Brits still heading to Portugal for sunny retirements

In spite of Spain’s claim to fame as a hub for British retirees, Portugal’s appeal to older UK citizens is as strong now as it was decades ago.

Portugal’s Algarve region has been a favourite with Britons heading for a peaceful retirement since the early days of cheap flights. Even last June’s disastrous referendum result has so far had little effect on new arrivals, although the future looks to be less secure than in the past. British pensioners over the age of 65 comprise a third of all UK expats in the country, and a fifth of all UK citizens living in EU member states.
The entire Algarve expat community is hoping the two Brexit negotiating teams will find a way to retain the present state of rights to remain and movement for both expats in the EU and EU nationals in the UK.

It seems perceptions about the economic effect of expat retirement communities may need to change to represent the actualities of health and pension support, as the present view is based more on prejudice than fact. In addition to Portugal, many other European countries with a British expat presence have benefited from property purchases, decades of cash spent in stores and restaurants and exciting new developments in formerly deserted rural areas. The EHIC reciprocal health agreement has meant Portuguese nationals could access the NHS free of charge on presentation of the card, and many Portuguese businesses now depend on retired Brits for their incomes.

Wealth managers in the UK are reporting a surge in the numbers of retired British citizens eager to get out before the axe falls, with many retiring early and realising the importance of getting their finances in order before they leave. The Brexit effect on pension laws and receipts of regular payments is causing concern, as is the threat of not having access to reasonably priced healthcare and the possible necessity of purchasing private health insurance.

Organising every aspect of a permanent move overseas isn’t the easiest task, but choosing the right help can make it far less stressful. Buying property in Portugal needs specialist knowledge, as do tax liabilities and the need to open a local bank account. As regards financial advice, it’s perhaps best to get this before leaving the UK, as protection against mis-selling and bad advice is stronger in the UK than in other EU member states.