Portugal vs Spain
Two retirement contenders on one comparable scale. Same published formula, same source-cited data; every fact below keeps its citation.
Axis by axis
- HealthcareTied
- Retiree visaPortugal +20
- AffordabilityTied
- SafetyPortugal +19
- ClimateTied
- Expat communityPortugal +12
The facts, side by side
Each value links to the exact source it was verified against.
~EUR 920/mo single (the 2026 Portuguese minimum wage, about EUR 11,040/yr) in stable passive income; +50% for a spouse, +30% per child.
~EUR 2,400/mo single (400% of IPREM, about EUR 28,800/yr), plus ~EUR 600/mo (100% IPREM) per dependent family member.
Private health cover starts under EUR 120/mo for basic plans, with comprehensive plans around EUR 1,000/yr; premiums rise with age, so a 65-year-old should budget toward the upper end.
Full private cover is required for the visa; as a public-system proxy, the Convenio Especial costs ~EUR 157/mo for over-65s (vs ~EUR 60/mo under-65), and private plans for a 65-year-old are broadly in that range or higher.
~$1,700-2,300 single incl. rent (Lisbon single-person costs ~EUR 756/mo excl. rent plus central 1-bed rent).
~$1,900-2,600 single incl. rent (Madrid single-person costs ~EUR 826/mo excl. rent plus central 1-bed rent); cheaper outside the capital.
Lisbon 1-bed city-centre rent averages ~EUR 1,432/mo (Numbeo, 2026); smaller cities like Porto and Algarve towns are notably cheaper.
Madrid 1-bed city-centre rent averages ~EUR 1,417/mo (Numbeo, 2026); expat-favourite cities like Valencia and Alicante run well below Madrid.
Yes, Portugal taxes foreign pensions of tax residents at progressive IRS rates (12.5%-48% in 2026). The new IFICI (NHR 2.0) regime does NOT exempt pension income; only pre-2024 NHR holders keep the old 10% flat rate.
Yes, Spain taxes the worldwide income of tax residents, including foreign private pensions, at progressive rates of 19%-47%. US Social Security is generally taxed only in the US, and government pensions typically only in the source country.
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