Why Portugal becomes the leader of the ranking every year, what are the advantages of living for retirees, how to get a residence permit in the country and when to apply for citizenship: Victor Esik, the head of the Portuguese office of Immigrant Invest, shares his personal experience.
Why retirees choose to live in Portugal
A favorable climate. Portugal is famous for its warm climate. The summer in the country is hot: the air temperature rises to +28 °C. The winter is mild: the average temperature is around +15 °C.
Portugal's climate is good for outdoor physical activity: retirees can walk along the oceans all year round, hike in the mountains and Nordic walking in the parks.
For the 15 years that I have linked my life with Portugal, I have never regretted my choice. The locals are responsive and friendly, always ready to help. Many people speak English, which makes it easier for immigrants to integrate into society.
the head of the Portuguese office of Immigrant Invest
A developed infrastructure. Portugal has a well-developed train and bus system. Locals love to ride trolleybuses. The country has good roads, it is easy to get to any city in Portugal and the European Union. Portugal is located next to the Atlantic Ocean, so the country has many sandy beaches, promenades and marinas. The cities have a lot of greenery, parks and recreation areas.
A low cost of living. If we compare Portugal with other European countries, such as Austria, then the prices for food and household goods in the state are one and a half to two times lower. For example, a three-course dinner for two will cost €30, and in Austria it will cost about €50.
About €2,700 per month is enough for two people to live comfortably in Portugal.
An affordable medicine. Citizens and residents of Portugal are treated free of charge in public hospitals. In private clinics, you can get an appointment faster, and paid insurance covers part of the costs or the full cost of treatment.
A good ecology. Portugal is in the top 30 countries with high levels of environment conditions, public health and the effectiveness of state policy in the field of ecology. The Environmental Performance Index is compiled by the Center for Environmental Policy and Law at Yale University.
Safety. Portugal is also one of the safest places in the world, ranking fourth in the Global Peace Index 2021. The crime rate in the country continues to fall: in 2020, the lowest number of offenses in the last 30 years was recorded.
Several options for obtaining a residence permit. Retirees can obtain a residence permit by family reunification and naturalization, as well as if they confirm a sufficient level of passive income or take part in an investment program.
How to get a residence permit in Portugal by investment
Wealthy retirees prefer to obtain a residence permit in Portugal under the investment program, the Golden Residence Permit Program.
To obtain a residence permit, retirees choose one of the eight investment options:
- a purchase of real estate worth at least €500,000;
- a purchase of real estate older than 30 years for renovation, worth at least €280,000;
- a transfer of capital to Portugal of at least €1,500,000;
- a purchase of shares in investment funds worth at least €500,000;
- investments in scientific projects from €500,000;
- investments in culture and art from €250,000;
- an opening of a business and creating five jobs with investments of at least €500,000;
- an opening of a company and creating 10 jobs, the amount of the minimum investment is not set.
The purchase of real estate is the most popular option among investors. The object is allowed to be sold after 5 years, which means that the investor will be able to return the money. If desired, real estate can be rented out for an additional income.
Property examples for purchase under the Portuguese Golden Residence Permit Program
Portuguese residents travel around the Schengen arearnwithout visas and can stay in any state of the region for up to 90 days in half a year. Together with the investor, members of his family can obtain a residence permit: a spouse, children under 26 years old and parents over 65 years old.
The investor and his family are entitled to apply for Portuguese citizenship after five years of holding a residence permit card. To obtain a passport, an applicant needs to provide the following documents:
- an identity document, such as a residence permit card;
- a birth certificate;
- a police clearance certificate;
- a certificate confirming knowledge of the Portuguese language;
- a completed citizenship application form.
The Portuguese passport gives its holder even more opportunities to travel: you can visit 187 countries without visas, including the USA, Canada, the UK and Australia.
Immigrant Invest is a licensed agent of the residence permit program in Portugal. If you want to move to Portugal or travel around the Schengen countries without visas, please contact investment program experts for advice.