My son's friend and her husband and two small children just moved to Portugal. Not sure what the do for money but, they packed up everything, rented out their home on Los Angeles and moved. Thanks for your video.
Thank you for this info. Its still pretty reasonable considering rising cost. With that said, i have put off moving abroad because of new debt from breast cancer. I'm considering Mexico to pay down my debt before going to Europe. My move out of the U.S. is more for mental health, then the cost of living. ❤
Ola Rosalind, Our thoughts and prayers are with you. Whatever direction you end up going will be wonderful. One of the beauties of Portugal is that while the prices may be up they have gone up no more than the rest of the world. So it is all relative. And here you would actually be able to afford healthcare without incurring additional dept. Try talking to Micheal at Serenity. He may be able to help. Happy New Year! Alan, Leslie and Wolf
A very good review of the current cost of living and an eye opener for the new wannabe entrants to Portugal. Yes worldwide the inflation has gone up in the last 2 years. The housing is always a major chunk and if one has it covered with a self owned home that makes it a lot affordable almost any where. My dad always used to tell me that the first investment in life should be your own home (when you can..),so you will never be at the mercy of escalating rents. I am glad for you that you have taken that step and that should ease the burden on affordable living in your dream place Madeira. Wish you all a Very Happy, Healthy and Prosperous New Year.
Hi Alan. Unfortunately I think that it does not make much sense financially for most US citizens to consider Portugal as a retirement option with the ending of the NHR tax incentives. As a retiree, my research indicates that I'll be paying an additional 30% in total taxes on social security and investment income/capital gains for the pleasure of living in Portugal. It will be up to each individual to determine if the additional cost is worth it. The 10 year exemption that you have with NHR will end quicker than you think and assuming no changes to tax policy, what are you going to do when your taxes increase significantly then? Maybe the strategy would be to live in Portugal for six months less a day and the rest of the time in the US to avoid high Portuguese taxes.
Ola Bill, Yes, each person definitely needs to run the numbers. We also need to wait and see what the new election government officials are going to do regarding the NHR or something to that effect. But if all else fails France and Spain are calling! Happy New Year! Alan
Bom dia! We are glad you are here. Join our Patreon group click here: www.patreon.com/itllbefun. Interested in our Trusted Vendor list click here: www.itllbefunretirement.com
If I look at Portugal from purely a financial viewpoint, it is less attractive these days. However, there are other qualities that are worth the extra cost. To name a few, there is Madeira's sheer beauty, its people, the culture, its peace index ranking, the relaxed pace of life and the cost and level of medical treatment. Important factors for us that weight our decision positively toward Madeira, Portugal.
Ola Chris, You are absolutely correct. We love Portugal and this island. Our choice of locations for the next part of our life perfect. We hope that after others run the numbers and balance the benefits that will come to the same conclusion. Thanks so much for the support you have given us we truly appreciate it. Happy New Year! Alan, Leslie and Wolf
Yes. It is truly important that anyone run all the numbers before they move to a new place. Surely the new country would not want someone to come and struggle to live therefore becoming a burden to society.
You guys are doing great! I can't wait to see the condo renovation and hope you discuss price and difference in monthly budget! Without rent and/or mortgage you should be sitting pretty!! We thankfully locked into a VERY affordable mortgage and have immense security with homd ownership!! You have mentioned France a few times and I can assure you it is not affordable!! I lived there for 13 years and we absolutely 💯 do not regret leaving!!
Ola Tamara, Thanks! We are happy. It all works out if you keep working towards making it happen. As the saying goes 'if there is a will there is a way'. Congratulations on getting to good solid mortgage. As for France itnis expensive in many areas. Kind like the USA you can live cheaply but you may not want to live in that area. Portugal has many places you can live cost effectively. Thanks for sharing and supporting our channel. Happy New Year! Alan, Leslie and Wolf
Such gorgeous voice, perfect for story telling! Where is the bridge in minute 11:23? For everyone watching this video who is planning to move to/buy property in Madeira, I know we are all looking for a good place to live a tranquil healthy life. However, please be mindful that Madeiran salaries are ridiculously low (850 - 1300 euros/month) and the vast majority of locals has been left out of the rental/buy market as they can't compete with the international buying power. Property prices have especially gone up since Americans discovered the island and there are now real estate agencies who work solely with the American market as it means higher commissions with most deals being over 1 million euros, which for Madeirans is 100% out of reach. With a regular salary of 1000 euros, banks can lend you up to 90.000 euros and the cheapest liveable properties you can find out there are above 200.000. If you buy land, construction cost per square meter is around 1600 - 1800 euros depending on material quality. Rentals have gone from 400/500 euros to 1000/1500 euros/month. If you come to Madeira, make sure you have a source of income and are not depending on the regular jobs here. Good luck! 🙂
I think this is your best video about living in Madeira. Beautiful videography and narration as you have a wonderful speaking voice that is so very easy to listen to. I always look forward to your videos for entertainment for certain, and for the hope that we will one day join you and your family on the island of Madeira.
Ola Birdynunnum Happy New Year's!!! We are grateful for your support. It is a very good video gives a nice flavor of the the island. Thanks for being here. Have a wonderful day, Alan, Leslie and Wolf
Ola Amy Thank you! I will tell Wolf. I thought it turned out really nice as well. Thank you for your support we truly appreciate it. Have a Happy New Year! Be safe. Alan
Just got back last week from Portugal after two years of talking about it. Already planning our next trip back. Might have to look at some real estate next time.
Very very grateful for showing Santa Cruz my mother still lives in Santa Cruz the road in the back of airport up to Residencial Prisma called Santo Antonio da Serra over there there is less transportation and buses. You are in better location if you did manage to buy in Santa Cruz near from everything . All the best and a nice New Year.🎈🎈🎉🎉😘😘
Ola Isabeloliveira We love Santa Cruz it is such a beautiful town. The Christmas decorations were fantastic. Poinsettias everywhere which made us happy. Thanks for watching and supporting our channel. Happy New Year! Alan, Leslie and Wolf
$3000/year for a couple for health insurance is very good. Small business owner in Missouri means I pay my own BC/BS health insurance and I pay just under $12,000/year! Yep nearly a grand a month for 27 years! Total that one up and it equals a decent house where I live and probably in Portugal (Italy or Spain!), also. An absurd amount of money. Moving would be for overall heath benefits. Kaput working mega hours all these years. Basically gave up life to work it. I am overdue to start living now preferrably since I cannot do it after! ugh Looking at real estate in those 3 places is a daily thing for me. Scouring areas. Really enjoy your channel and lucky you all for a home nearly done now. Must be absolutely fab! Enjoy.
Olá! Great to hear from. It is amazing Healthcare is so expensive.Leslie's was 12k a.tear as well, plus the huge deductables, co-pays,and the 70/30 split. So come visit us as you look for your next adventure!!!
We went to Madeira this Christmas and stayed for a week, coming from Italy and being oftentimes in Spain we can confirm that from a financial point prices are aligned with the Mediterranean European "rich" area (Italy, Portugal, Spain). Spain of these three is currently the cheapest, well, slightly... But if someone is planning to retire in the Mediterranean and money are an important aspect look at Albania and Morocco, plenty of Italians are moving there due to lower cost of living and similar lifestyle
Hi thank you for the lovely video, how did you get your cat there from the USA? We really do not want to put our 4 legged family member in the cargo hold. Have a wonderful new year and well done for following your dreams.
Ola Klassyken Thanks for watching and supporting our channel. Attached is our videos on the process for bringing your pets. Click here: ua-cam.com/video/V6wKTMKDmLM/v-deo.html I know it is hard to think about putting your pet in the hold. That is determined based upon size and weight. Rex is not a fat cat but he is a very big male. Both he and Greer rode in the hold. They had mich bigger cages and were more comfy. But it took months to come to terms and believe all would be fine. Come join our online monthly meet up group on Patreon where we talk about this kind of thing. Have a Happy New Year! Alan, Leslie and Wolf
This “net income” profile is very helpful. Retiring on a D7 visa to Portugal will make one a Portuguese tax resident. It would be helpful for an overview of the tax obligations one would face - especially in the post-NHR world where the 10% flat rate will no longer be available. I estimate that on a net income level portrayed here puts one in the mid-20% tax rate range. So 32k net would require about 40k in gross income.
Ola Mitchell I would guess you are close in your estimate. As for taxes we aren't tax accountants and it is difficult to have generalized conversations because how you receive your income will effect your effective tax you pay as well as the amount of the income. We do have a couple trusted tax attorneys we can send you to if you are ready. Happy New Year! Alan, Leslie and Wolf
Ola Ms ardychan Yes, we shipped the car from the USA. Click here to watch the video ua-cam.com/video/kSYPZmpmH48/v-deo.htmlsi=QTig1JwITmEtvLhv It an old one but the information is good. Happy New Year! Alan, Leslie and Wolf
Ola Desertdweller This one is on the east side of the island just above Machico. It is a nice easy hike. We really like it and have done it many times. We should plan a journey together. Happy New Year! Alan,Leslie and Wolf
So you would need to add rent to your amount if you hadn’t been able to purchase your home outright? So monthly in a renters world would be 2700 USD plus 1K - 1.5K? That is much more than I expected.
Ola Dillsea No we added in our current monthly rent based off the numbers we discussed at the beginning of the video. Once we move into our new place our monthly amount will go down by the rent. But will add in our HOA fees. Happy New Year! Alan, Leslie and Wolf
We are really enjoying your videos, you have a nice and sincere delivery. We are a retired East coast USA professional couple thinking of spending more time in Madeira. Maybe longer 2-4 month stays, any suggestions? Jim and Gail Torinese, Bristol RI and Beaufort SC.
Ola noeta3 AS US citizens you can stay in the EU for 3 months at a time on the travel Visa. So plan no more than 3 months at a time. Then out for 3 months and you are set. Come join us monthly online meet up group on Patreon. Www.patreon.com/itllbefun Happy New Year!
Hi Alan, I was hoping you could guide me and my father to info that we are having a hard time finding. My mother was from Terçeira, I am waiting on my citizenship to go through. It shouldn't be much longer. My dad is 83 vet military. We want to move either to Portugal or with EU once my citizenship goes through. We need to be near an military base due to my dad's conditions. My question is: What do we do to not get hit so hard on currency conversion from his SS, retirement. Etc? Can you please guide me on where to look or go. Thank you very much and I love your videos. I'll be in Terçeira in June and Algarve till mid July. Lots of Familia there! ❤
Bom dia! We are glad you are here. We use two different money transfer companies and have affiliates link with them. Your support by using our link and letting them know we sent you is greatly appreciated since this is how we support our channel. Money Transfer Companies Wise International Money Transfer For seamless international money transfers, our recommended choice for smaller transfers is Wise. To make use of their services, access our affiliate link: Wise Affiliate Link Spartan FX A trusted name in the realm of money transfers, Spartan FX is headquartered in London. Especially suited for significant transfers, you can connect with Neil Poyton: ● Email: npoyton@spartanfx.co.uk Explore their services through these affiliate links: FX Partner www.spartanfx.co.uk/fx-partner.php?sfxtrack=madeira We actually suggest you set up both companies that way you will have options. Hope this helps. Have a wonderful day Alan and Leslie
Ola colourfulworld Thank you very much. And welcome we are so glad you are here. Let us know how we can be of help. Happy New Year! Alan, Leslie and Wolf
Bom dia! I am planning to move to Pt this year 🙏😊 I am looking at Funchal, Madeira. Is the realtor you recommend for rentals also? Thanks for sharing your thoughts and experiences. JaneM ❤😊
Ola Jane M We are glad you are coming! We think you have chosen well. Yes, Claudia and her team will help you with your rental as well as purchase when the time comes. Send her. an email and she will set up an online meeting to get started as well as a meeting in person during your scouting trip. Or can can book a meeting with her theough our website www.itllbefunretirement.com. Whichever works. Her email is Claudia Ribeiro Happy New Year! Alan, Leslie and Wolf
Thank you for that reply Alan. This was my exact question as well. We will setup initial talk with Claudia soon. I’m a huge fan of the channel. Started subscribing when there were just handful number of subscribers. 2024 is the year when we can finally execute what we planned for years. Content provided is absolutely amazing and definitely helped us make our minds about the island. Happy new year! Darius&Eva
Ola! Please make sure you talk to Filomena our Portuguese tax attorney so she can help you understand how taxes may or may effect your decision! Let us know what we can help with!!!
Hi Alan. Me and my wife are thinking of retiring and moving to Europe and Portugal is on the top of our list of countries. We will be visiting the Azores this year. I was hoping to come to Madeira and maybe meet you for some coffee. I hope you can help us with something. We are in a little different situation. Both of us are US citizens (lived in the US for 30+ years), but we also hold EU passports (as we are also citizens of one country included in the Schengen group). We are just wondering how this would affect our taxes, and medical insurance once we move out of the US. Do you know anyone who can advise us about those implications? Greatly appreciate it. Thank you and Happy New Year!
Ola Adam, Lucky you! EU citizens already. As for taxes it would remain the same. If you want to maintain your US citizenship you will be required to file US taxes each year after you file with Portugal or the country of residence and tax domicile. We have our Portuguese tax attorney and US Expat tax company listed on our vendor list. We recommend you set up an appointment which each of them so you can truly understand how the move will effect your money and income. www.patreon.com/itllbefun And www.itllbefunretirement.com Happy New Year! Alan, Leslie and Wolf
Ola, Thanks for watching and supporting our channel. Here is the link to the breakdown of our travel for the past year. ua-cam.com/video/MwpR9vXVofo/v-deo.html The cost of living includes all travel on the island and all costs for living. Hope this helps. Have a wonderful day, Alan, Leslie and Wolf
Ola Pathkris Happy New Year! The 2500 includes our rent as well all of our expenses. Our rent is 880 euros but yours would vary depending on your needs and what you can find. Thanks for watching and supporting our channel. Alan, Leslie and Wolf
Ola hjdreams, We can't wait to be able to share the next one. We are hoping to do the progress video by the end of January with a follow-up in February and a move in for March. Stay tuned!!! Happy New Year! Alan, Leslie and Wolf
Ive watched Portugal become more expensive and with more bureaucratic hoops to jump, for the past 2 years. I gave up the idea of retiring there. But I'm a single woman with mobility issues and a very modest income. And im older than you.
Ola Suzanne Yes, everywhere has gotten a little more expensive. And we definitely have hills , so walking can be a problem. Hopefully you can come for a visit at.least itnis truly beautiful. Thanks for sharing and supporting our channel. Happy New Year! Alan, Leslie and Wolf
Ola Conan Some people want to keep the their Medicare and use it overseas. Check with the policies in your state to see if you can find a policy that will cover you if you change your residency and live overseas. There may be one. In our case when we came there wasn't an affordable option for this kind of coverage.
Ola User..... Thanks for watching and supporting our channel. We recommend you contact Michelle at Serenity. You can find his contact information on our trusted vendor list click here www.itllbefunretirement.com Happy New Year! Alan, Leslie and Wolf
u have not idea how expensive usa is right now... an organic little chicken is 21 dollars, organic gallon of milk is 8.95 and the list goes one and for rent is way too expensive...
Ola lolitabonita Thank you for sharing. It has been 2 years since we shopped for groceries in the USA. We knew the prices had gotten high bur that is very high. Can you still get a better price at stores like Aldi's? Thanks for watching and supporting our channel. Have a Happy New Year! Alan, Leslie and Wolf
Aldi's same as Heb hick their prices as well, if you are not shopping for healthy, "safe" food then u can find it a little bit cheaper but still high in price in what used to be a year ago (2022). Praise God that the gas is cheap...but only God knows until when.. I have a question if you do not mind...!) do you have an email attached to your channel....? I will like to contact you and ask a lot of questions in regards the process of moving there..logistics to start the move, dog transportation, arriving there, etc. I am low income so my ssi is not even close to yours, but i figure i can live in a piece of land as long i have a roof, and can grow my own food and keep some animals i will be more than happy. I am thinking Fundao, and around Fundao more towards the mountain region. Many Blessings to you and yours...have an amazing New Year @@ItllBeFun
You can schedule a one-to-one meeting with us. Through patreon www.patreon.com/itllbefun or directly.iva this.link calendly.com/itllbefun/patreon-member-only-it-ll-be-fun-supporter-meet-up Thank you very much for your support. Happy New Year! Alan, Leslie and Wolf
Ola mytestchannel Glad you asked. Last weks video covered all our travel numbers for 2023 start to finish. Here's the link: ua-cam.com/video/MwpR9vXVofo/v-deo.html Happy New Year! Alan, Leslie and Wolf
@@ItllBeFun Malaga region. As just a home base to explore the rest of Europe. From what I understand, if I'm in Spain for more than 180 days a year I free to travel where I like. Apartments as low as 600 EU that are enough. 1 bed 1 bath furnished, with a parking space.
Yes, but you will also become a tax resident and need to apply for and be approved for a Visa. But you have chosen a great area to create your adventure from!!!
Why a pipedream? Because you now have to pay tax like everybody else in Europe? You mean that only cheapskates come to Europe? You can still come as a tourist ...
Ola truus... Thanks for being here. If you watch the video you will discover it is a cost of living video that tell gives the normal middle class person encouragement to understand they can build their retirement dream. Have a wonderful day!
My son's friend and her husband and two small children just moved to Portugal. Not sure what the do for money but, they packed up everything, rented out their home on Los Angeles and moved. Thanks for your video.
They are off on a new adventure.
Thank you for this info. Its still pretty reasonable considering rising cost. With that said, i have put off moving abroad because of new debt from breast cancer. I'm considering Mexico to pay down my debt before going to Europe. My move out of the U.S. is more for mental health, then the cost of living. ❤
Ola Rosalind,
Our thoughts and prayers are with you. Whatever direction you end up going will be wonderful. One of the beauties of Portugal is that while the prices may be up they have gone up no more than the rest of the world. So it is all relative. And here you would actually be able to afford healthcare without incurring additional dept. Try talking to Micheal at Serenity. He may be able to help.
Happy New Year!
Alan, Leslie and Wolf
Are you looking at Panama? It is a good option these days. And has plenty to offer.
Subscribing not only for the content but for your warm, relaxing voice!
Obrigado!
A very good review of the current cost of living and an eye opener for the new wannabe entrants to Portugal. Yes worldwide the inflation has gone up in the last 2 years. The housing is always a major chunk and if one has it covered with a self owned home that makes it a lot affordable almost any where. My dad always used to tell me that the first investment in life should be your own home (when you can..),so you will never be at the mercy of escalating rents. I am glad for you that you have taken that step and that should ease the burden on affordable living in your dream place Madeira. Wish you all a Very Happy, Healthy and Prosperous New Year.
Thanks Cookmaster! We are excited and you are right. Once you own your place you can almost live anywhere.
Happy New Year!
Alan, Leslie and Wolf
Hi Alan. Unfortunately I think that it does not make much sense financially for most US citizens to consider Portugal as a retirement option with the ending of the NHR tax incentives. As a retiree, my research indicates that I'll be paying an additional 30% in total taxes on social security and investment income/capital gains for the pleasure of living in Portugal. It will be up to each individual to determine if the additional cost is worth it. The 10 year exemption that you have with NHR will end quicker than you think and assuming no changes to tax policy, what are you going to do when your taxes increase significantly then? Maybe the strategy would be to live in Portugal for six months less a day and the rest of the time in the US to avoid high Portuguese taxes.
Ola Bill,
Yes, each person definitely needs to run the numbers. We also need to wait and see what the new election government officials are going to do regarding the NHR or something to that effect.
But if all else fails France and Spain are calling!
Happy New Year!
Alan
For some, the pleasure of living in Portugal, “it is all worth it.” And not all about taxes.
Howdy! You know you live in England.
@@ItllBeFun Should I moan about the taxes in England?😀
Yes if you want to. But people really should run the numbers for themselves in order to make good decisions.
Bom dia! We are glad you are here. Join our Patreon group click here: www.patreon.com/itllbefun. Interested in our Trusted Vendor list click here: www.itllbefunretirement.com
If I look at Portugal from purely a financial viewpoint, it is less attractive these days. However, there are other qualities that are worth the extra cost. To name a few, there is Madeira's sheer beauty, its people, the culture, its peace index ranking, the relaxed pace of life and the cost and level of medical treatment. Important factors for us that weight our decision positively toward Madeira, Portugal.
Ola Chris,
You are absolutely correct. We love Portugal and this island. Our choice of locations for the next part of our life perfect. We hope that after others run the numbers and balance the benefits that will come to the same conclusion. Thanks so much for the support you have given us we truly appreciate it.
Happy New Year!
Alan, Leslie and Wolf
@@ItllBeFun Happy New Year to you guys! God's continued blessings into 2024!
Here we go, someone with common sense. It isn’t all about taxes. This “taxes” argument regarding NHR is becoming over the top now.
Yes. It is truly important that anyone run all the numbers before they move to a new place. Surely the new country would not want someone to come and struggle to live therefore becoming a burden to society.
@@ItllBeFun I agree with you. We already have enough of our own ones being a burden 😂
Thank you for the open, transparent numbers! :D
Glad you enjoyed it. Thanks for watching and supporting our channel.
Alan, Leslie and Wolf
You guys are doing great! I can't wait to see the condo renovation and hope you discuss price and difference in monthly budget! Without rent and/or mortgage you should be sitting pretty!! We thankfully locked into a VERY affordable mortgage and have immense security with homd ownership!! You have mentioned France a few times and I can assure you it is not affordable!! I lived there for 13 years and we absolutely 💯 do not regret leaving!!
Ola Tamara,
Thanks! We are happy. It all works out if you keep working towards making it happen. As the saying goes 'if there is a will there is a way'.
Congratulations on getting to good solid mortgage.
As for France itnis expensive in many areas. Kind like the USA you can live cheaply but you may not want to live in that area. Portugal has many places you can live cost effectively.
Thanks for sharing and supporting our channel.
Happy New Year!
Alan, Leslie and Wolf
Such gorgeous voice, perfect for story telling! Where is the bridge in minute 11:23? For everyone watching this video who is planning to move to/buy property in Madeira, I know we are all looking for a good place to live a tranquil healthy life. However, please be mindful that Madeiran salaries are ridiculously low (850 - 1300 euros/month) and the vast majority of locals has been left out of the rental/buy market as they can't compete with the international buying power. Property prices have especially gone up since Americans discovered the island and there are now real estate agencies who work solely with the American market as it means higher commissions with most deals being over 1 million euros, which for Madeirans is 100% out of reach. With a regular salary of 1000 euros, banks can lend you up to 90.000 euros and the cheapest liveable properties you can find out there are above 200.000. If you buy land, construction cost per square meter is around 1600 - 1800 euros depending on material quality. Rentals have gone from 400/500 euros to 1000/1500 euros/month. If you come to Madeira, make sure you have a source of income and are not depending on the regular jobs here. Good luck! 🙂
Ola lsa,
Thank yoy for sharing.
Have a wonderful day
!
Were is the bridge in minute 11:23 ? 😊
I think this is your best video about living in Madeira. Beautiful videography and narration as you have a wonderful speaking voice that is so very easy to listen to. I always look forward to your videos for entertainment for certain, and for the hope that we will one day join you and your family on the island of Madeira.
Ola Birdynunnum
Happy New Year's!!! We are grateful for your support. It is a very good video gives a nice flavor of the the island. Thanks for being here.
Have a wonderful day,
Alan, Leslie and Wolf
Thank you! One of the most informative channels out there.
Ola Cecilia
Thank you very much. We appreciate your support.
Have a wonderful day,
Alan, Leslie and Wolf
We have been following you since the beginning.. this is your best video!!! have a great new year!!1
Ola Amy
Thank you! I will tell Wolf. I thought it turned out really nice as well.
Thank you for your support we truly appreciate it.
Have a Happy New Year!
Be safe.
Alan
Just got back last week from Portugal after two years of talking about it. Already planning our next trip back. Might have to look at some real estate next time.
Fantastic!!! Let us know if we can help. www.itllbefunretirement.com
Very very grateful for showing Santa Cruz my mother still lives in Santa Cruz the road in the back of airport up to Residencial Prisma called Santo Antonio da Serra over there there is less transportation and buses. You are in better location if you did manage to buy in Santa Cruz near from everything . All the best and a nice New Year.🎈🎈🎉🎉😘😘
Ola Isabeloliveira
We love Santa Cruz it is such a beautiful town. The Christmas decorations were fantastic. Poinsettias everywhere which made us happy. Thanks for watching and supporting our channel.
Happy New Year!
Alan, Leslie and Wolf
$3000/year for a couple for health insurance is very good. Small business owner in Missouri means I pay my own BC/BS health insurance and I pay just under $12,000/year! Yep nearly a grand a month for 27 years! Total that one up and it equals a decent house where I live and probably in Portugal (Italy or Spain!), also. An absurd amount of money. Moving would be for overall heath benefits. Kaput working mega hours all these years. Basically gave up life to work it. I am overdue to start living now preferrably since I cannot do it after! ugh Looking at real estate in those 3 places is a daily thing for me. Scouring areas. Really enjoy your channel and lucky you all for a home nearly done now. Must be absolutely fab! Enjoy.
Olá! Great to hear from. It is amazing Healthcare is so expensive.Leslie's was 12k a.tear as well, plus the huge deductables, co-pays,and the 70/30 split. So come visit us as you look for your next adventure!!!
Cannot wait!! TIme is a ticking!@@ItllBeFun
Life is Short!!!!!
We went to Madeira this Christmas and stayed for a week, coming from Italy and being oftentimes in Spain we can confirm that from a financial point prices are aligned with the Mediterranean European "rich" area (Italy, Portugal, Spain). Spain of these three is currently the cheapest, well, slightly... But if someone is planning to retire in the Mediterranean and money are an important aspect look at Albania and Morocco, plenty of Italians are moving there due to lower cost of living and similar lifestyle
Ola marijo
Thank you so much for sharing. We appreciate it.
We will have to plan some more travel.
Have a wonderful day
Alan, Leslie and Wolf
Very helpful thank you
Obrigado! We appreciate you being here.
Hi Alan. Very useful advice and tips in this video.
Happy New Year guys! Hope you had a wonderful celebration!
Hi thank you for the lovely video, how did you get your cat there from the USA? We really do not want to put our 4 legged family member in the cargo hold. Have a wonderful new year and well done for following your dreams.
Ola Klassyken
Thanks for watching and supporting our channel. Attached is our videos on the process for bringing your pets. Click here: ua-cam.com/video/V6wKTMKDmLM/v-deo.html
I know it is hard to think about putting your pet in the hold. That is determined based upon size and weight. Rex is not a fat cat but he is a very big male. Both he and Greer rode in the hold. They had mich bigger cages and were more comfy. But it took months to come to terms and believe all would be fine.
Come join our online monthly meet up group on Patreon where we talk about this kind of thing.
Have a Happy New Year!
Alan, Leslie and Wolf
Bom dia!
Happy New Year to everyone!
This “net income” profile is very helpful. Retiring on a D7 visa to Portugal will make one a Portuguese tax resident. It would be helpful for an overview of the tax obligations one would face - especially in the post-NHR world where the 10% flat rate will no longer be available. I estimate that on a net income level portrayed here puts one in the mid-20% tax rate range. So 32k net would require about 40k in gross income.
Ola Mitchell
I would guess you are close in your estimate. As for taxes we aren't tax accountants and it is difficult to have generalized conversations because how you receive your income will effect your effective tax you pay as well as the amount of the income.
We do have a couple trusted tax attorneys we can send you to if you are ready.
Happy New Year!
Alan, Leslie and Wolf
Vacationed there last year and really liked it. Thinking of short term stay for a couple on months. Any suggestions? Just two 75 yr old professionals.
Do it!!! It'll Be Fun!
A very comprehensive video. Did you ship the VW Bug from the U.S.?
Ola Ms ardychan
Yes, we shipped the car from the USA. Click here to watch the video ua-cam.com/video/kSYPZmpmH48/v-deo.htmlsi=QTig1JwITmEtvLhv
It an old one but the information is good.
Happy New Year!
Alan, Leslie and Wolf
Where is the location of the hike? it looks wonderful.
Ola Desertdweller
This one is on the east side of the island just above Machico. It is a nice easy hike. We really like it and have done it many times.
We should plan a journey together.
Happy New Year!
Alan,Leslie and Wolf
So you would need to add rent to your amount if you hadn’t been able to purchase your home outright? So monthly in a renters world would be 2700 USD plus 1K - 1.5K? That is much more than I expected.
Ola Dillsea
No we added in our current monthly rent based off the numbers we discussed at the beginning of the video. Once we move into our new place our monthly amount will go down by the rent. But will add in our HOA fees.
Happy New Year!
Alan, Leslie and Wolf
great stuff...maybe add timestamps with headings?
Great idea!
We are really enjoying your videos, you have a nice and sincere delivery. We are a retired East coast USA professional couple thinking of spending more time in Madeira. Maybe longer 2-4 month stays, any suggestions? Jim and Gail Torinese, Bristol RI and Beaufort SC.
Ola noeta3
AS US citizens you can stay in the EU for 3 months at a time on the travel Visa. So plan no more than 3 months at a time. Then out for 3 months and you are set.
Come join us monthly online meet up group on Patreon. Www.patreon.com/itllbefun
Happy New Year!
Hi Alan, I was hoping you could guide me and my father to info that we are having a hard time finding. My mother was from Terçeira, I am waiting on my citizenship to go through. It shouldn't be much longer. My dad is 83 vet military. We want to move either to Portugal or with EU once my citizenship goes through. We need to be near an military base due to my dad's conditions. My question is: What do we do to not get hit so hard on currency conversion from his SS, retirement. Etc? Can you please guide me on where to look or go. Thank you very much and I love your videos. I'll be in Terçeira in June and Algarve till mid July. Lots of Familia there! ❤
Bom dia! We are glad you are here. We use two different money transfer companies and have affiliates link with them. Your support by using our link and letting them know we sent you is greatly appreciated since this is how we support our channel.
Money Transfer Companies
Wise International Money Transfer For seamless international money transfers, our recommended choice for smaller transfers is Wise. To make use of their services, access our affiliate link: Wise Affiliate Link
Spartan FX A trusted name in the realm of money transfers, Spartan FX is headquartered in London. Especially suited for significant transfers, you can connect with Neil Poyton:
● Email: npoyton@spartanfx.co.uk Explore their services through these affiliate links: FX Partner www.spartanfx.co.uk/fx-partner.php?sfxtrack=madeira
We actually suggest you set up both companies that way you will have options.
Hope this helps.
Have a wonderful day
Alan and Leslie
Subscribed👍
Ola colourfulworld
Thank you very much. And welcome we are so glad you are here.
Let us know how we can be of help.
Happy New Year!
Alan, Leslie and Wolf
Hi grandpa no I'm Bailey also thank you for the gift card
You are very welcome, Bailey!
Sorry it was late.
Happy new year!!
Love, Grandpa, Leslie and Wolf
Bom dia! I am planning to move to Pt this year 🙏😊 I am looking at Funchal, Madeira. Is the realtor you recommend for rentals also? Thanks for sharing your thoughts and experiences. JaneM ❤😊
Ola Jane M
We are glad you are coming! We think you have chosen well. Yes, Claudia and her team will help you with your rental as well as purchase when the time comes. Send her.
an email and she will set up an online meeting to get started as well as a meeting in person during your scouting trip. Or can can book a meeting with her theough our website www.itllbefunretirement.com. Whichever works. Her email is Claudia Ribeiro
Happy New Year!
Alan, Leslie and Wolf
Thank you for that reply Alan. This was my exact question as well. We will setup initial talk with Claudia soon. I’m a huge fan of the channel. Started subscribing when there were just handful number of subscribers. 2024 is the year when we can finally execute what we planned for years. Content provided is absolutely amazing and definitely helped us make our minds about the island. Happy new year! Darius&Eva
Ola! Please make sure you talk to Filomena our Portuguese tax attorney so she can help you understand how taxes may or may effect your decision!
Let us know what we can help with!!!
Hi Alan. Me and my wife are thinking of retiring and moving to Europe and Portugal is on the top of our list of countries. We will be visiting the Azores this year. I was hoping to come to Madeira and maybe meet you for some coffee. I hope you can help us with something. We are in a little different situation. Both of us are US citizens (lived in the US for 30+ years), but we also hold EU passports (as we are also citizens of one country included in the Schengen group). We are just wondering how this would affect our taxes, and medical insurance once we move out of the US. Do you know anyone who can advise us about those implications? Greatly appreciate it. Thank you and Happy New Year!
Ola Adam,
Lucky you! EU citizens already. As for taxes it would remain the same. If you want to maintain your US citizenship you will be required to file US taxes each year after you file with Portugal or the country of residence and tax domicile. We have our Portuguese tax attorney and US Expat tax company listed on our vendor list. We recommend you set up an appointment which each of them so you can truly understand how the move will effect your money and income.
www.patreon.com/itllbefun
And
www.itllbefunretirement.com
Happy New Year!
Alan, Leslie and Wolf
Is travel included in this monthly budget?
Ola,
Thanks for watching and supporting our channel. Here is the link to the breakdown of our travel for the past year. ua-cam.com/video/MwpR9vXVofo/v-deo.html
The cost of living includes all travel on the island and all costs for living.
Hope this helps.
Have a wonderful day,
Alan, Leslie and Wolf
Is the 2500 euros including a rent of 1200? The numbers seem to a be a little higher if we add all amounts mentioned in the video. Thanks.
Ola Pathkris
Happy New Year!
The 2500 includes our rent as well all of our expenses.
Our rent is 880 euros but yours would vary depending on your needs and what you can find.
Thanks for watching and supporting our channel.
Alan, Leslie and Wolf
@@ItllBeFun Thank you for the clarification.
please can you clarify-- are your budget numbers for just you and your wife? or do they include you son as well. thank you!
For a couple
Very helpful info. Thank you! Will be interested in videos about your apartment and how that progresses next year!
Ola hjdreams,
We can't wait to be able to share the next one. We are hoping to do the progress video by the end of January with a follow-up in February and a move in for March. Stay tuned!!!
Happy New Year!
Alan, Leslie and Wolf
Ive watched Portugal become more expensive and with more bureaucratic hoops to jump, for the past 2 years. I gave up the idea of retiring there. But I'm a single woman with mobility issues and a very modest income. And im older than you.
Ola Suzanne
Yes, everywhere has gotten a little more expensive. And we definitely have hills , so walking can be a problem. Hopefully you can come for a visit at.least itnis truly beautiful.
Thanks for sharing and supporting our channel.
Happy New Year!
Alan, Leslie and Wolf
Money, money, money, money!
😎🏖🏝
just curious if your son works in Madeira?
Ola Rita
Thanks for being here!
He works remotely building this channel and investing.
Happy New Year!
Alan, Leslie and Wolf
😍
Happy New Year!
How come you said " if your're from the USA & qualify for Medicare you may want to maintain a Residence in the usa"
Ola Conan
Some people want to keep the their Medicare and use it overseas. Check with the policies in your state to see if you can find a policy that will cover you if you change your residency and live overseas. There may be one. In our case when we came there wasn't an affordable option for this kind of coverage.
Sir … HIV positive patient can get TRC card artical 122G medical health care program in Portugal 🇵🇹? Pls reply sir
Ola User.....
Thanks for watching and supporting our channel.
We recommend you contact Michelle at Serenity. You can find his contact information on our trusted vendor list click here www.itllbefunretirement.com
Happy New Year!
Alan, Leslie and Wolf
u have not idea how expensive usa is right now... an organic little chicken is 21 dollars, organic gallon of milk is 8.95 and the list goes one and for rent is way too expensive...
Ola lolitabonita
Thank you for sharing. It has been 2 years since we shopped for groceries in the USA. We knew the prices had gotten high bur that is very high. Can you still get a better price at stores like Aldi's?
Thanks for watching and supporting our channel.
Have a Happy New Year!
Alan, Leslie and Wolf
Aldi's same as Heb hick their prices as well, if you are not shopping for healthy, "safe" food then u can find it a little bit cheaper but still high in price in what used to be a year ago (2022). Praise God that the gas is cheap...but only God knows until when.. I have a question if you do not mind...!) do you have an email attached to your channel....? I will like to contact you and ask a lot of questions in regards the process of moving there..logistics to start the move, dog transportation, arriving there, etc. I am low income so my ssi is not even close to yours, but i figure i can live in a piece of land as long i have a roof, and can grow my own food and keep some animals i will be more than happy. I am thinking Fundao, and around Fundao more towards the mountain region. Many Blessings to you and yours...have an amazing New Year @@ItllBeFun
You can schedule a one-to-one meeting with us. Through patreon www.patreon.com/itllbefun or directly.iva this.link calendly.com/itllbefun/patreon-member-only-it-ll-be-fun-supporter-meet-up
Thank you very much for your support.
Happy New Year!
Alan, Leslie and Wolf
thank you for the tip.@skygblue6250
It is always good to have a back up plan
What about your travel expense during 2023 since that is one of the reason to moving to EU country? Thanks.
Ola mytestchannel
Glad you asked. Last weks video covered all our travel numbers for 2023 start to finish.
Here's the link: ua-cam.com/video/MwpR9vXVofo/v-deo.html
Happy New Year!
Alan, Leslie and Wolf
Spain alot cheaper.
Hi Richardrtracy,
It can be. Housing is very expensive here these days. Where in Spain are you researching?
@@ItllBeFun Malaga region. As just a home base to explore the rest of Europe. From what I understand, if I'm in Spain for more than 180 days a year I free to travel where I like. Apartments as low as 600 EU that are enough. 1 bed 1 bath furnished, with a parking space.
Yes, but you will also become a tax resident and need to apply for and be approved for a Visa. But you have chosen a great area to create your adventure from!!!
Enjoy the last years of your life because it is almost over.😢
Ola Jeff,
Why thank you! I will enjoy the few remaining years of my life. Thanks for supporting our channel.
Happy New Year!
Alan
Hap
Why a pipedream? Because you now have to pay tax like everybody else in Europe? You mean that only cheapskates come to Europe? You can still come as a tourist ...
Ola truus...
Thanks for being here. If you watch the video you will discover it is a cost of living video that tell gives the normal middle class person encouragement to understand they can build their retirement dream.
Have a wonderful day!
This guy hates Portugal. All his videos are about how his life sucks
Ola John,
Thank you for watching and supporting our channel.
Have a wonderful day,
Alan