Melanie Veah is a 40-something single woman who wants adventure and a chance to get out and see the world. When the last of her children left home to start his own life, Veah realized it was her chance to act. Veah’s plan was to establish a base in a new country that would lend itself to perpetual exploration. After months of research and considering the whole world map, she chose to make that base in the Algarve region. Here’s why Veah decided to create a new life in Portugal:
[See: The Top Travel Destinations for Retirees.]
1. It’s Europe. Before choosing where to launch a new life in a new country, it’s important to make sure you’re clear in your own mind about what kind of life you want. “I know that I am someone who doesn’t mind camping, but it’s not my first choice for fun,” Veah says. In other words, Veah wants the developed not the developing world. She prioritizes culture, art, architecture and history and wants to be able to travel. “Now that I’m based in the Algarve, my goal is to hit all the major European cities within two years,” Veah says. “I’m giddy about being a cheap plane ride away from the French Open.”
2. The region is very wired. Veah is not yet of retirement age or able to start drawing from her IRA without penalty. She needs to be able to generate an income to support her move. Veah’s plan is to make a living as a freelance writer. For this, she needs a reliable internet connection. “I also wanted to know that my children could contact me anytime in case of an emergency,” Veah says. Portugal is a very wired country. Highway tolls are electronic. You make government agency appointments online. WiFi is everywhere.
[See: 10 Tips for Finding a Great Place to Retire.]
3. The cost of living is affordable. Veah is originally from the midwestern United States, but finds the Algarve to be an even better value for her dollar. For example, she says a glass of wine costs 4 euro on the main strip in the Algarve, but drops to 1 euro just a few steps off the tourist path. “For me, that makes it taste four times better,” Veah says.
4. Portugal welcomes foreigners. The government has made encouraging travelers, retirees, expats, investors and entrepreneurs from around the world a priority. New visa and tax programs are some of the best available in the region. You can qualify for permanent residency in Portugal simply by showing a reliable minimum income of at least 1,100 euros per month. This program is not intended specifically for retirees and is open to anyone. You can apply and qualify at any age, and the income you show can be earned or passive.
To maintain this residency status, you must be physically present in the country at least half the year, or 183 days or more. If you intend to travel often or are thinking of dividing your time between two or more countries, this could be a deal breaker.
Your second option for permanent residency in Portugal is the country’s new Golden Visa program. You qualify for this by investing in a real estate purchase. The required investment amount ranges from 500,000 euros to as little as 280,000 euros for a renovation project in an identified low-density or depressed region. The country’s Algarve qualifies.
[See: 10 Places to Retire on a Social Security Budget.]
5. Learn a second language. Veah is interested in learning a second language, but is able to get by in the meantime. “I’m struggling learning Portuguese, but I’m finding, as I hoped, that that’s OK because most everyone you meet here speaks English,” Veah says. “Plus, the Portuguese are so accommodating that they’re happy to indulge my limited language skills. It’s all part of the adventure.”
Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.
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5 Reasons to Retire in Portugal originally appeared on usnews.com
