British expat retirees currently living in Spain are considering relocating to Portugal, as the cost of living in Spain eats into their pensions.
The British dream of retirement at a place in the Spanish sun is beginning to fade as the country’s cost of living soars, with many on British state pensions now unable to make ends meet.
Recent research carried out in the expat community by a popular English language newspaper revealed high numbers of British expat retirees are already planning a move to Portugal.
All of those interviewed told reporters they simply couldn’t afford to live in Spain any longer, adding that many in the expat community are doing the same.
The UK’s basic state pension is worth just 1100 euros a month, with only a few lucky enough to have private pensions to fall back on.
The majority of interviewees said they were using Spain’s healthcare system with its free prescriptions and treatment, but all are unsure what Brexit-related changes will be made at the end of this year. Private health insurance is almost certain to be a requirement, costing over €250 monthly for a couple and dependent on pre-existing conditions.
In contrast, the Portuguese private health system is considered to be at least 20 per cent less expensive than its Spanish equivalent and property rental is also cheaper, although it’s expected to soar due to increased demand. This could naturally create opportunities for British overseas property investors to benefit from rising rental yields in Portugal.
Portugal’s healthcare system ranks ninth best in the EU and 12th best in the world, with its nationals rated as amongst the healthiest on the planet as well as beating out most other European nationalities as regards longevity.
British expat retirees in Spain considering the move are now being advised to act fast before it’s too late. Perhaps British overseas property investors considering Portugal should do the same.