Europe’s best known Retirement Secret!
American journalist Kathleen Peddicord*, writing this month in the US News & World Report, lists 11 reasons to retire to Portugal’s Algarve………….
She says the golf courses, beaches and European lifestyle are among the many attractions of southern Portugal and claims that Portugal’s Algarve, home to more than 100,000 resident expat retirees, could be the best place in the world to retire that nobody’s talking about. Particularly appealing are the two municipalities of Silves and Lagoa that are situated slightly west of the center of Portugal’s southernmost province. In these two spots, you can enjoy the best the region has to offer, from medieval towns and fishing villages to open-air markets, local wine and some of Europe’s best sandy beaches. This is a land of cobblestoned streets, whitewashed houses with lace-patterned chimneys and everywhere there are fig, olive, almond and carob trees.
Here are 11 reasons the Algarve qualifies as one of Europe’s top retirement havens:
1. Great weather. This region enjoys one of the most stable climates in the world and 3,300 hours of sunshine per year, meaning more sunny days than almost anywhere else in Europe. As a result, the Algarve has a longstanding reputation as a top summer destination among European sun-seekers and a top winter retreat for those looking to escape Northern Europe’s coldest months. It’s a popular holiday destination among the Portuguese year-round, and the Spanish love the region’s wilder western coast.
2. Safety. Portugal ranks as the 17th safest country in the world. Violent crime is rare, and petty crime is limited to street crime during the busy tourist season.
3. Good infrastructure. Portugal and the Algarve have enjoyed important infrastructure investments, specifically in the country’s highway network and airports. This could be a great base for exploring all of Europe and northern Africa.
4. International-standard health care. Medical tourism is a growing industry in the region, particularly if you are interested the aesthetic, hip replacement and dental specialties.
5. Golf. The region boasts 42 courses in less than 100 miles and is generally recognized as a top golfing destination in continental Europe, and some would say the world.
6. Great beaches. The Algarve’s 100 miles of Atlantic coastline is punctuated by jagged rock formations, lagoons and extensive sandy beaches, many awarded coveted blue flags from the European Blue Flag Association. The water off these shores is azure and the cliff-top vistas are spectacular. Most beaches have lifeguards during the summer season. Many have restaurants or snack bars, sometimes open only seasonally.
7. Affordable cost of living. The cost of living in Portugal is among the lowest in Western Europe, on average 30 percent lower than in any other country of the region. A retired couple could live here comfortably but modestly on a budget of as little as $1,500 per month. With a budget of $2,000 per month or more, you could enjoy a fully appointed lifestyle in the heart of the Old World.
8. English is widely spoken. Thanks to Portugal’s strong historic and cultural links with England, English is widely spoken in the country in general and even more so in the Algarve, the country’s main tourist draw. Retired here, you could get by without learning to speak Portuguese if you wanted to.
9. Healthy living and eating. The Portuguese are the biggest fish eaters per capita in Europe, and fresh fish of great variety is available in all the ever-present daily markets. In addition, the abundance of sunshine in this part of the world means an abundance of fresh produce is also available in the local markets.
10. Retirement income is not taxed. Recent legislation allows resident foreign retirees to receive pension income in the country tax-free. The law also provides for reduced taxation on wages, intellectual property, interest, dividends and capital gains.
11. Severely undervalued property market. Real estate in Portugal is undervalued and among the most affordable in Europe. Further, Portuguese real estate has one of the most favorable price-to-rent ratios (a measure of the profitability of owning a house) and price-to-income ratios (a measure of affordability) in the region. What that means is that housing is cheaper to buy and investors can make more money from rentals than in many other European countries. Print Email
So, what else does the Algarve have to offer?
Kathleen Peddiford writes:
Portugal’s Algarve, located at Europe’s westernmost tip and boasting more than 100 miles of Atlantic coastline, could be Europe’s most famous secret. This region boasts Europe’s best beaches, Europe’s best golf courses, some of Europe’s friendliest folk, and Western Europe’s lowest cost of living. It’s also Europe’s newest tax haven.
European retirees have recognized all that the Algarve has to offer for a long time and this sunny coastal region is the chosen destination for more than 100,000 of them. Beyond Europe, the Algarve is largely ignored as a retirement haven.
However, if a Continental lifestyle appeals to you and don’t have the budget for France, Italy, or Spain, this could be an appealing alternative, that offers history, Old World charm, and spectacular beaches.
Portugal has been named Europe’s “Best Golf Destination” for 2014, and 40 of its top courses are in the Algarve.
What else could you do with yourself, retired to this part of the world?
Fatacil, the large fairgrounds in the province, hosts the International Algarve Fair every June. This unites the local and expatriate communities, as does the annual summer fair in August, with daily live concerts. Admission is a few euros a ticket per day, and you won’t find better value for money on a sultry summer night.
The Medieval Fair in Silves is a celebration of the city’s roots and features dancers, jugglers, flame-throwers fire-eaters, and snake charmers, along with a feast of regional cuisine. Many attend in period costume.
In Lagoa, the annual sweets festival showcases delicacies produced from local ingredients, including fig, orange, almond, and carob. And once a year in June the municipality celebrates the start of sardine season with more festivals and grilled sardines on every restaurant menu. Order by the half-dozen.
Throughout the year there are open-air jazz and classical concerts, most free. Experience jazz at Lagoa’s Sitio das Fontes and local youth concerts at the Lagoa Auditorium. The Arade Congress Centre is the place to come for special events, from a motor car launch to a performance by the Russian ballet or the finals of the World Dance championships.
If you’re looking for sporting and outdoors activities, try kayaking, paddling, or cave fishing on the Arade River. The sailing schools at the river mouth are a bargain by international standards.
Bottom line, Portugal in general and the Algarve in particular offer an opportunity to savour the best of an old-school, Old World lifestyle at a very affordable cost.
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*Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 28 years experience covering this beat, Kathleen reports daily on current opportunities for living, retiring and investing overseas in her free e-letter. Her newest book, “How To Buy Real estate Overseas”, published by Wiley & Sons, is the culmination of decades of personal experience living and investing around the world.