Spain has traditionally been a very popular destination for expats. The good weather, the food, the close proximity to the rest of Europe and the cost of living have all been significant draw cards for people from the UK, Germany, France and other parts of the world.
Portugal barely registered for most expats 10 years ago. The economy was in dire straits, there was high unemployment and many of the cities and towns were extremely rundown with very little functioning infrastructure. However, with the advent of the NHR and other tax benefits for expats in Portugal, this trend changed dramatically.
Portugal’s economy has boomed with house prices growing double digits for many years and an influx of international money entering the country.
Not only does Portugal now have very competitive tax regimes, the quality of life, services and infrastructure has improved significantly, making it a competitor to Spain for the best and brightest minds in the world.
We would argue that Portugal is now a superior place to live than Spain when considering the cost of living, the weather, food and all the tax benefits many expats are eligible for.
It’s now up to Spain to make changes to compete again, however, for now, the crown belongs to Portugal for expats.
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