm in other European countries.

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