Is Portugal No Longer A Retirement Destination?
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- เผยแพร่เมื่อ 21 ต.ค. 2024
- #d7visa #portugal #retirement
Are people still looking to move to Lisbon, Porto, the Algarve, the Azores, the Silver Coast, or somewhere else in Portugal?
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What are your thoughts on retiring to Portugal? Are you in, or out? Comment below!
Jeez! you really got me on that one, these questions are really too much for me. I wish that Brits did not retire here, most do not pay their bills and my company's are owed over 200,000 by them, some very religious too hiding behind their god, Paki's too never like to pay. Stay in the UK where you have done your best to make it like it is today.
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Deborah Lynn Dilling is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Joric...Keepin' it real! No one, especially Americans, should move anywhere because of sugar coated vlogs!! I love Portugal and consider it my forever home, but previously lived in France and already understand the differences in culture and how things operate...Not the US!! That said, I am never going back except to visit!! My situation is different due to my EU husband, but people are really ignorant moving to another country without understanding the differences...Travel is not the same experience as living!!!
So true! Excellent insights and I think we all value the information.
Why did you leave France?
@@desertdweller8520 France is beautiful, but I never felt at home! It was just a feeling and I just never felt at home there.. I do in Portugal!
We are still planning on moving and understand the tax implications are great, however, we should pay our fair share. Also, we will still have a better quality of life - we love the history and the access to travel to other countries in Europe. We did a scouting trip and have chosen Northern Portugal - we will rent first to make sure it is where we can see ourselves long-term.
Great insight
I was starting to get interested in Spain and then came across an article about the problem of squatters in Spain. People can just break into your property if you're away for a while and the police cannot do anything about it if it's been over 48 hours. WTH???!!!
Wow did not know this
France is always an option for me because my oldest nephews, who are adults were bore and raised in France. They want me to move to France. I’m interested in the character of the Portuguese people. I enjoy the diversity, and as an African-multi American, people just assumed I was Portuguese, when I was in Portugal. In France, people usually assume I’m from England. Regardless, Portugal has a lot of inconsistencies. It’s making adjustments due to growing pains. It’s a new government system on top of an ancient land. So far, it’s not a deal breaker, but I haven’t made a final decision yet. But, getting residency in Portugal is still easier than France. But, France doesn’t tax retirement at all. I also prefer the French cuisine, especially from the South. I’m an omnivorous who loves fresh vegetables. Portuguese plates are lacking in that department. Right now, I can see myself having Portugal as my base, and then when I start to slow down, move to France with my Portuguese residency.
Great insight.
France is the best option because of USA tax treaty. Plus great Healthcare.
@@LeoHipolito Thank you for sharing this.
It seems like Portugal was the flavor of the month (well, actually 3 years) and now people are "moving on."
For the others reading this, smaller cities and towns such as Beziers in southern France has much cheaper property.
Great observation.
Yep, the 'International Living' caravan has moved on... many here are just waiting purely for Portuguese citizenship/passport first before they move on.
Typical, well thought out, and most-appreciated words of wisdom from Joric-as always. Reason for being a subscriber in the first place. 🥇 👏🏻
My two suggestions:
(1) If you know nothing (or almost nothing) about a specific topic, YT videos are a wonderful resource. However, if you know more than the average bear, take what a YT creator indicates with a grain of salt. In other words, check and recheck (more than twice) what someone tells you or doesn’t tell you. At times, I found YT videos to be somewhat misleading or lacking.
(2) For taxes, check with an international firm/person that knows your situation in your home county AND the country you’re considering (PT, France, Italy, wherever) so you can compare apples-to-apples. I would not rely solely on a tax advisor (say) that’s based in the US and knows nothing about tax treaties or tax incentives offered by other countries.
Great comments!
i think one thing thats driving the issue is much like thailand it seems that the portuguese are overpricing their real estate, often by 20% or more.
There is no doubt. There are dozens of apartments for sale around us that have been for sale since we moved in 2019. Many are 200-300k more than what comparable properties sell for.
Just an observation about real estate. We purchased in central Portugal a year ago for the rural small town atmosphere and great value for money. One year later I'm amazed at how the prices have shot up in the area and it's not the bargain that it was. Now can't find anything comparable for close to what we paid.
How is the sale of your apartment going? It sure seems to be priced very well for the location and condition.
@@wallywal6139 only 3 showings in 3 months so not great. We are underpriced for our neighborhood, but I think it will take months if not a year or two to sell.
I heard the opposite. Prices are coming down everywhere and I can’t imagine they have shot up in rural areas for different reasons.
@@traveltidbitsrusAny thoughts on just renting your place out?
The changing political environment in Europe is a big concern of mine. Are you folks leaving Europe after your NHR ends?
We are going to be leaving sooner. Not due to politics, but work. We are here on work visas, and contracts were not renewed, so we will be going back to the US. A video will be coming out soon.
@@traveltidbitsrus Sorry that you are leaving. I have enjoyed your frank opinions concerning Portugal. Unfortunately too many are blindly hyping the country
Word's out!.....its NOT that great.....keep on passing.....
Are you thinking about moving to Portugal? And if you are not what other options are you looking at?
After nearly three years in Portugal - the shine has worn off. A very traditional (not forward thinking/innovative) society, very low birth rate, young graduates leave for a better life abroad, not as clean as we hoped, issues with animal welfare, high level of strikes, even the private health service has major issues, bureaucracy - painfully slow, lack of direct flights from Lisbon to the places in Europe and worldwide we want to travel, AIMA!!, very low salaries for local people and consequently service is not good and it is no longer welcoming by local people. We decided it is not for us, we also contacted our accountant in Portugal and asked her what our tax liability would be post-NHR. Her answer was sobering to say the least. We are saddling up the donkey and moving on.
@@tinglestingles Thanks for the feedback.. Treatment of animals and Healthcare are two big concerns of mine
@@Pauln71 Some dogs tend to be let out during the day by owners - left to their own devices. There is some unsanitary results walking around the city! Watch where you step! Also, dogs on farms are not pets and can scare/attack passing walkers. I've seem some chained up in a poor state of health. Some look to be abandoned, living on the streets.
@@Pauln71 Healthcare - can be very hit and miss as to the service. Both public/private services can be great if you get the right doctor - able to speak English, waiting times can be unpredictable, and procedures vary depending on which doctor you see - I would not fully trust it. From my experience, being a foreigner on medical insurance, once in the system - there's a never ending round of appointments, tests, re-testing, more appointments and evaluations. I had to call a halt to the merry-go-round. In the end, I was having 3 medical appointments/physio session/x-ray or test every week. After a few weeks - I asked what is the purpose and no answer was received other than we want to check. It was mentally draining.
Losing the NHR took Portugal off the table for me. Which is really too bad. Wife and I visited Lisbon, Porto and the Algarve last year and loved it.
It's been a major factor for people from the US, as well as places like Australia, which has no tax treaty with Portugal.
@@traveltidbitsrus We're looking a France now as we've discovered that France does not tax US social security, pensions or 403B distributions. That's a giant check mark in that box.
@@basementstudio7574 Good luck! My husband is French and I lived there for 14 yrs...We have a way better quality of life here in Portugal! Taxes on everything is killer and life less affordable! Also, there's a growing unrest in France and we feel so safe and good here!!
@@tamaramadelin4831 As always, great info!
Joric, I have been your follower for a long time , well , you can time it before that video you put out talking about the Charles Schabb account and its benefits. Btw,😊 I did open an account. In my humble opinion, this was among the best video's you put out. Yes, I am a married , mid 60's and thought Portugal was the place for us to retire. Have done 4 recon trips the last 3 years , each trip with a minimum of 12 or 14 days, in various regions. Liked alot, especially Leiria and Beja area. Since the end of NHR , we did a consultation with a tax company in Portugal via Skype and came to the conclusion that our U.S. tax liability and the 26 % from Portugal would make our golden years less golden. To add salt to the open wound housing prices have gone up by 50% or more; that follows in the rental market as well. In spite of these " road blocks " the wife wanted to try but a quick financial explanation brought her back down to reality. I am originally from Brazil arrived in U. S. as a 10 year old , so the language is a non issue and always had a level headed approach to life, but the U. S. as we knew is gone and extremely expensive. Conclusion; our retirement is going to be elsewhere and to make it less disruptive in a place where the language is either Portuguese or Spanish, we are fluent in both.
Sorry for the rant, but , once again making personal life decisions based on the here and now and having bureaucrat elected persons with a short minded visions crush it , is to say the least so frustrating. I wish you lots of luck in selling your home. Portugal will be a place for tourism, nothing more. As you repeatedly stated the ultimate bottom line is: financial.
8:15 Why would you owe taxes both in Portugal and the US? Even if there weren't the tax treaty preventing double taxation based on US citizenship, the US IRS allows you to take a US tax credit for any foreign taxes paid. Granted, there is a tax year offset to getting refunded.
I would say for most of us, or at least people I have met here in Portugal, any tax credit from Portugal does not cover taxes still owed to Uncle Sam.
No one seems to mention the rising temperatures in southern European countries, just recently last summer there were days in southern Spain in the mid 40's, it's only going to get worse.
Valid point.
what bothers me, is the amount of people who don't feel any responsibility to pay into a system they greatly benefit from. i'm glad they likely won't be our neighbors, but feel bad for the next country they abuse by shifting their burden. nobody is perfect, & i do hope people change, but self-growth & being open to nuance/perspective just isn't a common thread lately around the world.
our plans reamain, as we put so many other factors ahead, then consider if/how we can easily afford to make it work. simple; if we can't be a net-positive, we won't live there, and that's why we're still stuck in the US (facing a possible loss of all our hard work, yet guilt-free).
In doing these vids, I have come across plenty of people who want the cheapest (less taxes, cost of living, etc.) option, versus maybe the best option. I think when everyone chips in, the city, state, country, all benefits. It does seem that more people who really want to move to Portugal, are still doing so, and those who wanted the tax deal, are planning a move elsewhere.
I guess it depends if people think it's fair to pay over 35% plus other taxes and fees, for little or no services.
@@tinglestingles ..."little or no services" - to be clear, do you mean what US citizens get for their taxes?
@@Krazie-Ivan I am referring to Portugal. I'm a UK citizen and have no axe to grind in the US.
@@tinglestingles ...ah, so you actually have healthcare & social programs. too bad bout Brexit, cause i could see a reasonable argument based around already paying into the EU.
If you keep chasing the best place to live based on economics, you will likely need to keep moving every few years. The real concern should be the eventual invasion of Europe and the USA by Russia and the Islamists. Another real concern for anyone retiring should be who will they be able to rely on in there old age. A neighbor in a foreign country? Their family in another country?
Excellent point!
You should have gotten more like as you are one of the few who is telling the truth.
Keep it up.
Thank You!
A disturbing trend is what is happening on a global scale with real estate. The governments of China, Russia as well as some middle eastern nations, through shell companies that they have set up, have been buying up real estate in the US and many European countries. The effect of this new form of warfare is to drive up the cost of living for the people in those countries basically destroying the economies from the inside out. Another disturbing fact is that the governments those countries affected are simply dong nothing about it.
Your wrong , this goverment it nothing difrent from the socialist. Don´t expect many changes ..