A recent study conducted by the Office for National Statistics (ONS) has highlighted that the British community in Portugal is increasing.
The statistical institute’s research uncovered that this rise is mainly due to it being a popular retirement destination for many senior Britons.
Figures from the Department for Work and Pensions (DWP) showed that more than a million UK pensioners (1,152,585) are living overseas currently while drawing their government state pension. According to the DWP, this number exceeds how many British pensioners currently reside in the capital (922,162).
Following Brexit, Portugal emerged as the leading destination for UK retirees. Factors for it being favoured include its excellent tax benefits and pleasant climate. Before Britain’s withdrawal from the European Union, UK citizens could relocate easily to Portugal due to its EU membership. Now, British passport holders must apply for an official visa to retire in Portugal, but residency visas are readily accessible. Among the most popular are the Portuguese Golden Visa and the D7.
The D7 visa is a convenient option for Britons with pensions, rental properties and other passive income sources, providing they can demonstrate proof of exceeding the current minimum wage in Portugal. As a result, it has become a popular method of achieving overseas retirement.
UK citizens keen to plan a future abroad often look to retirement planning specialists in Chester, London and other major cities. Wealth managers take time to understand the ambitions of their clients and help them plot a course to their ideal retirement.
