Portugal registers the greatest worsening of poverty in 2021 and becomes 8th worst in the EU. The drop in income in the first year of the pandemic pushed Portugal to the eighth position on the list of European countries with the highest risk of poverty and social exclusion in 2021, according to Eurostat data.
Portugal's relatively low productivity, the key driver of economic success, is the main reason. Productivity simply measures output per worker, and countries with high productivity are clearly more efficient at producing goods than low productivity countries, and can thus afford higher wages and salaries.
Poverty hits 18.4% of the Portuguese population after social support. In comparison to countries in the European Union, Portugal's position has worsened.
If this question refers to GDP, Portugal is not necessarily a poor country. However, how many people live in poverty in Portugal? Over 1.6 million Portuguese people lived below the poverty line in 2020, meaning less than 540 euros per month. This amounts to 9.5% of the population working in Portugal.
Low wages in Portugal
A major downside to living in Portugal is finding a well-paying job. Whether you are making minimum wage or the average salary, do not expect to make a lot of money. In 2022, the national minimum salary in Portugal is €705 a month before tax.
The Portugal Residence Visa Permanent Residency is available to residents of Australia. Portugal Golden Visa residency from Australia through buying Real Estate, OR thru a Capital transfer and OR through job creation. This is your chance for Immigration to Portugal.
In Portugal, “there are so many empty houses because it does not cost the owners much” to keep them, he sums up. António Frias Marques, president of the National Property Owners Association, has another take on the problem, which focuses on the historic neighbourhoods of Lisbon and Porto.
Overlooking Belém, in Lisbon, the Segundo Torrão, in Trafaria, came into existence 40 years ago. What started as a fishing community that grew over time, is now the largest slum in size in Lisbon, where there are people living in shocking conditions.
Among Portugal's chief exports are automobiles and transport components, machine tools, textiles, clothing, footwear, paper pulp, wine, cork, plastic molds, and tomato paste.
Portugal's average monthly salary is around 2750 EUR or 2676.42 USD. It's interesting to note that the average salary in Portugal is substantially lower than in the United States, where people earn approximately 7892 USD per month.
Ongoing concerns include corruption, certain legal constraints on journalism, poor or abusive conditions for prisoners, and the effects of racial discrimination and xenophobia.
In 2021, Portugal ranked among the top 5 countries for expats: 84% of those who moved to the country were satisfied with their lives. For comparison, the global average satisfaction rate is 75%. Foreigners make up 6.4% of the Portuguese population.
Portugal's economic freedom score is 70.8, making its economy the 31st freest in the 2022 Index. Portugal is ranked 21st among 45 countries in the Europe region, and its overall score is above the regional and world averages. The Portuguese economy contracted in 2020, but growth resumed in 2021.
Currently, there are 9,000 people facing homelessness in Portugal, 800 more than in 2020. Most of them access temporary shelters, but 4,000 of these have no shelter whatsoever. According to the European Commission, homelessness levels have risen in most parts of Europe during the last decade.
Spain is, according to the most recent FMI estimates, the 15th largest world economy (in PPP terms), with Portugal 55th. In terms of per capita GDP (PPP) the gap is smaller, with Spain ranking 32nd and its neighbour 43rd.
But in Portugal, the poverty-stricken area of Cova da Moura, which sits on the edge of Lisbon, the country's capital, people live destitute lives. Since the 1970s, the area has become home to some 6,000 people.
Is Portugal safe to live in? The Global Peace Index 2022 names Portugal as the 6th safest country in the world, after Iceland, New Zealand, Ireland, Denmark, and Austria.
Portugal's largest exports are cars, motor vehicle parts, and clothing goods. Additionally, Portugal is the world's largest exporter of corks (more than €1 billion annually). The primary export partners of Portugal are Spain, Italy, France and Germany.
With standard tax rates ranging from 14.5% to 53%, Portugal can either be crippling or a tax haven depending on how and where you structure your wealth. Portugal introduced the Non-Habitual Residence (NHR) scheme in 2009 and made updates in 2020.
The crime rate in Portugal is very low compared to other countries.
Transparency International's 2021 Corruption Perceptions Index scored Portugal at 62 on a scale from 0 ("highly corrupt") to 100 ("highly clean"). When ranked by score, Portugal ranked 32nd among the 180 countries in the Index, where the country ranked first is perceived to have the most honest public sector.
Portugal offers arguably the lowest cost of living in Western Europe. Just about everything, from accommodation to groceries, is affordable. Including rent, a couple can live comfortably in Portugal's interior, or in small cities, from about $2,500 a month.
The short answer is YES! One of the most encouraging qualities of Portugal is that there are no restrictions for foreigners who want to buy a home in the country. Furthermore, the Portuguese government incentivizes foreigners to invest in real estate property in Portugal through the Golden Visa program.
Buying property in Portugal allows you to acquire a Portugal residence permit, as long as you stay in the country for a minimum of 14 days each two years. That means you can buy a property in Portugal and get residency. Moreover, you may apply for citizenship and an EU passport five years after obtaining residency.
Real estate professionals expect some stabilisation in the market in 2023 but do not believe that there will be a drop in prices, with even some price rises in certain areas of Portugal.