If you’re thinking of moving to Portugal, you wouldn’t be the first. It’s the oldest country in Europe populated with beaches, mountains, and picturesque scenery. Portugal has popular retirement enclaves like the Algarve and popular seaside resorts like Cascais. You’ll find plenty of fellow expats to befriend, and plenty of fun culture to explore.
Whether you’re retiring, temporarily relocating, or moving to Portugal for good, you’ll want to calculate your budget in advance. Here are some facts and figures to help you.
Portugal is more affordable than many other western European countries, which is why so many expats choose to visit and live there. Yet, banks and money exchange services can still find ways to shortchange customers. You can get hit with hidden charges and large fees if you’re not careful.
Money in Portugal is called the euro (symbolised by €, or by currency code ‘EUR’). For comparison, as of summer 2017, you’ll find the EUR is worth around:
|Currency||Approximate euro value|
|Comparing basic cost of living||1 bedroom flat in city centre (monthly rent)||Meal for 2 (mid range restaurant)||Transportation (monthly pass)|
|New York City, USA||€2,500||€63||€99|
Here are the top five most expensive cities to live in in Portugal:
|Total living expenses in Lisbon||Average cost|
|1 person, per month||€1400|
|1 person, per year||€16,800|
|1 student, per month||€500|
|3 person family, per month||€1,700|
|3 person family, per year||€20,400|
|Total living expenses in Porto||Average cost|
|1 person, per month||€1,000|
|1 person, per year||€12,000|
|1 student, per month||€700|
|3 person family, per month||€1,400|
|3 person family, per year||€16,800|
If you’re looking for a job in Portugal, your best bet will be finding one in a city. It’s easy to get by with a small budget. Most salaried jobs will cover your daily expenses, and you’ll find cheap options when it comes to accommodation, food and travel. Here are the average salaries for certain jobs in Portugal:
|Salary averages for Lisbon||Average yearly salary|
|Salary averages for Porto||Average yearly salary|
Rent in Portugal is a major draw for expats. Accommodation is pretty cheap, whether you’re in the city centre or close to the beach. Here’s an estimate of rent you’d find in three of Portugal’s most populated cities:
|Renting in Lisbon||Average monthly cost|
|student dorm room||€480|
|Renting in Porto||Average monthly cost|
|student dorm room||€295|
|Renting in Cascais||Average monthly cost|
|student dorm room||€464|
Portugal has subsidized state healthcare for people who contribute into the social security system. Some expats also take out private insurance or travel insurance to cover healthcare costs. Healthcare isn’t expensive, but the system can be difficult to navigate. Here are some estimated healthcare costs you might see in Portugal:
|Healthcare service||Average cost to you|
|Public health insurance for 1 person for one year||11% of gross earnings|
|Private health insurance for one couple over age 65 for one year||€8,500|
|labor and delivery (public hospital, with insurance)||free|
|labor and delivery (private hospital, no insurance)||Varies, depending on your private insurance|
|family doctor check-up (no insurance)||€56|
|dental cleaning (no insurance)||€30|
You can get around Portugal on a number of modes of transportation. From the extensive train network, to the seaports, to quick flights across the country, the transportation infrastructure is strong. Portugal also has 44 motorways covering nearly 3,000 km, so if you hire a car, you can go pretty much anywhere you need. Here are the costs you might see when traveling around Portugal:
|Transportation and vehicle prices for Portugal||Average cost|
|gasoline (1 litre / 0.25 gallon)||€1.44|
|monthly bus/transport pass||€35.65|
|bus ticket, single use||€1.50|
|taxi tariff, 30 minutes||€28|
|train trip, single ticket cross country||€91|
|Toyota Corolla, new||€24,500|
|VW Golf, new||€25,000|
Public schools in Portugal are free and paid for by the government. In public education, much of the teaching is done in Portuguese, so if you’re an expat looking for English-speaking school, you’ll have to go the private route. Prices in Portugal for education are reasonable, much like a lot of western Europe. Here’s what school might cost you in Portugal:
|School in Portugal||Average yearly cost|
|preschool / kindergarten||Free (public), €3,250 (private)|
|private school for lower grades||€5,000|
|University of Lisbon||€1,063 – €3,000|
|University of Porto||€3,000 – €6,000|
In Portugal, you can enjoy a high quality of life for a reasonable cost. There’s great weather, interesting food and a lively culture. Having your finances in order can significantly ease stress. So, make sure you’ve done your research and planned your budget and don’t forget to have fun!
Everything you need to know about paying property tax in Portugal, including types of tax, rates for 2021/22 and how to pay your taxes.
Read on to find out everything about the cost of retiring in Portugal, as well as the process and the best places to retire.
Everything you need to know about retiring in Portugal from the UK, including where to live, visas, pensions and more.
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