According to a Forbes report published yesterday, yes it is, despite the significant policy changes in 2023.

It is SAFE, coming in at #7 in the 2023 Global Peace Index. (For comparison, the United States comes in at #131.)

It is AFFORDABLE, yet its infrastructure is well-appointed.

It is EASY to get residency and even citizenship.

It has FRIENDLY locals who speak English fairly fluently, and it has an interesting culture and history.

It has HIGH-QUALITY health care. Its health system is ranked 12th-best in the world by the World Health Organization.

And on top of all of this, it’s naturally beautiful, with stunning Atlantic coastlines and a warm, Mediterranean climate.

What were the significant policy changes in 2023 about?

First, the government announced changes to its highly sought-after golden visa program in February. It eliminated real estate from the list of investment classes you could choose from to qualify for residency. It’s still possible to get it through investment in a job-creating business.

On November 29, Portugal’s parliament passed a law that abolished the NHR regime for new applicants on December 31, 2023. Those already in the regime will be grandfathered in.

This regime provided tax exemptions to foreign residents for up to 10 years, allowing special tax rates for certain types of income. Pensions, for example, were taxed at a flat rate of 10%.

The elimination of the NHR regime is a blow, but not a deal-breaker for Portugal. A jurisdiction’s approach to taxation shouldn’t be the base for your decision about where to retire overseas.

Portugal has income tax treaties in place with several countries, including the United States, which almost always eliminate the risk of double taxation.

Moving to Portugal should not increase your tax burden, and with guidance from a tax specialist, you can manage your tax situation effectively.

All things considered, Portugal is still one of the best options for a new life in the Old World.