Portugal is the #1 best place to retire in the world in 2023, according to the Annual Global Retirement Index prepared by editors at International Living magazine. Portugal moves up to the top spot in this year’s survey from #4 in 2022.
International Living believes their retirement index is the most comprehensive and in-depth survey of its kind. Although not a scientific study, the Global Retirement Index is designed to be a useful tool for those seeking to stretch the benefits of their retirement. Data is submitted by expats across the globe on everything from housing rates and cost of restaurant dining, to affordability of healthcare and ease of obtaining a visa. This data is collected, collated, and ranked by the International Living team to determine the index.
2023 Global Retirement Index | Top 10 Locations
- Panama
- Mexico
- Panama
- Ecuador
- Costa Rica
- Spain
- Greece
- France
- Italy
- Colombia
So, how much do you need to retire in Portugal? According to American living in Vilamoura and contributor to International Living Terry Coles, “it depends on many factors; you can estimate that you can live on about one-third less here. A couple can live comfortably, but not lavishly, in Portugal on $2,500 per month. If you want to live in Lisbon, Porto, Cascais, or the Algarve, you should bump that number up to $3,000 or more.”
Fortunately for most, fluency in Portuguese is not a necessity to living in Portugal. Coles explains, “since English is taught in schools here starting at the sixth-grade level, many Portuguese do speak some English, which makes retiring here a little easier.” She adds, “ as a way to encourage foreigners to move to Portugal, the government even offers free Portuguese language classes at schools throughout the country. These run in conjunction with the school year and provide immigrants with an elementary level of understanding and communication skills in the local language, to facilitate and enrich their daily lives.”
For more information, visit the International Living Magazine website.
See more stories about Moving to Portugal here.