Cost of living in Spain vs PortugalSpain and Portugal have very similar cost of living. While Portugal tends to be on the cheaper side for most things, it's also possible to have a cheaper cost of living in some Spanish cities.
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What is the cost of living in Portugal for a couple? Depending on your lifestyle, a couple should be able to get by with between $2,500 (€2,332) to $3,000 (€2,798) a month in Portugal outside the major cities. In major cities, particularly in the city center, expect to need a little more.
In Coimbra or Braga a couple could live quite comfortably on that same budget of around $1,600 per month. Living in Lisbon, Porto, or trendy areas of the Algarve is going to cost more, but in other areas you can easily have a nice, cushy life for $2,000—add another $700+ to that for an equivalent Lisbon lifestyle.
Some cons of retiring in Portugal include the slow pace of life, which doesn't suit everyone, bureaucracy and long waiting times, the need to carry cash, no central heating, and relatively low salaries compared to other European countries.
Generally speaking, Portugal is cheaper than Spain, although the flight there will likely be the most expensive part of your Portugal vacation. A standard flight from North America to Lisbon in May will cost around $1,200 to $1,300CAD for a round trip.
Can a US citizen move to Portugal? A US citizen can enter Portugal without a visa and stay there for 90 days. You will need to secure a visa and obtain a residence permit for a long-term stay. Different visa options are better suited to different people.