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This family is living proof that you don't have to have to be worried and poor in retirement if you're not fortunate enough to have a million bucks in the bank. They have shared their lifestyle and budget a million times on this channel. It's a great option if one has the courage to take the leap. Thank you, Alan and family!
Olá! Nice to hear from you. We are all safe. We waited a week to get out and drive around. However the other day we drove around the outside of the island. We saw the smoke but not the fires. Mainly because driving a 1970 Bug into a fire area is just silly. But we will show you what we saw in the video on Saturday.
How do you manage your us investments from abroad when institutions these days require log in authentication via text? Also, how’s the strong euro affecting your budget
Olá! Thanks for watching and supporting our channel. Let's see that is really difficult to answer. In Funchal it would be 400k or 500k euros if all fixed up. If you can find one. As you go out lower 250 to 350k. A new one even more. Hope that helps.
Ola! We talked about that. While they are not a problem where we are..we have echosen not to hike or travel in the areas where they are. We feel it is more helpful to the people and teams that are working to get them under control. We will however travel to the levadas in the area when they are under control and everyone is safe. We will be able to show you the damage and the recovery of the plant material. Hope this helps. Have a wonderful day.
You are so lucky to have been born into such a lovely family. I feel like some Americans are buying too soon. I feel that one has to spend more time in a country in order to make sure that they love the place they're moving to. Thank you for sharing your life with us.
@@ItllBeFun Thanks guys. Hopefully, one day we also can enjoy the island the way you guys are enjoying. Enjoy as much as you can. Just remember, “Always leave it better than you found”.
If a couple earns say $36000 in social security income then they pay 37% Portuguese tax rate. After paying taxes they will only have about 22,000 for living expenses You guys need to start talking about that. Lower living cost there comes with a hefty tax pay. I heard most expats bail out from Portugal once first 10 year 10% tax rate for NHR is over.
Olá Fred, It's a graduated tax system. So while the taxes may be higher than the USA they may not be as bad as you think. It is best that each person work with a Portuguese tax professional. That way they can understand.
It really depends on the quality of life you are looking to create. Each of us factors and values things differently. It is so important to do your own research and find the perfect place for you.
You have to look at your total financial picture in order to determine if becoming a tax resident would work for you. I know for example that our taxes would be higher, and some purchases would be more expensive but we'd easily save 20k a year in health insurance/health care costs.
The $3100 is for your family right? So a single person can expect maybe $500 less would you think? It’s food, entertainment, and meds that would be different I think. I’m just trying to get an idea for myself. Thanks for sharing ❤😊
Olá! The 3100 includes 500 for both Alan and Leslie a month for travel. The numbers are for a couple using 800 for a one bedroom apartment. So adjust for the price of your apartment and then remove 30%. If you had a 800 euro rental. Then about 2100 would make a very nice life.
Can you post something about school, international as well as local. I have a 9 year old son, we are from India looking forward to Portugal. Also what about jobs in IT space here
Thank you for sharing all your info. What did the apartment cost you? Or can you provide a ballpark for the area you live in. It sounds perfect for me being a single person
Olá! A one bedroom in Funchal rents for about 1000€ to 1200€ a month these days. When you go outside of Funchal around the island you will find rentals about 800 or 900.
the cost of living has gone up everywhere .. there are few cheap places .. don't move to a place just because it is cheap .. that's the carrot being thrown around you tube to expats .. move because you want to move ..
3100euros is stretchy. Only 1200 euros to rent a house seek idealista to set prices correct. And only 60 euros in gasoline that is not realist especially with your car
Hello, wow amazing ya been there 3 years already, thank you for sharing ya experiences, time passes so fast, how much would it cost for health insurance if ya were citizens vs now , it was $500 then went to a $300 deductible, I assume it would go down but by how much, and are gonna stay the next 2 years to get citizenship
Olá jPuma We actually already have public health cover. Which is covered by the taxes you pay on your everyday purchases. So other than small co-pays you pay very little extra. We choose to keep private coverage. It helps keep you from waiting for appointments or treatments. Hope that helps. Come join our Patreon group www.patreon.com/itllbefun
Hi Guys! A very useful video that will be of great help, particularly to people who first thought of moving here a few years ago. The updated information you provided will help them modify their budget to determine if the cost is still within their means. Great info! Cheers!
Olá No you cannot Thanks for all of your support. We truly appreciate it. As for the car, we think you will enjoy yourself more if you could purchase one. However the island offers bus passes so you really can easily get around easily.
Did you get your health care insurance at age 65 or earlier? I have been told it is cheaper if you apply before age 65 and then the rates will not rise as fast as you age past age 65. Did your pre-existing heart condition get covered?
Not meaning to be too pedantic, but Alan is in Madeira where lower IVA rates apply compared to the mainland, and the Azores are even lower, and that applies to personal tax too.
@@ItllBeFun I've looked at about 10 properties (with Claudia) in the last 2 weeks, and I think only 1 was owned by a non-Portuguese. However, I'm not looking at high end properties, so maybe that makes a difference.
I live in Dubai and your living expenses were interesting to compare. Excluding accommodation rent, it is costing around €1000 a month less to live here, €1312 vs €2394. The rent for a 3bed townhouse is costing us €1458 per month, but that does include gym, pool, boating lake, sports pitches, and a water park, gate security in the cost. But we have different expenditures that probably make up a lot of the difference . There is no personal tax here and IVA is 5% so Portuguese tax is looking like an elephant in the room, but anyone moving to Portugal should consult a tax planning specialist as there are some efficient ways of legally investing and paying very little tax. But there is also the environmental quality. Madeira wins hands down with its lush sub-tropical vegetation and the very pleasant temperature range. Despite the tax, which we are happy to pay our share, we will still be moving to Madeira to retire to once our home is built and we like your choice of Santa Cruz as it gives great value for money compared to the over rated property hotspots on the island. I know you have had a poor experience of buying property in the past, but we concluded our purchase in less than 1 week after contacting the sellers agent, so experiences can vary.
Olá Russmoor, Thanks for sharing. Actually we are very happy with our real estate agent and company. Any issues we spoke to had to do with the sellers and their agents
Love reading your viewer' comments. Some based on gratitude for what you do and others hellbent on proving you wrong. Lol...As soon as I get this 68yr old hip replaced we're on our way to Madeira for a extended stay. We'd appreciate any contacts you might have for a 3 month stay and car rental.
We got you covered. Our trusted vendor list has our Madeira car rental company. They are wonderful to work with and local. As you know we work hard to support local companies. As for the three month rental. Send us an email. www.itllbefunretirement.com And thank you for reading and noticing the comments. They can be colorful and everyone is allowed to have an opinion. Have a wonderful day!
@@ItllBeFun Thanks guys we'll but sure to contact your recommended car rental company! What if anything do you have in terms of a 3 mo. vacation rental ?
Olá! How sweet you are. He had 6 inches cut off last month. It is sad that you don't like it. But there are plenty of men with short hair you can like instead.
Thank you for this video. It gives one an idea of the basic cost of living in Madeira. It is encouraging for others interested in Madeira for a place of residency or an extended stay. Like your other videos have pointed out, everyone's situation and expectations are different. Nonetheless, this video gives a great framework for individuals to build on, along with additional research for their specific situation.
Olá Chris, What a perfect way to sum it all up. Each of us can build a wonderful life, with a little planning and patience. Thank you for your support. Have a wonderful day!
