With a career in the Royal Navy and the Ministry of Defence, Peter Reynolds and his wife Karen were used to moving house. While Peter hails from Scotland, the couple lived in Portsmouth and Eastleigh with postings to Hong Kong and Gibraltar.
In 2022, the couple fell in love with a four-bedroom quinta – or rural house – with a small swimming pool surrounded by a large garden of fig, almond lemon and loquats trees that they bought for €330,000 , less than they received for the sale of their four-bedroom house in Eastleigh, Hampshire. 'Peter's pensions and our savings go a lot further than they would back in Hampshire,' says 64-year-old Karen, who used to run the family hair and beauty salon, Classic Cuts. 'We definitely have a very comfortable life here.'
Housing is not included in the calculation, and property prices in Portugal held up more strongly than many Eurozone locations in 2023 – up 7.8 per cent, year on year, according to Eurostat. The popular Algarve is relatively expensive compared to the country's interior, with the average property in Portugal costing around €150,000 , according to Idealista.com.
Peter and Karen hope to enjoy many more years in their new Portuguese home. They both love pottering in the garden and heading to the beach At 67, Peter benefits from a full UK state pension plus his index-linked naval pension and a Ministry of Defence pension from his career in the Royal Navy. It was when he was posted to Gibraltar that the couple first began to drive up to Albufeira for holidays.
Insurance is €300 per year – including breakdown cover – and tax €120 . The MOT is €35 after the fourth year of ownership from new, then every two years. Peter and Karen hope to enjoy many more years in their new Portuguese home. With it being reported this week that southern Europeans will become the longest living people in the world, they've settled in the right place.
For 15 years the NHR regime was an extra draw for wealthy retirees because it taxed pension income at a flat rate of 20 per cent for a 10-year period. Investment income is taxed at a flat rate of 28 per cent, or can be added to the taxpayer's other income and taxed at the scale rates.
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