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Retiring Abroad Portugal | Retiring to Portugal |
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Officially known as Portuguese Republic, Portugal is a country rich in history. The reality that it was home to historical personages like Bartolomeu Dias and Vasco da Gama makes Portugal a perfect place to retire for the Old World European lover. Retiring to a A New Life in PortugalClimate in PortugalPortugal is a country subject to two different types of climate: oceanic and Mediterranean. Northern Portugal has a climate consisting of the former. That means that that the temperature and weather in the north are almost always moderate - not so hot during summers, not too cold during winters. The Southern part is dominated by the Mediterranean climate which might consist of scorching summer days.Portugal is known to be one of Europe's warmest countries. In truth though, its average yearly temperatures of 18 degrees Celsius in the south and thirteen degrees Celsius in the north are still much cooler than any tropical country's. There are parts of the country which may exhibit extreme weather conditions. Examples are the north-eastern locations which may reach temperatures of up to -12 degrees Celsius during the winter and the south-eastern locations with summers reaching up to a sweltering 44 degrees Celsius. Government in PortugalThe constitution laid down in 1976 formed the government of Portugal to what it is today. With Lisbon serving as its capital, the government of Portugal is divided into four elements. The division of powers among the executive, legislative, and judicial components is granted by the powers of the country's constitution.The first element of the Portuguese government is the country's president. The presidential seat is merely supervisory and non-executive with a term lasting up to five years. The second element is the country's parliamentary body called the assembly of the republic. This parliament is unicameral consisting of 230 seats for deputies with terms lasting for four years. The next element, the government, is ruled by a Prime Minister. The Prime Minister is the one responsible for appointing state secretaries and ministers which make up Portugal's Council of Ministers. The two political parties dominating both the parliament and the government in Portugal are the Socialist and Social Democratic Parties. The last element of the Portuguese government, the courts, is organized into judicial, fiscal, and administrative. Tax System in PortugalThe tax rate for Portugal for the year 2007 is between 10.5%-42%. Some residents with incomes of specific types are granted tax exemption. For example, a resident with less than 149,753 Euros in annual income will be waived his/her annual tax fee. If you decide to move to Portugal and become a resident, you will be liable to pay taxes you earned both in your native country and in Portugal. Someone who only works in Portugal, however, will only be taxed for earnings made in the country.For you to be recognized as a resident of Portugal, you must have been living in the country for a minimum of 183 days. Sometimes, even less than one hundred eighty three days would suffice if you have a property in Portugal you can declare as your main residence. December 31 is the end of a taxable year in the country. Individuals are expected to file the tax details by the 30th of April. Medical Care in PortugalDespite being a developed country, the health care in Portugal is ranked among the lowest in the Western European regions. However, the country does present peace of mind regarding medical care since it has a ratio of 2.9 doctors to 1,000 patients which is higher than that of its neighboring countries. These health care practitioners, however, are centered in the urban areas of Portugal leaving the rural areas in need.Portugal has a health system which pays for a resident's hospital and medical bills in full. The system is offered by major urban hospitals, some regional ones, and several health centers. Real Estate in PortugalThe majority of the rural areas in Portugal had no supply of electricity which prompted the residents to move to urban establishments. This caused over-population in Portugal's urban dwellings, especially in Lisbon, where there is estimated to be 200,000 illegal housing structures. The rental percentage in Portugal is 60%. In fact, even the opulent residents of country opt to live in rented apartments that the city of Lisbon is riddled with high-end buildings for their usage.Shopping in PortugalShopping centers in Portugal usually operate seven days of the week from 10:00 am to 11:00 pm. Since Portugal is a member of the Eurozone, its currency is in Euro. Different banks exchange for different rates and with varying commissions charged. Currently, MultiBanco (MB) ATMs are being installed in the country which charge currency exchange commission of only 2%. Standard credit cards such as MasterCard, Visa, and American Express are accepted in Portugal. Eurocheque cards are also accepted and traveller's cheques are gladly exchanged.Cost of Living in PortugalCost of living in Portugal has risen in the last decade. Still, it remains cheaper than the rest of its neighboring Western European countries. As expected, high-end places in Portugal like The Algarve golfing areas are expensive, but away from the country's fashionable destinations, prices are quite low. To reduce every day costs, steer clear of plush supermarkets and venture to the street markets popular all over the country with fresh produce straight from the farms. The most expensive regions of Portugal are Lisbon, Estoril, and Cascais. The most reasonable place to live on the other hand is in the northern parts of the country. |
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