Everything You Need to Know About Moving to Portugal from the US

 Moving to Portugal from the US may seem like a huge challenge, especially if you haven’t travelled overseas much before, but there are extensive resources That can help you create a comprehensive checklist to ensure nothing gets forgotten.

Creating a life in a new country is exciting

Portugal, on the westernmost tip of Europe, is a relatively small country with a big history. The Portuguese Empire extended all over the world which explains why the official language of Brazil is Portuguese. The climate is moderate with warm sunshine in summer and relatively mild weather in winter. With its tax advantageous rules for ex-pats, it is well worth considering moving to Portugal from the US.

Follow this checklist for moving to Portugal from the US and you will soon be enjoying your new surroundings and meeting the locals.

Documentation – passports and VISAs

Although US citizens do not need a VISA to visit Portugal, you would need a residency visa to stay more than 90 days. Your passport should have at least 6 months unexpired on the day of travel for you to be processed through Portuguese customs. There are various VISA’s available, depending on your circumstances, such as the golden visa, the NHR program and the D7 visa all offering tax incentives.

Finding a place to live – renting or buying

When you first arrive in Portugal you may not be 100% sure where you want to settle so may be a great option to start. Buying a property is a big decision but with mortgage rates at an all time low, it may be cheaper than renting. An experienced realtor can help you tick all the boxes and find the perfect place to buy or rent.

Tax and your NIF

The first thing you will need to do is to apply for the Número de Identificação Fiscal (NIF). The NIF is a tax number issued in Portugal to anyone who wishes to undertake any official matters, such as buying or renting a property. When you move from US to Portugal, you will need to file a tax return in Portugal as well as one in the US since all US citizens must file a US tax return irrespective of where they live in the world.

Bank accounts

You will also need to open a Portuguese bank account. Not all banks will accept American citizens but there are plenty that will, providing you have your NIF code available. You will also require the following:

a)     Proof of Identification (e.g. passport)

b)     Proof of Address (e.g. recent utility bill)

c)      Proof of income (e.g. recent payslip

d)     Portuguese mobile phone number

e)     Deposit of around EUR300

Moving money abroad

If you are considering buying a property in Portugal then you will need to move money abroad, probably before you have actually arrived in the country yourself. It’s a good idea to enlist the help of a specialist currency exchange provider who can ensure you get a good exchange rate and who will simplify the process for you. Moving Currency has a US based account so all you need to arrange is a domestic transfer and we’ll take care of the rest.

Healthcare

Portugal has a state-run national health service called Serviço Nacional de Saúde (SNS). A fee is payable for many procedures. American citizens can use the SNS as can other ex-pats or you can choose to take out private health insurance for faster access to medical help. Private health insurance in Portugal is significantly cheaper that the US.

Driving in Portugal

US driving licenses are valid in Portugal so you won’t need to take an additional test to drive.

Working in Portugal

If you are keen to get a professional position in Portugal then you are likely to need to learn the language. However, you can get work in the hospitality or tourism industries where having English will be an advantage.

Cost of living

Portugal is a relatively inexpensive place to live compared with many US cities. You can rent an apartment for around EUR800-1000 a month and a meal out might cost you around EUR 12-15 including drinks.

Relocating your belongings

As Portugal is located directly across the Atlantic from the US, it is fairly easy to relocate your furniture and other belongings either by air or by sea. Although shipping is slower, it is a much cheaper option than air freight for moving your belongings. If you are moving with pets, arrange for them to be transported and placed in appropriate quarantine if need be.

Final preparations before moving day

Ensure that you cancel any utilities, subscriptions and redirect your mail to your new address.

Inform your bank and tax authorities that you are moving abroad.

Pay any outstanding bills and loans before you leave.

Moving Currency provide a simple, secure and stress-free service whilst saving you time and money. We can help you manage all your payments associated with moving to Portugal from the US. You can view your account online 24/7 and a dedicated account manager will be happy to assist you throughout the process.

We work with a number of partners who can all help you with your move to Portugal. From opening a bank account, arranging a visa to finding the perfect place to live we can connect you with the best people to assist.

Have we sparked your interest in moving to Portugal? Get in touch today and our team will be happy to answer any questions you have. Contact us on 516 548 6485 or email info@movingcurrency.com

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