One thing about the monthly cost though. The €2,500 to €3,000 a month seems a bit low to me. I've been looking at apartments in Porto and around Porto in areas like Villa de Nova Gaia, and if you want 2-3 bedrooms, what I'd think of as a "decent" size (80-120sqmeters), elevator, you'll be paying higher prices. And that's without air conditioning. That's fair - I expected that. But it raises the monthly costs.
I think(?) that a lot of American retirees who were home owners in the States, might be used to: 1) larger homes (3-4 bedrms), 1000-3000 sq ft, 2) air conditioning, and 3) "American" yards, which are fairly big. Even if they go the apartment route in Porto, I wouldn't be surprised if they come wanting an apartment with at least 2 bedrooms and 100 sq m. Now, granted, I'm limited to what I can see online with my limited knowledge right now. But the rates I'm finding for that, even unfurnished, doesn't keep expenses under 2500.
We're fine with that, Ben. I'm not upset at all, just want to make sure you understand that! But in terms of your article, I wanted to give you my "two cents" of info, so to speak. :)
The numbers are coming from Numbeo (as lifestyle is quite subjective, as you mentioned with your criteria for Americans) because I wanted some sort of "anchor" that makes the numbers comparable amongst the named cities.
But yes, if you're looking at 100 sqm+ and 2-3 bedrooms, you can most likely add 50% or more to the overall number.
Absolutely! The housing costs, even with what we would be looking for, is cheaper in Porto than what would be facing us in most areas in the US, especially when you factor in current loan rates these days.
That doesn't even get into other costs in the States like healthcare, which is out of control. Healthcare costs alone is enough to make retirees look abroad.
One thing we personally like about Porto is we wouldn't have to buy a car. That takes a huge cost off the table. If we want to travel, we can take the train or rent a car.
Hi Ben. I’m a little surprised that nothing in Malta made the list, given the territorial tax system and English as an official language. What kept Malta off the list?
Can't wait -- this is the purpose of our trip in October. heading to Bilbao, Porto, Lisbon. I'll admit, the trip to Bilbao is more about San Sebastian (we're major Michelin foodies)......
However in Cyprus you need a permit for that as a non-EU resident. It is called the "Council of Ministers approval" and you can get it either in Limassol or Paphos.
I recommend Limassol, Paphos takes way longer, as ppl up there told me when they got it. Also you are limited to one plot.
There are some rules changes and tightening happening this year, as there are a lot of foreign buyers wanting to get properties (as you can imagine, due to the tax advantages and strategic location).
Hey Ben
Yeah! Porto #1
One thing about the monthly cost though. The €2,500 to €3,000 a month seems a bit low to me. I've been looking at apartments in Porto and around Porto in areas like Villa de Nova Gaia, and if you want 2-3 bedrooms, what I'd think of as a "decent" size (80-120sqmeters), elevator, you'll be paying higher prices. And that's without air conditioning. That's fair - I expected that. But it raises the monthly costs.
I think(?) that a lot of American retirees who were home owners in the States, might be used to: 1) larger homes (3-4 bedrms), 1000-3000 sq ft, 2) air conditioning, and 3) "American" yards, which are fairly big. Even if they go the apartment route in Porto, I wouldn't be surprised if they come wanting an apartment with at least 2 bedrooms and 100 sq m. Now, granted, I'm limited to what I can see online with my limited knowledge right now. But the rates I'm finding for that, even unfurnished, doesn't keep expenses under 2500.
We're fine with that, Ben. I'm not upset at all, just want to make sure you understand that! But in terms of your article, I wanted to give you my "two cents" of info, so to speak. :)
That's a great addition Rhetta!
The numbers are coming from Numbeo (as lifestyle is quite subjective, as you mentioned with your criteria for Americans) because I wanted some sort of "anchor" that makes the numbers comparable amongst the named cities.
But yes, if you're looking at 100 sqm+ and 2-3 bedrooms, you can most likely add 50% or more to the overall number.
Still a bargain compared to the US ;)
Absolutely! The housing costs, even with what we would be looking for, is cheaper in Porto than what would be facing us in most areas in the US, especially when you factor in current loan rates these days.
That doesn't even get into other costs in the States like healthcare, which is out of control. Healthcare costs alone is enough to make retirees look abroad.
One thing we personally like about Porto is we wouldn't have to buy a car. That takes a huge cost off the table. If we want to travel, we can take the train or rent a car.
Thanks Ben! This was really good info!
Hi Ben. I’m a little surprised that nothing in Malta made the list, given the territorial tax system and English as an official language. What kept Malta off the list?
The reason is actually quite simple.
I have another piece planned, that also includes the tax angle that you mentioned, and Malta is on this list ;)
So you basically (inadvertently) teased on what's coming next 👀
Can't wait -- this is the purpose of our trip in October. heading to Bilbao, Porto, Lisbon. I'll admit, the trip to Bilbao is more about San Sebastian (we're major Michelin foodies)......
Once you eat food in Bilbao, you're comparing it to every other city in Spain ;)
Hi Ben, I wonder if you could adjust for short-term leases, say 3-6 months, if it works better for us.
You mean for a strategy that involves e.g. Showbirding? Or rather going from place to place on few month stays?
#8 Cyprus & it would be helpful to know if the country allows non citizens to buy property. Thank you!
Hey Dorothy, yes they can.
However in Cyprus you need a permit for that as a non-EU resident. It is called the "Council of Ministers approval" and you can get it either in Limassol or Paphos.
I recommend Limassol, Paphos takes way longer, as ppl up there told me when they got it. Also you are limited to one plot.
There are some rules changes and tightening happening this year, as there are a lot of foreign buyers wanting to get properties (as you can imagine, due to the tax advantages and strategic location).
But long story short, yes it's possible.