Portugal - Need advise (income, taxes, live)

[Steven999]

I currently live and was born in the US (Duel citizenship US & Portugal). My only family in the US are my two wonderful parents. I am the only member of my family to be born outside Portugal. I visit there every year and now I think Im ready to move there for good. Life is just different there. People are friendlier, it's cleaner, the pace of life is slower and more relaxed, my family is there and as someone that would like to settle down and start a family soon it's MUCH safer and I think a better place to raise kids. I also know (despite be told otherwise because they don't want to be far from me) that my parents would be happier to retire to Portugal. The only thing Im worried about is the job situation. I have a good job here but I can't see me doing this for the rest of my life. In Portugal I would like to start a business, as I see a lot of opportunity in the business I would like to start. I would just like to hear other peoples experience with the same situation or if anyone has any advise for me.

Thank you

[bale002]

I have comparable experience in Italy in terms of setting up a business and I spent some years in Portugal - by the way a great country, I would have stayed forever too had I met the right woman, but that's another story.

The biggest and most difficult difference you will perceive compared to the US is bureaucracy and taxation.

Hopefully you have a substantial sum already saved that generates supplemental income, and kept away from the euro taxocrats, so that your after tax income generated in Portugal will enable you to attain your desired level, or the business is so successful that you can actually afford to pay taxes without excessive burden.

That's it in a nutshell.

Don't know what part of Portugal you and your folks are going to, but a fantasy of mine is to retire on a small/medium-sized finca in eastern Algarve.

Anyway, all the best!

[Steven999]

Originally Posted by bale002

I have comparable experience in Italy in terms of setting up a business and I spent some years in Portugal - by the way a great country, I would have stayed forever too had I met the right woman, but that's another story.

The biggest and most difficult difference you will perceive compared to the US is bureaucracy and taxation.

Hopefully you have a substantial sum already saved that generates supplemental income, and kept away from the euro taxocrats, so that your after tax income generated in Portugal will enable you to attain your desired level, or the business is so successful that you can actually afford to pay taxes without excessive burden.

That's it in a nutshell.

Don't know what part of Portugal you and your folks are going to, but a fantasy of mine is to retire on a small/medium-sized finca in eastern Algarve.

Anyway, all the best!

Thanks bale002, after my many years in Portugal I know all to well about the bureaucracy that's there. Its an unfortunate thing but not a deal breaker for me. Thankful I've always been wise with my money and have a nice sized savings I can use for this.

My family is from Faro in the Algarve and that's where I want to go. The year round weather (except maybe for the rain in December & January) there is just....perfect.