Portugal soars to top of world’s ‘Best Places to Retire’ list

Portugal is in the spotlight once again, claiming the coveted title of Europe's best retirement destination and snagging the second-place spot globally in International Living's prestigious 2024 Annual Retirement Global Index.

This Mediterranean nation, surpassed only by Costa Rica, continues to captivate the world with its irresistible blend of golden beaches, vibrant culture, and a warm, welcoming spirit.

The allure of Portugal's lifestyle has lured a growing wave of affluent expats, with the foreign population doubling in the past decade to surpass 800,000. Many of these newcomers, retirees, and professionals alike, have brought significant investment and high-value skills to the country, propelling its economic engine.

Fuelling this influx are Portugal's streamlined residency programs, particularly the Golden Visa and the aptly named D7 "Retirement Visa." These pathways pave the way for Portuguese citizenship and Schengen zone access, opening doors to work and travel across 26 European countries.

The Golden Visa offers two enticing options: invest €500,000 in approved private equity or venture capital funds, or contribute a philanthropic €200,000 to a cultural project through the Cultural Production Golden Visa.

These regulated investments not only create residency opportunities but also spur economic growth and job creation, spanning from vineyards and tech companies to stocks and shares.

Families can join this journey under the umbrella of these investment visas, granting them not only a Portuguese passport but also access to the vast Schengen region. Portugal's exceptional quality of life, ranked among the top globally by the Social Progress Index in 2023, is further bolstered by affordable healthcare and a focus on sustainability.

Compared to other European hotspots, Portugal boasts a significantly lower cost of living, with the overall average 26.5% lower than the UK and similarly attractive when compared to many international locations.

Steve Philp, Partnership Director at Portugal Pathways, highlights the appeal: "Affluent expats consistently praise the relaxed pace of life and the perfect balance between bustling cities and charming villages in Portugal. We assist individuals in optimizing their relocation for investment, tax, or life strategy, and are happy to advise on the array of attractive visa options available."

Beyond the Golden Visa's real estate investment restrictions, Philp emphasizes the expanding opportunities through approved funds and cultural projects. "Many retirees and wealthy expats we've helped love the local culture, produce, wine, stunning scenery, and the thriving investment market, whether through a Golden Visa or owning property in a consistently outperforming market."

From the historic grandeur of Lisbon to the dramatic cliffs of the Algarve, Portugal is a tapestry of visual and cultural delights. Medieval castles, Roman ruins, and countless other treasures beckon exploration. Transitioning to life here is further eased by the streamlined residency programs and the renowned warmth and hospitality of the Portuguese people.

Anne Brightman, CEO and Founder of Boutique Real Estate Agency in Portugal with offices near Lisbon and the Algarve said: ‘’Portugal offers so much to affluent families or investors whether that’s through investing in property or through the Golden Visa program, and it comes as no surprise that Portugal continues to lead the way in terms of attracting wealthy retirees and other investors to the country.’’

English speakers will find it relatively easy to navigate daily life, thanks to the growing wealthy expat communities and a sizeable portion of the population with English proficiency.

Portugal's appeal extends beyond retirees, attracting professionals and entrepreneurs who leverage the D2 Entrepreneur Visa or the D8 Digital Nomad Visa to invest in or relocate to the country.

If you're an investor or family seeking the perfect blend of lifestyle, investment opportunities, and European access, Portugal is the right destination. Whether it's through property ownership or the Golden Visa program, discover why this sun-kissed paradise continues to reign supreme as a haven for the affluent and adventurous.

Portugal Pathways is holding a series of webinars over the next few months for investors or families looking to take advantage of investing and relocating to Portugal.