Lisbon and the Algarve have become sought-after destinations for British expats looking to begin a new, sunnier, and more affordable chapter of their lives.
As of January 2024, over one million foreign residents were living in the country. In 2020, over 46,000 British expats swapped tea for pastéis de nata.
One person who chose to live in Portugal is Joric McLean, who took to YouTube to highlight the key mistakes to avoid when relocating to the sunny country.
Mr McLean said in the video: “I cannot tell you how many times I’ve talked to people who underestimate the immigration timeline. It became difficult for them because they were moving to Portugal and they did not manage their expectations.
“You have to try to figure out when you put your house up for sale. Try to time that so hopefully you do not spend too much time living out of a hotel room.”
He added: “People often underestimate the timeline it takes to secure an apartment or a lease in Portugal.
“What you want versus what you want to pay are usually two completely different numbers.
“If you want all of the amenities that you’re coming from, that maybe a little more challenging to find. Living in Lisbon taught me that finding the place you want at the price you want is almost impossible.
“People have made four or five scouting trips and have taken up to two years to find property. Be flexible with it because the immigration timeline is like an accordion and you have to be careful.”
Something else to note if you’re planning on moving abroad is the UK’s Inheritance Tax (IHT) system that will take effect on April 6, 2025.
These changes will benefit British expats in Portugal who have lived outside the UK for at least 10 of the last 20 years.
Under the new system, expats with assets outside the UK, like property or savings abroad, won’t be subject to UK IHT.
However, if they’ve been tax residents in the UK for over 10 years, they’ll still pay IHT on global assets.
