Low cost of acquiring a residence permit
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The first great advantage of living in Portugal is how inexpensive it is to get a residence permit in the country.
As you probably know there are many ways to become a resident in Portugal, may it be with the D7 visa for passive income earners, or the D2 visa if you want to start a business, or simply by finding a job, Portugal is really, really flexible when it comes to allowing you to stay in the country.
First of all most European countries do not even have a residence permit category for retirees or passive income earners. Let’s say if you want to retire in Germany or Croatia, there is no specific residence permit category for you to do so. But in Portugal that will certainly not be a problem, as you can use the D7 visa as a gateway to reside in Portugal as a retiree.
Citizenship After 5 years
One of the key advantages of Portugal is how fast you can get Portuguese citizenship, and thus, become an EU citizen, compared to the majority of other EU nations.
In Portugal you need to reside constantly in the country for just 5 years before you can apply for citizenship.
I believe this is a huge advantage especially if your ultimate goal is not just living in Europe but also becoming an EU citizen.
One can definitely argue that 5 years is a long time, but the truth is: in most other countries you will need to live considerably more time before you can apply for citizenship.
If we check the nationality law of other EU countries, we can confirm that. Let’s take the example of Germany. In normal circumstances, you need to live in Germany 8 years before you can apply.
In Spain, just next to Portugal, you need to live 10 years in normal circumstances before you can apply for citizenship. There are exceptions that may allow you to apply for citizenship in Spain in just 2 years, but for most foreigners in the country, you need to do the 10 years.
In Austria or in Latvia for example, you will need 10 years to apply before you can apply for citizenship in most cases.
Potentially the best climate in Europe
One of the most obvious advantages of living in Portugal is the climate. The coast of Portugal especially has what is likely to be the best climate of Europe, let’s understand why.
Easy Access to the UK and North America - DONE
An important advantage of living in Portugal is how well it is connected to other countries in North and South America, as well as in Europe.
If you live in the US, especially in the East Coast, as well as in Canada, there are direct flights to Portugal. The same applies to Brazil and Argentina.
Relatively low cost of living
The next advantage is perhaps the most relevant one regarding Portugal, and it is the relatively low cost of living of the country.
A good part of those interested in moving to Portugal are not actually looking to find a job in Portugal. They are usually digital nomads, retirees and investors. Apart from all the other advantages previously mentioned, Portugal manages to attract people with a single and yet effective proposition: you will spend less here than in the country where you are coming from.
Safety
Now let’s talk about Safety, which is the next advantage of living in Portugal. People who are not from Europe sometimes tend to imagine that the whole continent has similar levels of safety, but that is not really the case. Some European cities are specifically problematic when it comes to public safety, like Malmo in Sweden or Marseille in France.
In Portugal however, things are different.
Portugal is actually one of the safest countries not only in Europe, but in the world.
Wealth protection (euro safety)
The next advantage of living in Portugal is that you will be able to protect your wealth better in Portugal than in a number of countries. If you are from the US, UK or somewhere in the EU it will not really make any significant difference, but if you are from some more economically volatile country, this is certainly going to keep your wealth safe.
Taxes for Expats
The last advantage of Portugal is its tax system for expats. This only applies for some kinds of expats, as the normal tax rates in Portugal are pretty high and comparable to other high tax countries in Europe like Germany or Denmark.
But, if you have never lived in Portugal you can benefit from the non habitual residence program. For a period of 10 years you can have some tax exemptions for some types of income, and some tax discounts for other types of income.
17 сен 2022
