Move to Portugal in 2024: Is it Still a GOOD IDEA?
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Күн бұрынPortugal 2024: Should you (still Consider to) Move There?
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In recent years, Portugal has emerged as a shining star among expat destinations, drawing individuals from all over the world. What made this European gem particularly enticing was its D7 visa program, known for its relatively low financial requirements for non-EU citizens, making it easier for them to call Portugal home.
So how is the situation in Portugal in 2024? I will now list what aspects that have changed in Portugal, and the ones that haven’t changed so it can hopefully help you to determine whether the country is still a good option for your needs.
00:00 Intro
01:05 Cost of living in Portugal
A mere decade ago, Portugal was celebrated for being an incredibly affordable country, outshining its European counterparts in terms of cost of living. Back then, it stood as an economic haven, considerably cheaper than the likes of Italy, France, and even Spain.
So if you are moving to Portugal to save money, you should really reconsider your choices, unless you are not going to pay for rent or buy a property. Let’s say if you can live at a friend's place or in your car most of the time, you can still save money by living in Portugal.
03:20 The end of the NHR program
Portugal's Non-Habitual Residence (NHR) program has long been a magnet for individuals seeking tax advantages in Europe. This initiative, introduced a few years ago, granted substantial tax breaks to retirees and digital nomads, making Portugal a standout choice for those wanting to optimize their financial situation. However, the landscape has evolved since then.
04:30 The sort-of end of the Golden Visa program
The Golden Visa program in Portugal once stood as one of the most coveted in Europe, acclaimed for its accessibility. But now things have changed.
06:23 How to Get Portuguese Citizenship
Amidst the changes in various aspects of Portugal's immigration and residency programs, one aspect that has remained consistent is the pathway to Portuguese citizenship. You can still apply for Portuguese citizenship after residing in the country for just six years. This relatively short timeframe, compared to many other nations, continues to make Portugal an attractive option for those seeking to become full-fledged Portuguese citizens. Additionally, Portugal embraces the concept of dual citizenship, allowing individuals to hold Portuguese citizenship alongside their original nationality, provided their country of origin permits dual citizenship as well. This policy is a testament to Portugal's openness and flexibility in welcoming individuals from around the world into its diverse and culturally rich community.
07:23 For whom is Portugal still a good idea?
Retirees
Portugal continues to shine as an enticing choice for retirees, catering to both European Union residents and those from outside the EU, especially those who can leverage the D7 visa program.
Digital nomads
In 2024, Portugal may not be the ideal destination for digital nomads due to several factors.
People looking for a second citizenship and EU passport
Portugal continues to shine as an attractive option in 2024 for individuals seeking a second citizenship and the coveted European Union passport.
Alternatives to Portugal in 2024
In 2024, digital nomads and those seeking alternative options to Portugal may find compelling choices elsewhere.
@traveleconomics 9 ай бұрын
What do you think about the situation in Portugal for expats currently? Book a consultation call: calendly.com/traveleconomics/60min Contact me: checkinprice.com/contact/ Check our other videos: kzfaq.info/love/INdDQXISgr7KtvmhWJqOBAvideo
@michelinevendette2284 7 ай бұрын
pour quitter le canada et s'expatrier je dois coupé les liens avec le pays et le règlement fiscale pour la non résidence canadienne implique que je leur rende mon permis de conduire . Pourtant je vois toujours les expats conduire des autos , dois-je repasser un cours de conduite pour chaque pays ?? sinon comment fais t'on ??
@gnthr7992 9 ай бұрын
The Portugal Housing Bubble is going to pop big time !!!
@tomasmoura8387 9 ай бұрын
Expats rent, don't buy
@szabolcstrucz2220 9 ай бұрын
immigrants mate first of all and eventually they will buy @@tomasmoura8387
@mariapierce2707 9 ай бұрын
@@tomasmoura8387I'm renting at present.
@tibcordeiro 8 ай бұрын
Expats have been buying up property in southern Portugal. What are you talking about
@nihilistarchitect 7 ай бұрын
I have been hearing this for over 5 years…at least.
@luisfilipe534 9 ай бұрын
Real estate speculation by foreigners is making impossible for locals to buy or rent a house
@Imhim247 9 ай бұрын
I hope you do more updates video like this please
@traveleconomics 9 ай бұрын
thank you, will try to get those videos up
@Imhim247 9 ай бұрын
@@traveleconomics Thanks and you're welcome. I notice in Europe update on certain things. We gotta have update on Croatia, Serbia, etc
@JasonJFlippingLife 9 ай бұрын
Bought a place in Portimao this spring. Hopefully will be there part time while I transition over the next few years.
@thetennisjournal 9 ай бұрын
I have been trying to move to Europe from the USA. I first came to Lisbon on a short trip and i fell in love i came back and spent around 4 months living near Lisbon and exploring Portugal to get some on the ground intel. Honestly staying there I am seriously reconsidering moving to Portugal. The cost of living in Portugal is getting really expensive because the cost of renting or buying a property is very high. It could be possible to find good deals in places no one would think about like villages/ 2nd tier cities etc. However Lisbon and Porto arent cheap and even if you have money finding a place can be very competitive. To me it seems much of Portugal is in the middle of a housing bubble/crisis. Also from my experience in Lisbon even if you rent far outside of Lisbon rental cost are high and competitive. Places like Amadora outside of Lisbon look really bad even still rental cost there are pretty expensive and Amadora like much of Portugal is nothing like central Lisbon and seems to be in really bad shape. Working in Portugal also probably wouldnt be a great idea if you needed to because salaries there are not very high and many portuguese people complain about how low the minumum salaries are and that it doesnt even afford them with basic living expenses around Lisbon. I also expected to get things like European quality public tranpsort and although this is true in Lisbon as soon as you leave Lisbon the public transport can be non existent and you will probably need a car if you live in Portugal. However, the biggest reason why I am having second thoughts is because I found it very hard to make friends in Portugal. I have traveled and lived all over the world I spent some time living in Chiang Mai, Mexico, and spent several months in different European cities, and I never had a harder time meeting locals and starting to understand the culture there. It seemed to me that portugese people were very hard to build relationships with and often in their own friend groups and not necessarily open or inviting to foreigners. Dont get me wrong they were very nice, polite and pleasant however often I felt i couldnt build the connections I would have liked there. I Even found other parts of Europe easier to make local friends. I am not sure what my next plans will be and im not writing off Portugal. However I am starting to think theres better options in Europe.
@traveleconomics 9 ай бұрын
Thank you for your input, pretty spot on. Europe is definitely a harder place to make (local)friends when compared to Latin America and Asia.
@thetennisjournal 9 ай бұрын
@@traveleconomics yes certainly! i actually found locals in other parts of europe more inviting. however i think the economic situation could make the portugese less happy about meeting foreigners because at this point theres so many.
@user-pn8dq6vt4s 9 ай бұрын
Despite being superficially nice, Portuguese are mostly very poor, and therefore somewhat desperate and frustrated with life. Human nature being what it is, people in that situation will have a hard time being friends with others that are in a much better position (as expats typically are), and on top of that having a different culture.
@ironfistarrival 9 ай бұрын
For sure your correct .. on the other hand Portugal government acts like a Caribbean Pirates and pillaging immigrants who bought properties in there by double taxation ,even taxing on your profit after selling your property , and now they don’t need any more of immigrants money they stop offering those small short term Taxation benefit... And all these Exodus to Portugal made the cost of buying properties go higher and higher..
@teddydavis2339 9 ай бұрын
Good observation. The Portuguese are very closed-minded when it comes to befriending foreigners. And if you are a person of color, even more so. Honestly, when reality sets in, most Americans will not stay. Life is very challenging. Being somewhere on vacation is not the same as living there. Bureaucracy is a major problem in Portugal. Good luck with finding the right place.
@nygardenguru 9 ай бұрын
Nice synopsis categorizing different tiers. From Portuguese standpoint putting the squeeze on Digital nomads will,ease rent prices for local the Portuguese.
@periscope7731 9 ай бұрын
Yeah🎉
@user-xj7qp3po2t 9 ай бұрын
Still open to checking Portugal out and would be open to Spain as well.
@virtualworldsbyloff 9 ай бұрын
There are many Digital Nomads who are from the EU, they couldn't care less about Visas, 27 Countries... You simply forgot that... Is simple, with 2000€/Month you can manage to get by, with 3000/M you will have a good life, PERIOD
@traveleconomics 9 ай бұрын
The NHR was a deal that EU citizens were also benefiting from. Without the NHR, Portugal is much less appealing for digital nomads and retirees from the EU as well. The NHR was available for everyone (except Portuguese citizens and previous residents of Portugal).
@virtualworldsbyloff 9 ай бұрын
@@traveleconomics My comment means - Yes NHR brings changes, but not enough to see a noticeable downgrade on people Moving Into PT - Nomad means - On the Move, why would one want Portuguese Citizenship if it is already an EU member and is on the move ? Why would a French or Dutch or Polish Nomad want the Portuguese Citizenship if is gonna be here for a few years and is already allowed to stay here forever and open any business even without Portuguese Citizenship ? Freedom of Goods and Services and residency within the 28
@hunterpdx7061 9 ай бұрын
Thanks for the information. I'm retiring in the next 5-10 years and have been planning vacations to check out various regions in which I might retire. I was planning on visiting Portugal next year but, with this huge change, I'll be scratching it off my list. I understand Portugal's reasons for making this change but, ultimately, whether or not I agree or disagree is entirely irrelevant to the situation. It is what it is, and individuals will need to examine their circumstances and adjust plans as needed.
@traveleconomics 9 ай бұрын
Yes, it is all about adapting at the end of the day.
@AdelaideGuedes-zg4ff 3 ай бұрын
Adapting to corruption and EU bullies, coming into your land without permission, cutting your trees because the EU has said so! And yes I am Portuguese. The Camaras are full of conflicts of interest and the Algrab has spread all over. @@traveleconomics
@bark2931 9 ай бұрын
Moving overseas is a fantasy for me. Reality with travel back and forth (plus aging parents) kills this idea. Vacation will have to remain the way
@traveleconomics 9 ай бұрын
This is the most viable option for a lot of people, if not most.
@thurianknight 9 ай бұрын
The expected cancellation of the NHR in 2024 has taken Portugal off my list of retirement location options. Now we're looking at Spain, Italy and Greece.
@traveleconomics 9 ай бұрын
Totally understandable. Greece has the best deal in terms of pension tax (7%) but, as a country, I'd probably choose Spain.
@pures1n 9 ай бұрын
@@traveleconomics What about non pension tax? Capital gains, Foreign earned income, etc? Does Spain, Italy or Greece offer any incentive? Honestly Portugal taking away NHR is actually going to kill real estate prices, and the economy completely. The country literally has nothing to offer if you compare it to its neighbors without NHR.
@paulocorreia7942 9 ай бұрын
Good, because we had enought.
@pures1n 9 ай бұрын
@@paulocorreia7942 You say that now, after foreign income has filled your pockets. Watch how fast it dries up. ;)
@traveleconomics 9 ай бұрын
@@pures1n All PT, ES, IT and GR are pretty bad in regards to foreign earned income. I'd say that Spain is the least bad option. For capital gains and foreign earned income I'd look at Bulgaria, Albania, Montenegro, Bosnia.
@jacquibrownrealestate2105 5 ай бұрын
My husband and I have seriously been considering Portugal as a place to retire to within the next 12 months from Australia. We were aware of most of the information in the video and when combing through real estate sites it appears that real estate is still relatively less expensive than the east coast of Australia. I would be interested in information on Spain as well.
@traveleconomics 5 ай бұрын
Definitely cheaper than Australia. Building materials and quality are also much lower. Spain is cheaper than Portugal. You have to worry about the okupas though.
@TheGKoenig 9 ай бұрын
Everyone should be eligible to pay 20% taxes when living in PT, not only foreigners. It doesn't make sense that only foreigners pay lower taxes.
@traveleconomics 9 ай бұрын
Exactly. An acceptable idea would be taxing everyone at 20%, not pushing foreigners to the draconian rates the Portuguese government imposes to its population. The exodus of Portuguese from Portugal will continue, and now even less foreign money will be invested in the country.
@TheMountainBeyondTheWoods Ай бұрын
I've always said that the problem is not that some foreigners were paying 20% but that the Portuguese were paying too much. The move should be to lower taxes for the Portuguese, not increase them for foreigners.
@erickarnell 9 ай бұрын
You can apply for citizenship or permanent residency after only five years of residency in Portugal.
@traveleconomics 9 ай бұрын
Yes the official time required stated as per the citizenship law is "5 years of legally residing in the country". But considering the bureaucracy involved to get the first residence permit, I'd say 6 years because it is very difficult to get it with 5. On top of that, once your application is made, you have to account for 1-2 years to actually receive the citizenship. So 5 is the time requirement, but to actually receive it, one is looking at 6-7 years (from cases of people I know through naturalization and without being married to a PT citizen).
@thevibrancyreboot3835 5 ай бұрын
I'm questioning your recommendation to lean heavily on Portugal as no longer ideal for ex-pats based on the rise of the cost of housing in Lisbon. As I understand it, there are other areas of Portugal where the cost of housing is still relatively reasonable. Such areas are not close to Lisbon. So, would you still be dismissive of a choice to relocate to Portugal if someone was planning to reside far from Lisbon, in a less popular area?
@traveleconomics 5 ай бұрын
All cities in Portugal are extremely expensive considering Portuguese income. Sure, if you ate coming from New York or Switzerland it is still affordable. Everything is relative. But I am pretty sure that anyone can state that there are no bargains left in Portugal unless you want to live in a very small village or in a rural area.
@pedrosoaresmendes 9 ай бұрын
The program its unfair for us, portugueses. We dont need people that only come because of the advantages that have in taxes over the locals. Make things more fair.
@traveleconomics 9 ай бұрын
I agree that it is unfair for locals. Portuguese taxes on Portuguese citizens are too high and not effective. That is why Portuguese people keep leaving. The government should lower taxes on the locals instead of raising them on foreigners. The bureaucratic machine of Portugal and the incompetence of the government is putting Portugal on a very dangerous path for the years ahead - especially for the Portuguese people, as expats can leave and/or not come at all.
@MrDamon888 3 ай бұрын
That is a problem of your government to solve. It's not a fault of immigrants who want to improve their lifestyle. and who by the way bring quite a bit of money into Portugal.
@TheMountainBeyondTheWoods Ай бұрын
I'm Portuguese and I look at it differently. I know the optics of it look very unfair, after all, why are the Portuguese paying higher taxes than foreigners, but there are two points that people seem to miss, the first is that the problem is not that foreigners pay less, but that the Portuguese pay too much. We should be talking about lowering taxes for the Portuguese, not increasing them for foreigners, second, that program was designed to attract people that have higher salaries and to bring more money into the country. Despite the lower tax rate the people that took advantage of that program were still paying more into the system overall than the average Portuguese simply because of their higher salaries/retirement. The fact is that Portugal doesn't not have a strong economy compared to other countries such as the US and needs to incentivize people with money to come to the country.
@michellehyde2808 8 ай бұрын
Thank you for the video. My dream has always been to live in Portugal, but with these updates I'm thinking more and more to go somewhere else. Now I'm looking into Malta's digital nomad visa since it seems much easier to apply for. The downside is that it doesn't lead to citizenship, and I would like to stay in Europe long-term. Thanks for mentioning Albania, I will look into that as well!
@traveleconomics 8 ай бұрын
You are welcome. Maltese citizenship is also among the easiest ones, but living in Malta is not for everyone, as the country is pretty small and you will need to fly to go anywhere.
@davidmanix3592 9 ай бұрын
Does anyone who lives in Portugal currently know if a US citizen can live in cities such as Évora on Social Security income of 1500 dollars a month. Would it be squeezing Euros to be able to pay rent, utilities, transportation (no car if possible), food, and other sundry things?
@traveleconomics 9 ай бұрын
if you live alone and get a good rent it is doable.
@davidmanix3592 9 ай бұрын
@@traveleconomics Thank you for your prompt reply. I am trying to gather information about Évora to determine if it MAY have lower living costs as concerning gas and electricity (I have heard that gas that electricity is very expensive.). I have been interested In Évora due the climate being warmer and thinking that I would not have to spend so much in heating. I live in Colombia just 1 1/2 hours from Cali. It is hot, but not as bad as central Florida...and that is hot and humid. I do not use air conditioning either - just fans. I am also concerned about public transportation as I would not be able to afford an automobile...maybe scooter or motorcycle. Here in the mid size city where I live, I am very mobile on my bicycle in spite of the very reckless automobile drivers here. Another reason I am interested in South Central or South Eastern Portugal is the perceived lack of street crime and extortion...but mostly street crime. You have to remain constantly vigilant when leaving an ATM, and you should not take out your cellphone while walking in the street. If and when I get the money for a consultation with you, can you address these concerns?
@traveleconomics 9 ай бұрын
@@davidmanix3592 Hello. We can definitely discuss all of these concerns. Having lived in both South America and traveled extensively in Portugal, I believe your concerns are actually pretty valid. In Evora I'd worry more about the excessive heat in summer than with the excessive cold in winter. I can definitely tell you that the weather overall is better in Colombia (Cali or Medellin) than in most of mainland Portugal. Transport wise I'd definitely prefer Portugal (even or especially without a car). Send me an email (or book a call) if you want to discuss it further.
@Jess-rj3qd 9 ай бұрын
It's my understanding that the 48% tax rate in PT is progressive, meaning 48% is the final tier in remaining income to be taxed at that rate. A large portion of your income is FIRST taxed at lower rates before the 48% kicks in. Do I have that right? Maybe someone else here can explain this better.🤣
@traveleconomics 9 ай бұрын
Yes, that's correct. But, the highest bracket (48%) is relatively low (at 80k euro). The one bracket below it is 45% at for any earnings above 36k per year. So if you have a good remote job in America paying let's say 120k a year, around 70% of it will be taxed at 45% or more. With the NHR, the maximum for a remote job would be 20%, even if you made 1 million per day.
@pawshands9706 9 ай бұрын
I was hoping Portugal would be it in Europe, but rhe costnof livinf continues to soar. I at a point where i am running out of places in the country.
@traveleconomics 9 ай бұрын
Yeah, I can totally understand. Some other countries are still cheaper though.
@oliversissonphone6143 8 ай бұрын
The coast in Montenegro is absolutely overrun with tourists in summer.
@300rivers4 9 ай бұрын
I may be wrong here, but unless you have a Golden Visa, in order to become a citizen you MUST pass a language test as part of the process. That's a monumental task. The second thing I wanted to mention is that those who have or will be getting in on the tail end of the NHR will be paying roughly 50% of their "income" in taxes at the end of those 10 years. Ouch. So if for instance, you got an NHR Visa at the age of 55 or 65, you have to make a very serious decision after those ten years expire, and at that age who wants to pick up and move to another country, moreover, how will the other international programs change in that amount of time? Good thing the D7 is still available... For now.
@traveleconomics 9 ай бұрын
Yes, the language test is necessary. But it is at A2 level (upper basic level), so it is really easy to pass if you live there for 5 years. Regarding taxes, the type of income matters quite much here, but if you have an active work and earn well, it is really a bad deal tax wise .
@300rivers4 9 ай бұрын
@@traveleconomics Thanks for the clarification. So the D7 and a retiree can still fair well for now? Love your channel and we are subscribers.
@traveleconomics 9 ай бұрын
@@300rivers4 Yeah as of today the D7 as a retiree is still a good deal in terms of getting a residence in the EU if you are a non-EU retiree. Tax wise, as of today, still ok. One has to keep an eye on though, as changes are on the horizon. Thanks for watching!
@scottsorenson1859 9 ай бұрын
A2 language proficiency (very basic) is required for Golden Visa as well. Thought the GV, to the extent it still exists, is becoming much less attractive for most people.
@traveleconomics 9 ай бұрын
@@scottsorenson1859 yes, not to get the golden visa, but to get citizenship everybody needs A2 even if your residency was on a GV.
@tavarciare 9 ай бұрын
Well this just knocked the wind out of my sails i was all excited about moving here but now i have to go somewhere else? Any ideas? I'm looking for a low cost of living in preferably a Latin or Asian country
@jerryharanczyk 7 ай бұрын
Makes two of us , from what i hear Latin , Asian, can suck as well, i know, tough situation but could it be that the answer is closer to us then we know it ?
@TheMountainBeyondTheWoods Ай бұрын
I don't get this mentality, so that's the only thing that matters to you when choosing a place to stay? Because Portugal, latin America and Asia are all very different from each other. Do you not care about how well you would connect to the local people and how you would adapt to the culture and the country? Is saving some money the only thing that matters to you? If so then you will experience a lot of hardship one day when you actually move.
@Zeequencha 9 ай бұрын
Viewers need to know that when you apply for citizenship, it is likely to take at least 2 years to get the passport due to a massive backlog.
@traveleconomics 9 ай бұрын
Yes, around 2 years once the applicant has all the requirements and makes the application.
@Muhayyo666 9 ай бұрын
But still they’ll have the PR which is still good
@birdynumnum3473 9 ай бұрын
Very informative and well researched. However, the person speaking talks very fast and I had to back up the video several times to understand what was being said.
@traveleconomics 9 ай бұрын
Thanks for the tips!
@maryr7593 9 ай бұрын
You might be able to slow down the rate of speech to suit your needs. It's in the settings. Also you can read the transcript as long as the computer'AI system could pick up the words he was saying.
@gerardclement3095 9 ай бұрын
Thanks for the update. Am I missing something? Trying to understand the income tax impact this will have on a retiree. For Canadian citizens there is a tax treaty between Portugal and Canada (Government of Canada website: Taxes on Pensions and Benefits for those outside Canada). My understanding that any pensions (Old age security, Canada Pension Plan or other employers pensions) are taxed in Canada at 15%, my understanding is that it cannot be taxed again in Portugal. For dividends or interest earned in Canada, Canada will deduct 15% and again they should not be taxed again in Portugal. Also, a non resident can deduct an amount of $12,000 cad from its pensions before the 15% is deducted by Canada (NR5 Form). Based on the above, if the intent is to simply retire without working and if my understanding is correct, I don't see the income taxation impact this change will have on people who simple retires in Portugal, if these amount are not taxed again in Portugal for the difference between the tax rate in Canada (Ex: 15%) versus Portugal (Ex: 48%). But as you said, cost of living is going up significantly. Keep up the good work.
@traveleconomics 9 ай бұрын
Thank you. Well I believe most of your assumptions right, and I am not even going to try to correct you as every tax treaty between two countries is full of specs. But, as a rule of thumb, usually what happens is that you pay tax to the maximum bracket between the two countries. So in Portugal, as of today, foreign pensions are taxed at 10% (using the NHR). So if you pay 15% in Canada you will not have to pay anything else in Portugal. But, if tax on foreign pensions would jump to 20% on pensions tomorrow, usually what happens is that you would pay 15% in Canada and the remaining 5% extra in Portugal(the difference between the 20% (PT) and 15% (CA)). Moreover, you would have to see if you would still be a resident of Canada or not for taxes purposes, so you may or may not have to pay the 15% in Canada depending on your residency status(even if you keep CA citizenship without being a tax resident) and the current tax laws of Canada.
@gerardclement3095 9 ай бұрын
Thanks for your response. As stated in your response, the sticky point is when the income tax percentage is higher in Portugal versus the one in the country where that amount is earned and taxed. I never found an official Portuguese website where that is being explained. Any help from yourself or the readers is more than welcome.
@MrDamon888 3 ай бұрын
You will pay 15% in Canada, and (48 minus 15) 33% in Portugal, for total of 48%
@Solrac-Siul 9 ай бұрын
The EU is already looking into systems similar to the NHR presently available in Spain, Cyprus, Italy and Bulgaria and in the not so distant future those will end also. The NHR was just on top of the list since was providing or tied with a higher influx when it come to EU citizen pathway.
@WhyYouTrippin 9 ай бұрын
Portugal was on the top of my list... but if they cancel NHR in 2024 I'm gonna look for another option.
@traveleconomics 9 ай бұрын
yeah, the NHR was a huge hit on top of everything else.
@tomasmoura8387 9 ай бұрын
If you come to Portugal you should come for the full experience! A 17K gross salary and no NHR :)
@ritaswider3132 9 ай бұрын
Portugal is not just Lisbon, a lot of other cities and also Madeira and Azores, cost of living is still very good.
@tomasmoura8387 9 ай бұрын
@@ritaswider3132 you are joking yes? Almost the same anywhere now
@enghhb 9 ай бұрын
🤣@@tomasmoura8387
@ironfistarrival 9 ай бұрын
Hi , so the Retiree are not going to be Taxed if the live there one day ? Thanks .
@traveleconomics 9 ай бұрын
As of today, foreign pensions are taxed at 10%. It's hard to say exactly what will be decided from now on, but it is unlikely that it will be tax free.
@belltowerringer 9 ай бұрын
As far as possible housing market bubble in Portugal: Has anyone actually read any articles indicating this? I’ve been saying the same about CA, USA but I’ve been wrong several years now and now I have to accept that I was wrong all this time and I missed the boat… Obviously it’s always “a great time to buy” if you ask realtors. Have Portuguese banks, the government or any other financial institutions indicated of a possible real estate bubble bursting in Portugal? Realtors do not need to reply.
@traveleconomics 9 ай бұрын
The situation in Portugal is very different. In California and the US wealth is built locally. Portugal's real estate boom is ONLY because of how much expats the government managed to attract. If you compare average wages in Lisbon and in SF with the price of dwellings in both places you will see how bubbled Lisbon is.
@belltowerringer 9 ай бұрын
@@traveleconomicswhat do you think is going to happen? Is the bubble going to burst or is the foreign investment displacing native population and the prices will plateau?
@traveleconomics 9 ай бұрын
@@belltowerringer I think the prices will go down, but how fast and how much, no idea.
@pedrapioan4201 9 ай бұрын
Well there is no doubt that property prices in the UK are falling, currently the market is very quiet hardly any to no viewings. If there should be a price crash that would probably put an end to my property owning immigrant dreams in Portugal D7 or no D7 Visa
@karinaoliveira3988 9 ай бұрын
I wanted to buy a property in Lagos for AL but the city will not give any AL licenses. I have been following the real estatE market real and prices have dropped $20k easy on some apartaments.
@lenorawilson2326 9 ай бұрын
What about Mexico as a cost of living, surly it much more cost effective than Portugal.
@traveleconomics 9 ай бұрын
It is certainly cheaper. Depends how much public safety is a priority. But I cannot say that Portugal is an easy choice compared to Mexico. It will come down to one's personal aspirations.
@willweiss3205 9 ай бұрын
Just a few things to clarify. First 10 years ago everything was very different all over the world. Second the NHR is supposed to end by the end off 2024. Any applicants before will be grandfathered in. And this will still be up for debate in the parliament how to imply. And as you stated if you retire the HNR does not matter. But for all the future Crypto millionaires PT has NO capital gains taxes on crypto if you hold it for a year before converting into dirty fiat money. Also any trades within Crypto are NOT taxable. FYI Spain has a wealth tax on top of capital gains. So If you are an investor this might be a bad choice.
@traveleconomics 9 ай бұрын
Yes, 10 years ago the world was a different place, but Portugal was one of the places that suffered the most with the changes, especially for expats. Spain for example, had much less changes in the past 10 years, as its financial bubble had already popped quite severely after 2008. As I mentioned in the video the NHR end is just in its beginning and will likely to affect people just from 2024 or even 2025. It has been on a "losing streak" for a few years however, since more and more restrictions have been added to types of income, and tax rates applied to them (even within the NHR let alone the normal PT tax system).
@willweiss3205 9 ай бұрын
As of property prices yes but, In terms of taxation, income from activities considered to be of high added value in Portugal is subject to a rate of 20%, which seems more beneficial than the 24% rate for taxable income up to €600,000 and the 45% rate for taxable income above €600,000 applicable in Spain.@@traveleconomics
@veneziablau 7 ай бұрын
Coming from the U.S. it's important to consider a few other factors not mentioned here. If you're from a major city like Los Angeles, San Fran, Miami, NYC or Boston, then you will still find Lisbon to be a very cost friendly solution. Also, the safety. Gun violence is through the roof in the U.S. and simply not a factor anywhere in Portugal. Public transportation is also excellent by U.S. standards so you can easily forego a car and even if you needed to rent one, it's still a third to half the cost of renting a car in the U.S.
@ericbpreston 9 ай бұрын
I’m nearing getting my SEF appointment…. If they cancel NHR before I get it I’ve wasted to much money on my golden visa. Was planning on moving there, but I wouldn’t if I can’t get into that.
@traveleconomics 9 ай бұрын
Yeah, Portugal is wobbly. For the past 5 years every year they change the rules of the game. Beautiful country, great people, bad for business.
@MrNoggin66 5 ай бұрын
What even is an 'expat'?
@blackrock2222 9 ай бұрын
Is really bad idea move to Portugal, if you have normal job, very cheap country if you are tourist, BUTT taxes in Portugal kill your present, most Portuguese people live with 760(😹look like a joke), young people are unable to leave their parents homes, for rent it costs at least 350 euros for 1 room. Best Spain, German… and other countries
@ZzXZ636 9 ай бұрын
It’s the same in those other countries . These are not new conditions .
@blackrock2222 9 ай бұрын
@@ZzXZ636 yes is true… I lived in these countries and I have family in French, Spain, UK, Italy and German (including in Switzerland), all my family members live better than when they lived in Portugal. Today this country is only for vacation or if you don't care about money ...
@traveleconomics 9 ай бұрын
@@blackrock2222 I think it depends on your income. Portugal is great to work remotely, or if you are a retiree. If you have to work a low skilled job definitely Switzerland or the UK will be a much better choice than Portugal.
@user-pn8dq6vt4s 9 ай бұрын
It’s a very bad idea if your situation would require you to pay taxes on income to the Portuguese state, on anything other than a very low income. What you get “for free” is absolutely not worth the confiscatory level of taxation.
@blackrock2222 9 ай бұрын
@@user-pn8dq6vt4s the government takes up to 40% of your salary, part of my family is Portuguese, so a know about it... and several of our friends receive £760 there, Portuguese like to pay the minimum and charge the maximum in fees, I will not lie in the comments, I will speak the truth of Portugal!
@williamdigiacomo8900 8 ай бұрын
I'm not an investor. i want to move to Portugal permanently and move there on my social security check. with the double taxation of my check i will not make the min. to be able to live there. I can't afford to give up 50% of my income just to move to Portugal.
@traveleconomics 8 ай бұрын
Feel free to contact us in order to analyze some viable options.
@thetennisjournal 9 ай бұрын
Isn't it 5 years for citizenship not 6?
@traveleconomics 9 ай бұрын
yes 5 years from the moment you get a residence permit + some more time to process the application.
@JimWhelan365 5 ай бұрын
@@traveleconomicsI understand there is an 1.5- to 2-year backlog in processing citizenship applications … so in practice it takes 6.5 to 7 years to get Portuguese citizenship.
@gafas1989 9 ай бұрын
imagine working in portugal and get taxed 30% on a 1300 euro salary and non residents get taxed 10% on 10k a month income, its a welcome change.
@traveleconomics 9 ай бұрын
First of all, from working income, NHR is taxed at 20% not 10%. Secondly, it would be much better if the change would be reducing taxes on local jobs, and not shunning foreign investment. But the Portuguese government made its choice, it is moving back to poverty and bankruptcy. If that is a welcoming change to you, the only thing I can tell you is that for the Portuguese economy and unemployment rate, it is not.
@Bruce_Fernandes 9 ай бұрын
Portugal is a deep mess right now. Housing prices gone through the roof, cost of life gone through the roof, migration in masses without control and a corrupt and incompetent government that does nothing besides raising taxes as response for every issue. Portugal is on the verge of critical status and each day becoming closer to a 3rd world country.
@1755Lisbon 9 ай бұрын
Raising taxes? When did this happened in the past 7 years? Actually the opposite is true.
@Bruce_Fernandes 9 ай бұрын
@@1755Lisbon ISP goes down by 1 in one week and up by 4 or 5 on the next, IVA reduction for essential goods is a hoax because half the things they announced for reduction are more expensive now than before the suposed reduction. Electricity, water and gas prices have become almost unbearable.
@1755Lisbon 9 ай бұрын
@@Bruce_Fernandes it's a rise in the goods' prices not in the taxation.
@BennyPoppie 9 ай бұрын
Spent Dec to March '23 in the Portomao/Alva region doing my due dilegence. Decided Portugal is a socialism nightmare, a lot like Canada, and not a good place to settle. This Winter, Morocco and Tunisia. Further south, warmer and maybe friendlier people. Travel, for me, is for exploration, not recreation.
@traveleconomics 9 ай бұрын
thank you for sharing your experience
@2kool4myskool 8 ай бұрын
Why kill the golden goose Iberia is still a wonderful and affordable place why would we want to lose all that to greedy speculators who keep driving up costs?
@szabolcstrucz2220 9 ай бұрын
Albania has no proper health care neither roads
@jerryharanczyk 7 ай бұрын
You can get by riding a goat, but health care could be questionable though
@jeansilva5261 9 ай бұрын
Argentina? With inflation of 100% a year? No, thank you!!!
@traveleconomics 9 ай бұрын
Argentina is bad if you are an Argentinian earning income domestically. If your income comes from abroad, such as a pension for example, you can easily have a higher quality of life in Argentina than in Portugal (at least as of now, as the situation is changing rapidly).
@manuelfg2902 9 ай бұрын
Changing rapidly? In what sense?
@savvyhiker 9 ай бұрын
Portugal is not attractive anymore, Spain should take the opportunity
@Jacob-tp3sw 9 ай бұрын
No it is not.
@birdlover7776 9 ай бұрын
lol
@fjmmc9907 9 ай бұрын
Please stop calling immigrants expats. If you want to come here and live like all other citizens from the EU, you are welcome. If it's to live like in a tax heaven, please go away.
@traveleconomics 9 ай бұрын
The NHR is also available for EU citizens.
@fjmmc9907 9 ай бұрын
@@traveleconomics with the difference that EU/EEA/Swiss citizens already contribute someway to the EU budget. US/UK/whatever, don't contribute one cent, so they are living like in a tax haven.
@traveleconomics 9 ай бұрын
@fjmmc9907 A Swiss citizen or an American or a Pole or a Bulgarian or a Brazilian having the same type of income will contribute exactly at the same level (among themselves) if they become tax residents in Portugal (with or without NHR existing). The NHR is available for anyone who was not residing in Portugal previously. If you learn about taxes you will know this quickly.
@fjmmc9907 9 ай бұрын
@@traveleconomics You are correct for those who come here to work. Those are taxed at 20% flat rate on personal income tax. But only those who have activities of scientific, artistic, or technical character. And, be honest, almost nobody in those professions did use NHR. The "investors" that did profit from the NHR are in their majority speculators, who buy proprerties to rent in AirBnB and contribute to the housing crisis, and retired people. Those don't pay any tax on dividends, interest, royalties, capital gains, rental income from real estate outside Portugal, and income from employment in another country. And yes, rental income inside Portugal, from AirBnB, and others like them pay no taxes anywhere in the EU. So? How do they contribute whatsoever to anything at all?
@albin2232 9 ай бұрын
I didn't actually like Portugal. Some do, I didn't. My least favourite European country. I won't list the reasons, but there were enough to ensure that I would never go there again.
@guglielmonicolotti5849 9 ай бұрын
No!.
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