Must Know Things Before Moving To Portugal

Before relocating to Portugal, you should know about the cost of living. In this article, we will compare the cost of renting a home versus purchasing a property, as well as the cost of living in Lisbon and Porto. These are important questions for ex-pats who want to apply for Portugal golden visa program, as they can influence their budget. Also, you need to learn about the culture and traditions of the country, as corporate Europe is pushing ex-pat culture out.

Cost of living in Portugal:

Portugal is located on the Iberian Peninsula in the southwestern part of Europe. Portugal is known for its beautiful countryside, vibrant cities, and rich culture. Costs vary widely from region to region and are higher in the capital Lisbon than in rural areas like Alentejo. The average cost of living in Lisbon is almost double that of rural Alentejo. In general, however, prices for basic commodities are lower than those in rural Portugal.

Taxes in Portugal:

In Portugal, the tax regime is favorable for foreign investors. There are several incentives for tax residents, which are meant to attract new businesses. Depending on the nature of your business, Portugal may have tax exemptions that may apply to you. For example, income from an overseas business may be exempt from Portugal’s income tax. Non-habitual residents of Portugal can claim tax credits for income tax paid abroad. Portugal’s income tax system is based on two criteria: the source of income and the taxpayer’s status as a resident.

Rent vs. buying a home:

When it comes to moving to Portugal, there are many benefits to renting a home instead of purchasing one. Renting a home allows you to move quickly because you don’t have to worry about paying a large down payment or avoiding bank fees. However, in Portugal, there is a high demand for rental properties, and the supply is limited. In most places, the cost of a rental property exceeds the budget of an average Portuguese family. Not to mention the time it takes to find a rental home. Then, you have to follow notice periods to move out of your rental property.

Cost of living in Lisbon vs. Porto:

One of the first things to consider when comparing the cost of living in Lisbon and Porto is accommodation. Lisbon has a low cost of living as opposed to most of the rest of Europe. You can rent a small apartment for about $400 per month in the interior, but in a fashionable area of Lisbon, you’ll pay up to four times as much. However, this is still a great deal compared to other parts of Europe.

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