Great comment. Do you feel you will stay once the NHR expires? When we lived there, it seemed like a 50/50 response from friends, of who plan on staying, and who plan on going elsewhere.
❤️Portugal, my home! I love to visit California, but I never want to return permanently! I have a home there and go when I can or want, but forever, no! It's too crowded, political and fast paced!! Home is a feeling...Portugal for me!
I have 7 yrs before I can retire I am starting the ground work now and Lisbon is number 1 .plan to visit in 2026 to spend 2 weeks to visit the neighborhood
I think you will love it. It's affordable (rents are high though), but everything else is reasonable and Lisbon has numerous cool neighborhoods to live in.
hi I am going to live there how come I can't get a straight answer on how much tax I will pay on my US pension?? I have contacted numerous firms...No responses. I am going to pay 35 percent here in LA I am willing to pay equivalent But the tax structure in Portugal now, states : 48 percent gradulated. there must be some writes offs....IDK. I would really like to hear some Americans in the same predicament. Thanks Jeff. PS. Thanks for your channel!!!
I would be liable to 22% tax on a UK state pension of £ 223 per week due to the revised tax law in Portugal. Not going now I don,t want to live on the breadline. £ 49.00 tax deduction. Criminal.
As a retired person in the United States who depends mainly on SS for income, I was getting ready to "pack my bags" and was working on my Portuguese language lessons when they scrapped the NHR tax regime. I haven't run all the numbers but it seems like the current tax regime is prohibitive -- 30 to 40 percent marginal rate??? -- for someone like myself. If I did move to Portugal I'd probably end up in Porto (if I could afford it) or Coimbra or Braga or someplace like that. Thanks for the video
The removal of NHR did change the game for many. I am wondering how many Americans currently in Portugal will leave after their NHR is up. Or, will they figure it out and stay?
What a coincidence, I just watch a video about expats talking about the cost of living between Sacramento and Coimbra. Maybe this could help: th-cam.com/video/8RaDUUeoE9I/w-d-xo.htmlsi=5zZ9d4FPlUjdq6II
You really will need to invest your time and money into a tax attorney who is familiar with americans and their income and tax system. It could be that your effective rate is comparable to what you would pay in the US. It all depends on your situation.
Great video and I love the more detailed information. Do you recommend using a service to help with some or all of the D7 process? Also, is it more affordable to purchase an apartment versus renting if moving to Lisbon?
We hired an attorney and it saved us numerous headaches. She is Portuguese and helped us to get past hurdles and obstacles along the way. She was able to keep the paperwork moving along and was able to make sure our appointments went as planned. Affordable? Depends on where you are thinking. Renting is probably the best way to go for a couple of reasons. 1. You may not like Portugal once you move, so having an option to leave after your rental contract is up gives you some flexibility. Buying, which we did, takes more time to buy, and a long time to sell. 2. You may move to Lisbon, but after a while prefer Porto, the Algarve, Madeira, an island in the Azores, or somewhere else in Portugal. By renting, you have flexibility to move more often then if you bought a place. Lisbon is expensive for both renting or buying. Hope this information helps.
Great vlog Joric. I totally agree with you regarding the D7 visa's attainability. However, the main hurdle is getting the required 12 months rental agreement. For me, sight unseen, there would be a big risk in trying to secure housing online. Thoughts?
Very valid point. I know of two couples who claim they moved to Portugal without visiting. I think that is a bit crazy, but they did it. You would have to spend 1-2 trips going to different cities, talking to locals, etc. Yes, the rental agreement is often as difficult as the immigration piece. I'm going to do a video in the next week discussing rentals. What landlords often ask for, and why it is so difficult to get a 1 year lease.
Looking at Portugal but now concerned with the taxes and timing of the actual date I'd have to start paying because Im selling my house and considering cashing in a ROTH prior to being deemed a tax resident. My understanding is that if Im a tax resident I'd have to pay Portugese taxes on the capital gains and anything I withdraw from the Roth. Taxes are not a complete deal breaker, but need to protect my shelter my funds. Leaving tomorrow for Lisbon for a couple of weeks to scout for an apartment, possibly Setubal.
Don't become a tax resident before you cash that out, capital gains are generally taxed at 28% unless it's real estate where potentially only 50% of the gain is taxed at 28%.
Hoping to make Portugal my home in 2025. How close were you to getting Citizenship / Permanent Residency? Time wise, I think you were close. Wondering if that was a consideration. Stinks if you had to leave right before you qualified. Thanks for this video Joric. 👍🏾
We could have applied this month to begin the citizenship process. So, we were really right there, but the work visa ended when the work contract did. We may be back there when we retire.
Is Portugal the best destination to retire?
Great video, thank you.
Thanks so much!
Joric, good to see you again. Thanks for your wonderful hospitality when I visited.
It's great to be seen! I hope you are well!
Too late, I already moved here. Retired came through D7 and am participating in the NHR program. I love it here. Living on Madeira.
Great comment. Do you feel you will stay once the NHR expires? When we lived there, it seemed like a 50/50 response from friends, of who plan on staying, and who plan on going elsewhere.
@ I’m not sure. I have learned to live for today. That’s what changes as one gets older.
@desertdweller8520 Yes indeed.
❤️Portugal, my home! I love to visit California, but I never want to return permanently! I have a home there and go when I can or want, but forever, no! It's too crowded, political and fast paced!! Home is a feeling...Portugal for me!
Oh, and the homelessness...Sad! FIRES, horrific! I can't even fathom a visit for some time! My 2 cents!!😁
As usual, great commentary!
I have 7 yrs before I can retire I am starting the ground work now and Lisbon is number 1 .plan to visit in 2026 to spend 2 weeks to visit the neighborhood
I think you will love it. It's affordable (rents are high though), but everything else is reasonable and Lisbon has numerous cool neighborhoods to live in.
hi I am going to live there how come I can't get a straight answer on how much tax I will pay on my US pension?? I have contacted numerous firms...No responses. I am going to pay 35 percent here in LA I am willing to pay equivalent But the tax structure in Portugal now, states : 48 percent gradulated. there must be some writes offs....IDK. I would really like to hear some Americans in the same predicament. Thanks Jeff. PS. Thanks for your channel!!!
I would be liable to 22% tax on a UK state pension of £ 223 per week due to the revised tax law in Portugal. Not going now I don,t want to live on the breadline. £ 49.00 tax deduction. Criminal.
I want to move to Portugal asap 🙏
Check out the D7 or D8 visa. Depending on where you live in might be faster than you think.
As a retired person in the United States who depends mainly on SS for income, I was getting ready to "pack my bags" and was working on my Portuguese language lessons when they scrapped the NHR tax regime. I haven't run all the numbers but it seems like the current tax regime is prohibitive -- 30 to 40 percent marginal rate??? -- for someone like myself. If I did move to Portugal I'd probably end up in Porto (if I could afford it) or Coimbra or Braga or someplace like that. Thanks for the video
38% tax rate stopped me from going there too😮💨
The removal of NHR did change the game for many. I am wondering how many Americans currently in Portugal will leave after their NHR is up. Or, will they figure it out and stay?
What a coincidence, I just watch a video about expats talking about the cost of living between Sacramento and Coimbra. Maybe this could help: th-cam.com/video/8RaDUUeoE9I/w-d-xo.htmlsi=5zZ9d4FPlUjdq6II
You really will need to invest your time and money into a tax attorney who is familiar with americans and their income and tax system. It could be that your effective rate is comparable to what you would pay in the US. It all depends on your situation.
@ Excellent comments
With 3k/month you will be good, with 4k/month you will be great
Very good insight and I think you are spot on.
Great video and I love the more detailed information. Do you recommend using a service to help with some or all of the D7 process? Also, is it more affordable to purchase an apartment versus renting if moving to Lisbon?
We hired an attorney and it saved us numerous headaches. She is Portuguese and helped us to get past hurdles and obstacles along the way. She was able to keep the paperwork moving along and was able to make sure our appointments went as planned. Affordable? Depends on where you are thinking. Renting is probably the best way to go for a couple of reasons. 1. You may not like Portugal once you move, so having an option to leave after your rental contract is up gives you some flexibility. Buying, which we did, takes more time to buy, and a long time to sell. 2. You may move to Lisbon, but after a while prefer Porto, the Algarve, Madeira, an island in the Azores, or somewhere else in Portugal. By renting, you have flexibility to move more often then if you bought a place. Lisbon is expensive for both renting or buying. Hope this information helps.
Great vlog Joric. I totally agree with you regarding the D7 visa's attainability. However, the main hurdle is getting the required 12 months rental agreement. For me, sight unseen, there would be a big risk in trying to secure housing online. Thoughts?
Very valid point. I know of two couples who claim they moved to Portugal without visiting. I think that is a bit crazy, but they did it. You would have to spend 1-2 trips going to different cities, talking to locals, etc. Yes, the rental agreement is often as difficult as the immigration piece. I'm going to do a video in the next week discussing rentals. What landlords often ask for, and why it is so difficult to get a 1 year lease.
Looking at Portugal but now concerned with the taxes and timing of the actual date I'd have to start paying because Im selling my house and considering cashing in a ROTH prior to being deemed a tax resident. My understanding is that if Im a tax resident I'd have to pay Portugese taxes on the capital gains and anything I withdraw from the Roth. Taxes are not a complete deal breaker, but need to protect my shelter my funds. Leaving tomorrow for Lisbon for a couple of weeks to scout for an apartment, possibly Setubal.
Great comment. When you are in Setubal, try to make your way a bit west to Sesimbra, as it is also a nice place to stay.
Low class people in Setubal, forget it, unless you don't go out much
Don't become a tax resident before you cash that out, capital gains are generally taxed at 28% unless it's real estate where potentially only 50% of the gain is taxed at 28%.
@@christobar Great information
Hoping to make Portugal my home in 2025. How close were you to getting Citizenship / Permanent Residency? Time wise, I think you were close. Wondering if that was a consideration. Stinks if you had to leave right before you qualified. Thanks for this video Joric. 👍🏾
We could have applied this month to begin the citizenship process. So, we were really right there, but the work visa ended when the work contract did. We may be back there when we retire.