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General Category => Shares => Topic started by: Orca on December 13, 2013, 07:25:56 pm

Title: My retirement blog.
Post by: Orca on December 13, 2013, 07:25:56 pm
Into my second month of early retirement and loving it. No more alarm clocks to wake me at 04.30am. Spent most of our time cleaning and clearing all the crap we accumulated over the years. Not done yet as we now have to get rid of all the DVD's, cameras, cellphones and other bric n brack. Perhaps Cash Crusaders next week.
Our landlord has given us till June latest to move out.

I have not yet had to sell shares due to the divies and the R10k the buyer of my business pays me every month. May will be the last payment. Then it will be selling shares for a living.

I have worked out that I can sell R70K of CML shares without any tax and will add to MTA. This is peanuts as I hold 30x more in CML. As much as I would like to sell most of my CML holding, I cannot as I bought it at 24 odd and it is now around 80. I have not held it for 3 years yet so will not be tax effective. Not that CML will tank soon but I think she will flatline.






Title: Re: My retirement blog.
Post by: Orca on December 15, 2013, 07:11:02 pm
Thanks Griffin. Been spinning for Yellowtail all weekend to no avail. Anyway, a bad day fishing is better than a good day at the office. Boats coming in with loads of Snoek though.
Anyway, to make myself credible, I have to show some figures. Nobody knows me anyway so here goes.
CML - R1 925 350.00. Eish. Too much but it just grew all by itself.
MTA and PNC at almost equal amounts totaling R643 000.00.
OMN has a teeny amount of R54 531.00. Was going to add to it monthly but decided to increase MTA for alpha.

That is roughly R2.6M. This is my starting point for this blog.




Title: Re: My retirement blog.
Post by: Patrick on December 16, 2013, 03:39:40 pm
I was fishing the other day and a passer by woke me and asked what bait I was using. I said just a shiny hook. She asked if I caught anything and I told her no. Then she said I should get some bait. Told her that if I did that then I would have to get the fish of my nice shiny hook. Rolled over and went back to sleep...

All the best Orca, my fishing days are still a few years off!
Title: Re: My retirement blog.
Post by: Orca on December 16, 2013, 05:24:30 pm
Thanks Patrick. Can't wait for the sea bass and cod in Portugal next year. Spent most of today researching "Exit Tax". That is the tax one pays when one ceases to be a "Resident of SA". Very complex as Mark Shuttleworth found out in his court case against SARS this year.
I'll be OK with CGT less the exclusion of R30k but if my stocks are not yet held for 3 years, they might see them as trading stocks and tax me fully. This I cannot handle as the tax would be as high as R400K.
To pay this, I would have to sell R400k shares and this sale would attract more tax as revenue. To pay this "more tax", I would have to sell even more shares and then....... Aaaaarg.  :wall:   
Title: Re: My retirement blog.
Post by: gcr on December 16, 2013, 08:46:10 pm
Orca - not sure if you have studied Portugal's tax laws, if not maybe you need to. Just some live experiences - my sister and her husband have just retired to their French property and they can't earn any funds in France. If they do earn funds in France the French tax regime require them to list all foreign holdings and income earned outside of France. They would then be tax on these holdings/income as if they were residents of France. So all pension funds and income are generated in in Britain and retained in accounts in Britain - when they require funds they carry the funds across in euros to France or used their British based credit cards. They were interested in running a B & B and doing some market gardening but have shelved these ideas due to the potential for double taxation
Title: Re: My retirement blog.
Post by: Nivek on December 16, 2013, 09:31:32 pm
Why not leave your money here and just take a VERY long holiday there?
Title: Re: My retirement blog.
Post by: Orca on December 17, 2013, 10:37:40 am
Orca - not sure if you have studied Portugal's tax laws, if not maybe you need to. Just some live experiences - my sister and her husband have just retired to their French property and they can't earn any funds in France. If they do earn funds in France the French tax regime require them to list all foreign holdings and income earned outside of France. They would then be tax on these holdings/income as if they were residents of France. So all pension funds and income are generated in in Britain and retained in accounts in Britain - when they require funds they carry the funds across in euros to France or used their British based credit cards. They were interested in running a B & B and doing some market gardening but have shelved these ideas due to the potential for double taxation

South Africa has standard Double Tax treaties with most if not all EU countries. (Shown on SARS website)
These treaties are put in place to prevent paying Double Tax.
All income is taxed at source. For instance, If I were to move to France and earn my income here on the JSE, then I will pay normal tax in SA. In France I will have to declare my foreign income from SA and will get credit for the tax I already paid in SA. Due to the economy, most European countries pay 5 to 8% more tax than we do so I will only pay in the difference.
Portugal on the other hand has become a tax haven since last year. To attract foreign money, they have given a 10 year tax exemption to all foreigners seeking residency in Portugal.
Title: Re: My retirement blog.
Post by: Orca on December 17, 2013, 10:48:34 am
Why not leave your money here and just take a VERY long holiday there?
That is exactly what I am planning to do. Minimum of 2 years and if we like it there, we will make it permanent.
Problem is that if I am absent from SA for 91 consecutive days, I will cease to be a resident here. If I am in any Euro country for 91 days or longer, I will have to apply for residency in that country.
These laws are relatively standard in all countries that have Full Double Tax Treaties.
Title: Re: My retirement blog.
Post by: Orca on December 17, 2013, 05:09:55 pm
Before I confuse some people I must add this. If you work in a foreign country but have property here or a wife and kids and consider SA to be your home. A place where you come back to on a regular basis. A place where you don't live out of a suitcase, the 91 days will not apply.
Title: Re: My retirement blog.
Post by: Orca on December 17, 2013, 05:46:50 pm
Went shopping with the wife today. Geez. Meat prices have gone up by R20 per kilo overnight. Chops are R99.99 per kilo. Not even Best End.  :wtf: Pork chops are R89.99. Lean mince is R79.99. Last time I looked, Beef and Pork fillets were at these prices. Now they are R140.
How can pensioners survive at these prices? Getting worried now.
Hordes of shoppers were just staring at the meat and nobody buying. One woman was telling a packer off at the high prices as if it was his fault.
Walked away with some mince and chicken pieces.
Title: Re: My retirement blog.
Post by: Aragorn on December 18, 2013, 08:24:25 am
It's Xmas at the Cape - Everyone trying to rip off the Tourists and visitors as well as their own kind.......
Happens every year around this time. You should have stocked up in Nov to carry you through to mid/end Jan.
Title: Re: My retirement blog.
Post by: yozzi on January 09, 2014, 09:27:55 am
Thanks Griffin. Been spinning for Yellowtail all weekend to no avail. Anyway, a bad day fishing is better than a good day at the office. Boats coming in with loads of Snoek though.
Anyway, to make myself credible, I have to show some figures. Nobody knows me anyway so here goes.
CML - R1 925 350.00. Eish. Too much but it just grew all by itself.
MTA and PNC at almost equal amounts totaling R643 000.00.
OMN has a teeny amount of R54 531.00. Was going to add to it monthly but decided to increase MTA for alpha.

That is roughly R2.6M. This is my starting point for this blog.


So Orca are you now going to invest in the Indi as you said before?



Title: Re: My retirement blog.
Post by: jaDEB on January 09, 2014, 10:05:52 am
It's Xmas at the Cape - Everyone trying to rip off the Tourists and visitors as well as their own kind.......
Happens every year around this time. You should have stocked up in Nov to carry you through to mid/end Jan.

I lives in Boksburg, every Saterday morning I go and buy meat to braai. Trust me, the prices are going up, and we only have 4 tourist per year. How you can pay R80 rant for 4 little chops ... wtf ...

lol ..
Title: Re: My retirement blog.
Post by: Orca on January 09, 2014, 01:19:01 pm
Thanks Griffin. Been spinning for Yellowtail all weekend to no avail. Anyway, a bad day fishing is better than a good day at the office. Boats coming in with loads of Snoek though.
Anyway, to make myself credible, I have to show some figures. Nobody knows me anyway so here goes.
CML - R1 925 350.00. Eish. Too much but it just grew all by itself.
MTA and PNC at almost equal amounts totaling R643 000.00.
OMN has a teeny amount of R54 531.00. Was going to add to it monthly but decided to increase MTA for alpha.

That is roughly R2.6M. This is my starting point for this blog.


So Orca are you now going to invest in the Indi as you said before?




At this stage I cannot as I have to wait till next year June for the 3 year thingy. My Base Cost for CML is 24.7 and the price is now around 80. The tax will kill me.
Title: Re: My retirement blog.
Post by: jaDEB on January 09, 2014, 03:46:32 pm
Arrggg ..

It only hit me now...this is the first time you got CML wrong, u predicted R90 end of 2013.  :frustrated:  :frustrated:

Give us your call for end Jul and end 2014...

Title: Re: My retirement blog.
Post by: Orca on January 09, 2014, 05:22:39 pm
Orca what fortunes do you see in your crystal ball for CML this year?

Unfortunately she has run too hard and reached the peak of her mountain. Nowhere to go but down from here. The TOPI is back to the level last seen in the beginning of November. The Indi is trending down. This means that Coronation's profits are following that trend.
The next set of results would not be near the comparative results of last year. I am dreading those results as I have most of my pension money in CML.
On the positive side, Investors understand this and are still buying albeit at a lower pace keeping her flat. Pricing in??
They will still win the most Plexcrowns and be voted the best Investment Co for a long time to come. So long term, she might just plod along up at a slower rate.   
Title: Re: My retirement blog.
Post by: Orca on January 09, 2014, 05:44:11 pm
Arrggg ..

It only hit me now...this is the first time you got CML wrong, u predicted R90 end of 2013.  :frustrated:  :frustrated:

Give us your call for end Jul and end 2014...

Ja. Rub it in my face jaDeb. I have stated that her run is over for 2 months now. I have been with her since 2009 and she has done me well. Perhaps I should rather say "Superbly Well". She has quadrupled (4*) my pension money since 2009.
I have been promoting CML for years now and must move on to my next gem. MTA  :TU:   
Title: Re: My retirement blog.
Post by: jaDEB on January 09, 2014, 05:50:40 pm
No rubbin, you have done well. I think there is a few people on the "other site" that owe's you a thank you. I should have listened to you long time ago, but I was to late, and I get bored to quickly.
Title: Re: My retirement blog.
Post by: Orca on January 09, 2014, 06:01:42 pm
No rubbin, you have done well. I think there is a few people on the "other site" that owe's you a thank you. I should have listened to you long time ago, but I was to late, and I get bored to quickly.

I sure noticed that you get bored very quickly hence the gambling with gold stocks.  :frustrated:
Title: Re: My retirement blog.
Post by: Orca on January 14, 2014, 06:54:46 pm
Now that I'm retired, I have to look after my health and not just sit around getting fat and entertaining coronary infarction's. Not yet 60 and most people say I look 45 at most.  :)
Started jogging 1km uphill and back down. In the evenings when I go to the kitchen for a refill of my wine glass, I do 20 squats as the table there has a good height to hold onto.
Last night I did 140 squats which equates to 7 glasses of wine. Now I read that 1 glass of dry white has nearly 2 000 calories. Can this be true? Don't think so but surely 20 squats will negate each glass of wine's calories don't you think?
Woke up this morning and could hardly walk due to the pain in my calves, thighs and buttocks. So in a Catch 22 situation now. Can't stop the exercises and enjoy my tipple.  :wall:

Title: Re: My retirement blog.
Post by: Moneypenny on January 14, 2014, 09:50:10 pm
Oh my, quite a predicament you're in.

Go with the wine/bourbon late evenings, exercise early morning, strenuous workout late evening  - works for me.    O:-)
Title: Re: My retirement blog.
Post by: jaDEB on January 15, 2014, 08:16:32 am
I find Battlefield 4 works for me, as the maps are huge. U actually fly planes and choppers, but I run, do not use vehicles.
Title: Re: My retirement blog.
Post by: Orca on January 15, 2014, 06:17:11 pm
I find Battlefield 4 works for me, as the maps are huge. U actually fly planes and choppers, but I run, do not use vehicles.

So you run? Must be quite fit by now. Good jaDEB.  :))
Title: Re: My retirement blog.
Post by: Orca on January 15, 2014, 06:59:17 pm
What has been keeping us here in SA is my daughter that lives with us and has a boyfriend. She has a good job as a Payroll Clerk but cannot afford to rent here in Cape Town as rentals are very high. Nothing under R4800.00 for a one bedroom flat. (no furniture)
She surprised us by saying that she will be resigning at month end and joining her 2 sisters in the UK and leaving her BF behind here.
Strange as they are in love and tight. Don't wanna ask for details. Never interfere. He doesn't have an EU passport.
They have just left to go out together now. Hence the pause.

Anyway. Four years ago, I paid R3 800.00 for her passport. Now I have to get mine. How much will it cost me now. 40% more will be R5 340. Eish. And it will keep going up with the ZAR value. Sorry. I should say Nkandla value. Perhaps we should rename the Rand to Nkandlas. So it will cost me Nkandlas 5 340.







 
Title: Re: My retirement blog.
Post by: Orca on January 15, 2014, 07:18:20 pm
Oh dear. Just heard that a grade 1 scholar got shot by coloured gangsters in Ellsies River CT. First day of school and all the little kids are frightened now of this big peoples world away from their parents. I feel for them and have tears in my eyes.
I am prepared to pay 10 000 Nkandlas for my passport now.
Title: Re: My retirement blog.
Post by: Orca on January 18, 2014, 06:50:35 pm
I know it's Saturday and I'm posting. The only reason I know its Saturday is because my alarm went off. Being retired, I never know what day it is and so I set my alarm for Saturdays only and it shouts "bottle store--bottle store...". Bottle stores are closed on Sundays you know.
Anyway, I got good and bad news today. The good news is that my passport price has been dropped to 1 700 Nkandlas. The bad news is that my consulate has been closed down here in CT and now I have to travel to Pretoria to the embassy there. That means more Nkandlas for travel.
Many years ago, I told my wife that I will never ever in my lifetime go to the Transvaal again. No more mealies or mine dumps for me ever.
Sadly, I have no choice but to go back. May as well make it exiting by going by train. The Shongaloza thing looks good. They serve food on it I think. Must Google it now. Perhaps they even have a bar on it.
Title: Re: My retirement blog.
Post by: jaDEB on January 20, 2014, 08:34:03 am
I suggest you stay away from Boksburg. Once you here you would want to immigrate here and not Europe.
Title: Re: My retirement blog.
Post by: Moneypenny on January 20, 2014, 08:49:23 am
The bad news is that my consulate has been closed down here in CT and now I have to travel to Pretoria to the embassy there.

That's not bad news, you can come say hallo, we are quite nice here in Pretoria you know. O:-)
Title: Re: My retirement blog.
Post by: Orca on January 20, 2014, 06:15:08 pm
In my day Boksburg was akin to Fordsburg and Jeppestown. Kept well away. Rather stomped around Hillbrow.
Pretoria. More pleasant and quieter. Spent 2 years there after my folks volunteered me into the air force. Did not need to go but my Dad said I needed the discipline. Did not work but I did get fit enough to couch wrestle the pretty chicks there much longer. :TU:
Title: Re: My retirement blog.
Post by: Orca on January 20, 2014, 07:04:35 pm
Into my second month of retirement now. My wife has been doing bookkeeping as to our expenses per month. Strangely, we have spent less now than we did when we worked. Perhaps it is using the car to get to work and back and stopping to buy unnecessary stuff along the way. Working in town also does not help with Pizza Palace and Mug and Bean next to you and so forth.
First month. R12 938.53
Second month. R11 486.10
This includes our R4 900.00 rent and car insurance, DSTV, cellphone contract. No medical aid.
So far so good. Not yet had to sell any stocks and don't foresee selling any this tax year. 




 
Title: Re: My retirement blog.
Post by: Aragorn on January 21, 2014, 08:36:02 am
I suggest you stay away from Boksburg. Once you here you would want to immigrate here and not Europe.
Just a thought - Orca needs to get his passport, so he will not be able to visit Boksburg until he has a passport.  ^-^
Title: Re: My retirement blog.
Post by: Orca on January 24, 2014, 07:39:11 pm
Not idly do the price of NPN fall.  :LHST:
Sorry. Could not help that remark. Hope it goes up. Actually it has to. She left a gap up there.
Title: Re: My retirement blog.
Post by: Orca on January 24, 2014, 07:58:23 pm
Here you go. Don't expect it on Monday as the US is down big time tonight.
Title: Re: My retirement blog.
Post by: Delusionsofgrandeur on February 19, 2014, 07:13:18 am
Orca,May I ask if your portfolio has changed significantly,any long term stocks added or sold?
Title: Re: My retirement blog.
Post by: Orca on February 19, 2014, 10:59:51 am
Orca,May I ask if your portfolio has changed significantly,any long term stocks added or sold?

Sold a small portion of CML to add to MTA and with the proceeds of the sale of my shop bought OMN. OMN is to give more stability to my overall portfolio value.
Title: Re: My retirement blog.
Post by: gcr on February 19, 2014, 01:06:55 pm
Orca you are very brave actively investing like this in your retirement. Not because of market risks but because of so much other things to do with your time. I can't imagine being concerned with anything to do with investing when I'm in you sublime situation. Good Luck
It is in my view an absolutely vital pursuit to invest in the market to augment and or grow your pension capital especially if it under your direct control. When in retirement it is important to look at your needs in your 70's and 80's and even longer so that you don't run out of funds to enjoy your retirement. Also look at the longevity of your immediate family to gauge your chances
Title: Re: My retirement blog.
Post by: Orca on February 19, 2014, 02:53:31 pm
No sweat. I can easily live on 6% pa of my portfolio and anything above will be capital growth.  :TU:
Title: Re: My retirement blog.
Post by: Orca on March 11, 2014, 05:39:41 pm
Still going. Its been 4 months since I sold my shop and still waiting for PRASA to get the lease on the new owners name and get my deposit back. The government parastatals are soooo slow.
Once that is done then off I go to the white beaches of Portugal.
Title: Re: My retirement blog.
Post by: jaDEB on March 11, 2014, 05:49:36 pm
U still be bloggin?  :(
Title: Re: My retirement blog.
Post by: Orca on March 11, 2014, 06:52:29 pm
U still be bloggin?  :(

Of course I'll still pester you guys. My investments will still stay in SA.
Title: Re: My retirement blog.
Post by: Orca on April 18, 2014, 09:51:54 pm
Had to sell R17k of my CML yesterday for the first time this tax year. Have to live. Cash has run out now but the sale of my household stuff and my car will keep me going for some time.
Flight tickets are booked for 28 May and paid. My stocks don't look too good but not too concerned.
Felt sorry for my wife today as she had to get rid of all our kids school achievement certificates and photos. We have some on Memory Stick but the Real stuff is now gone. All memories are now in the past as we will now open a new page in our lives. A new beginning.
Who, after all will look at old photos and reminiscence? Do you? I doubt it. The old photos just get chucked in the bottom draw for your kids who will do the same as will their kids as will their children's kids. So we dumped them all as my wife was tearful.
My older girls from the UK are going to meet us in Lisbon airport to escort us to our destination and spend time with us. Perhaps they think we will get lost and need help. Perhaps we will.


 
Title: Re: My retirement blog.
Post by: Orca on May 08, 2014, 07:39:41 pm
Shoot. Been to SARS twice and each time they tell me that they need more stuff so back home again. Shite, this is so much paper work.
Back to SARS on Monday. They don't tell you everything that you need at once.
The bank FX chick has taken a week off so our next appointment has been postponed. Never ends.
The Portugal embassy is fully booked for visas until 09 June and our flight is booked for 28 May???
Now I will have to cancel our flights for a later date and pay cancellation fees.

The only efficient service I got was the Finnish embassy in PTA that sent our stuff off to Finland on the 6th and the passports are already back done and dusted in PTA on the 8th. Two days. Wow.
Title: Re: My retirement blog.
Post by: Moneypenny on May 09, 2014, 08:54:57 am
Shame O, stay strong. :)
Title: Re: My retirement blog.
Post by: Orca on May 19, 2014, 11:50:12 am
Just thought to share this.
From the SARS website.
When in Portugal, I can trade my SA shares from Portugal without incurring tax in ZA as the act states that the source will be where you apply your mind, wit and labour for your trading activities. SARS uses the Source based tax system.
Another example is a non SA resident trading FX from SA but his funds are in Ireland and his gains are in Ireland. He exercised his "business" activities from within SA so he is liable for tax here.
Had he used a FX manager in Ireland, the gains would not be taxed here but in Ireland as his "business" activities were carried on in Ireland.

Title: Re: My retirement blog.
Post by: Nivek on May 19, 2014, 04:27:29 pm
So you can effectively escape tax ORCA?

BTW do you speak Portuguese?
Title: Re: My retirement blog.
Post by: Orca on May 19, 2014, 06:45:40 pm
Loopholes have been closed with some tax havens by amendments to the DTA's lately. For instance, Swiss banks now have to disclose their customer accounts to IRS enquiries worldwide.
Portugal is the latest Tax Haven to emerge. They are desperate to attract new money into the country and has declined fiscal help from other EU countries with a new system. ie.
Non EU country members can now become Portuguese citizens by buying property or starting a business employing local citizens.
This is the Golden Visa method that I cannot afford as I think it involves an investment of R5m.
The other perk with this is that you pay a flat rate of 20% tax. Plus you get to freely move around the EU Shengen countries without a visa.

Their other system to attract money is to allow immigrants in with their foreign pensions and investment money and you get 10 years tax free. For this one spouse must be an EU member.
Title: Re: My retirement blog.
Post by: yozzi on May 22, 2014, 09:04:36 am
Orca, interesting in what you say about Portugal as I've just been over to the UK and have asked friends who regularly travel to Spain & Portugal, mainly to play golf, which would be their choice to move to and all have said Portugal.

I'm basically retired myself now apart from investments and from next year I want to be out of SA during the winter months and as I have a UK/EU passport I'm looking at a combination of the UK & Europe and if somewhere like Portugal takes my fancy then who knows maybe I'd look at a more permanent move given the incentives you have mentioned on here!
Title: Re: My retirement blog.
Post by: Orca on May 22, 2014, 05:41:22 pm
yozzie, You can read up on all countries on the forum http://britishexpats.com/forum/

I spent many hours reading up on that forum before I chose Portugal. You can read all you want but I think you will come to the same conclusion.

Title: Re: My retirement blog.
Post by: Orca on June 02, 2014, 08:41:09 pm
Not much time for posting never mind checking stocks. Totaly out the loop now and no idea what's going on. Too busy with selling our household and car. All done now. Everything is sold.
Sold everything extra cheap for us to keep the most needed items till we move. Strange sitting here with hardly any furniture. Two chairs and a tv on the floor.
Off to SARS tomorrow for the emigration clearance certificate then to the bank for our non resident blocked account.

In two weeks, we will be in Lisbon and meet our kids there. They insisted to fly from the UK to guide us to our destination. They think we will get lost or something as we are doff with international traveling compared to them that have done it all.
From there we will catch a train to Viana do Castelo after a night in a hotel in Lisbon.
Looking forward to the train trip as we will see the countryside as we go.
Not yet found a place to rent where we want to but found a place at the beach just outside of the city center at Amorosa. Fully equipped, two bedroom for €200 pm. LED tv, dishwasher, central heating and all.
Will keep you posted as we go along. Plus Tax of course. You know me and tax by now.


Title: Re: My retirement blog.
Post by: gcr on June 03, 2014, 12:16:20 am
Not much time for posting never mind checking stocks. Totaly out the loop now and no idea what's going on. Too busy with selling our household and car. All done now. Everything is sold.
Sold everything extra cheap for us to keep the most needed items till we move. Strange sitting here with hardly any furniture. Two chairs and a tv on the floor.
Off to SARS tomorrow for the emigration clearance certificate then to the bank for our non resident blocked account.

In two weeks, we will be in Lisbon and meet our kids there. They insisted to fly from the UK to guide us to our destination. They think we will get lost or something as we are doff with international traveling compared to them that have done it all.
From there we will catch a train to Viana do Castelo after a night in a hotel in Lisbon.
Looking forward to the train trip as we will see the countryside as we go.
Not yet found a place to rent where we want to but found a place at the beach just outside of the city center at Amorosa. Fully equipped, two bedroom for €200 pm. LED tv, dishwasher, central heating and all.
Will keep you posted as we go along. Plus Tax of course. You know me and tax by now.
At just under 3 grand for a fully furnished unit, it doesn't sound too bad
Go well with the move, and hope to hear from you once you are up and running in your new home. Would also like to know how expensive it is to live in this place in terms of produce to eat
Title: Re: My retirement blog.
Post by: Moneypenny on June 03, 2014, 08:33:19 am
What a privilege to experience this Orca. 

I know you probably have mixed feelings of anticipation, excitement, and worry and don’t even mention that little pesky admin-to-do-list which seems to be growing by the hour without invitation.  Your home looks strange, it even sounds strange and you can’t help but to wonder about your existence and its purpose. All that’s left is your portable links (cell, tablets, notebooks, Wi-Fi) to your former life which will become a godsend very soon.

But hold on, it’s all good once you’re though the boarding gates and you have said your goodbyes and secretly wiped away the last tears (and it will happen, doesn't matter how tough you are). 

You will suddenly feel relief that all the nitty-gritty is done; you can relax and start to enjoy with anticipation whatever is around the next corner.

Your kids are super to assist you with this transition, you will be grateful they will be the first chapter in your new life on the other side.

Good luck buddy, make a conscious decision to enjoy each new episode.

Go well.
Title: Re: My retirement blog.
Post by: yozzi on June 03, 2014, 02:30:57 pm


Good luck with the move and hope all goes well! It's a big move and I was in the same position many years ago the opposite way around coming from the UK to SA and don't regret it for one minute and I'm sure you will feel the same after all the first month or so is going to be like a holiday and in that time you'll learn about all that's around you so very exciting!

Did you find the accomm on the expat's website as I will be over that way next year and that sort of place would be ideal.
Title: Re: My retirement blog.
Post by: Nios on June 04, 2014, 07:34:30 pm
Shew! So very daunting  and exciting at the same time Orca. The first few weeks are going to be a roller coaster ride.

Looking forward to your updates and feedback as you move along the journey and your experiences.

Good luck.
Title: Re: My retirement blog.
Post by: Orca on June 04, 2014, 09:06:44 pm
Thanks for all the good wishes. We have our Tax Clearance for Emigration at last but. ....
The Portuguese Embassy gave us the wrong form so had to cancel and make a new appointment that will be in 3 weeks. Our flights are booked so we will have to go without a visa for my wife and hopefully reach Portugal.
From there we will  get a visa at customs. If she can't, we might just get sent back.
Hold thumbs for us.
Title: Re: My retirement blog.
Post by: Orca on June 09, 2014, 08:52:43 pm
Perhaps won't work so we are off back to Pretoria on Wednesday to the main Embassy. They will give my wife a visa the same day. This is getting costly. Flights and train fares are killing me. So are my shares.
Can't wait to get to Portugal to carry on with my "trading" in stocks as SARS sees me as a trader.
Once in Portugal, I can "trade" without incurring tax in ZA as I will be carrying on a business in Portugal. Not here.
I intend selling all and waiting for the Indi to correct and invest all in it.
I will be exempt from tax in Portugal for 10 years but there might be loopholes I don't know about yet.
We are off this Monday and will keep you posted.

Title: Re: My retirement blog.
Post by: Moneypenny on June 10, 2014, 09:26:37 pm
Hey Orca, we are having a fun night tonight at a Portuguese restaurant with live portuguese music celebrating Dia de Portugal, wish you were here! Ps. Today's Outlook will probably be late tomorrow, we're having a party!  :LHST:
Title: Re: My retirement blog.
Post by: Orca on June 11, 2014, 08:52:48 pm
I hope you had fun MP. The tenth of June is an important day for the Portuguese and is a public holiday.
Just got back from Pretoria tonight. Left early this morning from Cape Town.
Got the family visa valid for a year in 1 hour. Good service there compared to here.
No time to post much as we still have so much to do and we leave on Monday.
All emigration paperwork is done now and that is a huge weight off our shoulders.



Title: Re: My retirement blog.
Post by: Orca on June 12, 2014, 09:36:14 pm
Oh dear. Never ends. Now we need return tickets to get Euros from Bidvest. We need some cash while travelling but can't get any. FNB needs two days to figure out how to open their vault before they can give us some Euros.
No time left so will have to rely on the swipe method to pay and hope that our bank will not yet have blocked it.

Also, we have been told that my wife needs "Apostilled" Marriage Certificate and Police Clearance to get residence in Europe.
We are so stressed out with all the red tape that we are now sorry that we ever got into this Emigrating thing.

To make matters worse, we will have to go through so much paper work in Portugal to get residecia.
Too late to go back as we have nothing here anymore.

Title: Re: My retirement blog.
Post by: Moneypenny on June 13, 2014, 09:12:21 am
Hold on Orca, it gets worse to the end; just before it gets better. :)
Title: Re: My retirement blog.
Post by: gcr on June 13, 2014, 09:22:16 am
Oh dear. Never ends. Now we need return tickets to get Euros from Bidvest. We need some cash while travelling but can't get any. FNB needs two days to figure out how to open their vault before they can give us some Euros.
No time left so will have to rely on the swipe method to pay and hope that our bank will not yet have blocked it.

Also, we have been told that my wife needs "Apostilled" Marriage Certificate and Police Clearance to get residence in Europe.
We are so stressed out with all the red tape that we are now sorry that we ever got into this Emigrating thing.

To make matters worse, we will have to go through so much paper work in Portugal to get residecia.
Too late to go back as we have nothing here anymore.
Orca please check out whether your cards are compatible with overseas ATM machines. Here in SA we work on a 4 and 5 pin number, but in Europe I think they only work on a 4 pin number. You don't need to end up phoning your local bank to release funds to you overseas, because not only is it expensive but it could also take ages. You may want to gift your kids some funds ex SA so that they can draw funds for you as required until you know the banking system over there
Title: Re: My retirement blog.
Post by: Orca on June 15, 2014, 08:08:02 pm
Thanks for the info gcr. We eventually got sorted with Bidvest and got cash in Euros to last 2 months.
The lady at FNB that does emigration has to handle our banking affairs via our blocked account. We have to email her to open it and send money to our Portuguese bank as and when required.
FNB were very clued up compared to the other banks here.
Off tomorrow so will be posting again from Portugal when we are settled.

Right now we are sitting in an empty flat with no TV, radio or fridge drinking warm beer. Nothing to do but use up my data bundle until bedtime.
Wife having some wine and whining about the absence of ice. This is a serious predicament but as it is freezing, I think I will crack open the Old Brown Sherry that has been collecting cobwebs in the cupboard. That should warm us up and destress us as we are so stressed out with this move.
The unknown is becoming very frightening. No going back now.

Title: Re: My retirement blog.
Post by: Nios on June 16, 2014, 09:49:13 pm
Safe travels Orca.
Title: Re: My retirement blog.
Post by: Orca on June 19, 2014, 11:01:50 pm
Finally arrived. Got to Dubai at midnight and tried to sleep in a chair till 06.00 for our next flight with no success.
Reached Lisbon 8 hours later still no sleep. Booked into the hotel and had a restless night due to stress about where and what platform our train to Porto would be.
This was made more difficult with the heavy luggage we had to manhandle about.
Lisbon is a really cool city. Everyone speaks perfect English and is multi cultured. The most visited city in Europe.
Late now and the sun has just set at 9.30 so will keep updating as I get time.
Title: Re: My retirement blog.
Post by: Moneypenny on June 20, 2014, 09:06:40 am
Happy you made it, the fun starts now. :TU:
Title: Re: My retirement blog.
Post by: Patrick on June 20, 2014, 09:43:16 am
Congrats ORCA, where's the next stop?

Interestingly my girlfriend holds a Portuguese passport she got via a grandparent I think. I wonder if I'd get one should we marry one day???
Title: Re: My retirement blog.
Post by: yozzi on June 20, 2014, 10:11:30 am
Congrats ORCA, where's the next stop?

Interestingly my girlfriend holds a Portuguese passport she got via a grandparent I think. I wonder if I'd get one should we marry one day???

Make it a condition in the contract!!!! :))
Title: Re: My retirement blog.
Post by: Orca on June 22, 2014, 11:03:01 pm
No P. You will have to do the same procedures as I did to get my non EU wife here in Portugal.
Title: Re: My retirement blog.
Post by: Orca on June 25, 2014, 08:06:27 pm
Still looking for long term rent after all the hotels. There are many here but but no replies to my emails. Must be that my emails are going to their Spam folders being in English.
We are now in an expensive holiday apartment on the beach 6km outside of Viana do Castelo. There are rows upon rows of apartments and no tenants. We are all alone in our block. Not much to do here except tan.
Tomorrow we are catching the bus to Viana to have a look at a 2 bedroom apartment for sale. Fully furnished with all the mod cons like dishwasher, washing machine, Esspreso machine etc. Newly painted and all. Cost is €50,000.
Just love Viana with those narrow cobbled streets with a cafe/pub and outside seating. Too many to chose from as there are around 6 to a block. Love the vibe too. Very busy.
Must add that pedestrians have the right of way here. As you approach the road to cross, the cars stop as if there are mystical switches in the roads that automatically activate the brakes. You can cross the streets without looking. The cars here seem to have no hooters.
Another thing that shocked my wife and daughter is the dress of the chicks. Most wear the teeniest micro shorts as if they are competing with their compatriots in Rio.
No burglar bars on windows and people leave their shopping openly at the entrances of supermarkets when entering.
No graffiti and no rubbish anywhere to be seen. The teenagers are very respectful to their elders and go out their way to help us. If they don't speak English, they will find someone who can. Those that can, will not let you go easily as they practice their English.
Just love it here.


Title: Re: My retirement blog.
Post by: Orca on July 08, 2014, 10:09:52 pm
A disastrous start. The apartment we were going to buy is too small so we signed a 1 year lease in a new apartment block just outside the old city center. A beautifuly furnished and totally equipped with all the mod cons.
Feels more like a hotel with marble steps, brand new stove, washing machine, extraction fans in the kitchen and toilet for farts and all. This for €375 pm.
Problem is that the owner does not live here and he took a week to come sign the contract so we had no electricity for a week and had to drink warm wine and stare out the window. No TV, water, or gas. Even our cell phones were dead.

Sucks to have to wash with wet wipes for a week. I then found a water tap in the next block of flats that was not disabled. The outside taps here have the handles removed.
Took the 15 ltr bucket and went to fill up. All went well until I heard a commotion and some big mammas came out with broom sticks shouting something about Policia and I had to drop the bucket and run.
It is not my bucket but cannot retrieve it and don't think it is there anymore. I am now a criminal for stealing water.
Where do we pee now?
Apart from that episode, most people here are very helpful and friendly. Somehow, they can see that we are English and will approach us just to experiment their knowledge of English. Perhaps it is my blue eyes as my head is shaved.

Will give prices of food and other stuff soon.

Title: Re: My retirement blog.
Post by: jaDEB on July 09, 2014, 09:35:06 am
Took the 15 ltr bucket and went to fill up. All went well until I heard a commotion and some big mammas came out with broom sticks shouting something about Policia and I had to drop the bucket and run.
It is not my bucket but cannot retrieve it and don't think it is there anymore. I am now a criminal for stealing water.
Where do we pee now?

Are you sure you did not just move to cape flats?
Title: Re: My retirement blog.
Post by: Orca on July 09, 2014, 09:16:54 pm
Ha ha. No, I would be getting cold and would know it. Good weather here at around 24° with a slight breeze.
Got tired of waiting for the water guy so went walkabouts around the apartment block and lo and behold, I found a big box that had pipes and valves in with numbers on. Our valve was closed so I opened it and we had water. Now I'm waiting for the flying squad to come arrest me.

About prices here. Where do I start? VAT is 23% except on some foods like meat, milk, bread etc. Fish is about R20 cheaper per kilo than in SA and frozen crayfish tails are R10 each. There is a such a large variety of fresh fish in all the supermarkets and minimarkets. Mostly strange to me. Live crabs, octopus and crustations I have never seen before. There are fish mongers on every street corner selling cod, bream, sea trout, sea bass, makeral etc from mobile trolleys at low prices. Portuguese sardines are R20 per kilo and are 12" long.
Pork and chicken is about R20 per kilo cheaper but most beef is imported from Spain and is around R100 per kilo. Rabbit is popular here and goes for around R90 per kilo.
Household items are sooo expensive due to VAT. A normal frying pan is R200 so are plain pressed aluminium oven pans. The cheapest kettle we could find was R230. A big box of washing powder cost us R220.
Internet is cheap at R250 uncapped and unlimited. We have no English channels here so will have to use internet TV with an android tv stick and watch free to air TV.


Title: Re: My retirement blog.
Post by: Patrick on July 12, 2014, 07:40:04 am
Pirate bay - all the TV shows and movies you want  >:D
Title: Re: My retirement blog.
Post by: Orca on July 21, 2014, 10:37:38 pm
Actually, there are so many channels for free on the net. I have over 400 and can get more from porn to kiddie programs. Not that I do kiddie channels.
Had I had cheap internet in SA, I would not have bought a DSTV package. I would have gone for internet tv.
Here I pay R250 pm for uncapped unlimited internet. Watch TV and all 3 of us can surf the net at the same time.
No buffering of the video. Super speeds here.
You guys are being ripped off with internet cost.
We paid R290 odd for DSTV for the small bouquet plus R300 for my tablet internet plus another R250 for my wife's internet in SA. That is R840 pm that we paid in SA and we have a plus of more channels.




Title: Re: My retirement blog.
Post by: Patrick on July 22, 2014, 08:51:58 am
Can you recommend any good channels. I have a 10MB link at home, but no DSTV either.
Title: Re: My retirement blog.
Post by: Orca on July 22, 2014, 01:15:53 pm
I have only started testing the 250 apps on PlayStore never mind the hordes without apps. Netflix is the most Popular but sadly, it is not yet available here. There are ways to change your IP Address to a US one and pick it up anywhere.
So far I use LiveNow TV app as I can preset the programmes I want to watch. Much like DSTV. Camposat TV is great as well as it automatically shows what program is on and the next 3 for every channel.
We can choose between 10, 20, 50 and 100Mbps. I have the 20 and there is no buffering. Some people in rural areas here watch internet TV at 2Mbps but complain of some buffering.
BTW, most are SD at 720 but some are HD at 1080P.
Title: Re: My retirement blog.
Post by: Moneypenny on July 23, 2014, 04:26:08 pm
It seems your'e adjusting very well O, glad to see. :)
Title: Re: My retirement blog.
Post by: Orca on July 23, 2014, 09:36:07 pm
Thanks MP. Yes we are but cannot adjust to the foods here. Seems that they do not sell much spices but use fresh herbs instead. All we can find is curry, salt and pepper. I am a tea drinker and all the tea here are flavored with fruits. No plain tea. All the coffees are strong and mostly perculted stuff served in thimbal size cups as in kiddies play stuff.
This is also strange to me. The cheapest meats are Chicken drumsticks at R35 pk. Locals don't like the dark chicken  meat and export it. Same as USA does. SA exports the wings as we don't like them and import the drumsticks as we love them and they don't.
Pork is also cheap but beef is far too expensive as it is imported from Spain. Not much cows here due to the small farms.Portugal is small.
The most amazing is that the banks have no bullet proof windows. The tellers mearly take and give money over an open counter.
No burgler bars on any buildings or houses.
You can leave your shopping at the entrance of a shopping mall and it will still be there when you exit. No security needed to watch it.
Strange that I have not seen a black person here since we arrived. Perhaps they don't like Portugal.

Title: Re: My retirement blog.
Post by: erwintwr on July 26, 2014, 12:48:46 pm
Love the blog and updates Orca!!

Really sounds like a big change in your live - hope the retirement is everything you planned it to be (except for the few hiccups at the start it seems)

good luck - and enjoy!
Title: Re: My retirement blog.
Post by: Orca on September 23, 2014, 11:35:14 pm
Been here for 3 months now and enjoying it. No burglar bars to be seen anyware. No aliens whatsoever if you get my drift. Have not seen one beggar or drunk. 
My first thoughts were before coming here was chicks with moustaches and underarm hair and overweight. Not so at all. Most are refined and seem to have genes that developed good muscular bodies and so far have not seen any large chicks. Perhaps it is the fish diet.
Many men have left for foreign employment as there are not many jobs available here. This is why there are so many more females here than men.
If only I was younger.
This part is only for the single guys here.
Title: Re: My retirement blog.
Post by: erwintwr on October 06, 2014, 12:13:28 pm
Been here for 3 months now and enjoying it. No burglar bars

**snip**

This is why there are so many more females here than men.
If only I was younger.
This part is only for the single guys here.


Wonders if Orca wouldnt mind testing his camera on some of the females, and share with us poor single guys  O:-) >:D
Title: Re: My retirement blog.
Post by: Patrick on October 13, 2014, 07:28:06 pm
I'm curious Orca, will you get your dividends withholding tax back now that you're not a resident?
Title: Re: My retirement blog.
Post by: Orca on October 14, 2014, 12:44:43 pm
I cannot get clarity on that but I do know that CGT is normally not taxable for non residents in SA. I am going to apply for "Non Habitual Residency " to get a 10 year exemption from tax here in Portugal so effectively, I will not pay tax anywhere for 10 years.
Title: Re: My retirement blog.
Post by: Orca on October 23, 2014, 09:49:07 pm
Been here for 4 months now. Red tape continues to wrap around our legs. The South African marriage certificate is not good enough now and I must register the marriage in Finland. This means a further translation from English to Finnish then back to Portuguese . I just did one from English to Portuguese. :'(
The immigration and border control came here today to see if we actually lived here and to see our living conditions.
To top it all, FNB in SA wanted to know why the amount declaration of my stock holding differs from what I stated in June.  :LHST:
Don't.they know that markets have had a correction?
They have now taken control my assets and blocked my account and I cannot use my card anymore.
How the F do we live here now? FNB. stuffed up big time with our documentation.
Donations accepted.
Title: Re: My retirement blog.
Post by: Orca on October 23, 2014, 10:19:50 pm
Forgot to add this. Portugal wants to see funds coming in to our Portuguese bank account for self sustainability before we can get residence. FNB needs a residence certificate before they can send my own money here. A catch 22 situation.
Title: Re: My retirement blog.
Post by: erwintwr on October 27, 2014, 10:47:48 am
Forgot to add this. Portugal wants to see funds coming in to our Portuguese bank account for self sustainability before we can get residence. FNB needs a residence certificate before they can send my own money here. A catch 22 situation.

sigh - and here we thought that the banks will have emigration under control by now.
hope they manage to remove some of the red tape... cant be that difficult :o

Title: Re: My retirement blog.
Post by: Moneypenny on October 27, 2014, 12:17:45 pm
Netflix is the most Popular but sadly, it is not yet available here. There are ways to change your IP Address to a US one and pick it up anywhere.

True, it works like a charm.  You pay $4.99 pm for unblock-us and $8.99 pm for Netflix and voila, you’re good to go. (By the way, unblock-us is part of Netflix, not a shady company.) You can also register for a free trial period with Sony Entertainment Network, no buffering, no ads, no local productions, all the new stuff, when and where you want. Life’s Good.  DSTV is a distant and fading memory.

Edit: Also working well: Amazon & Hulu Plus
Title: Re: My retirement blog.
Post by: Orca on November 12, 2014, 12:30:44 am
Quote"Twelve years ago, Portugal eliminated criminal penalties for drug users. Since then, those caught with small amounts of marijuana, cocaine or heroin go unindicted and possession is a misdemeanor on par with illegal parking. Experts are pleased with the results".End Quote.

I have not seen drug usage here at all. Nor have I seen any beggars or homeless people. No drunks or any unsavory people at all since my move.

I was under the impression that Portugal was a third world country. Not so by far. They have the most sophisticated banking system compared to the US . and most EU countries. They have the most ATM's per capita than any other country. Almost one ATM per block. Even in suburbs. None get broken into ever.

I must say that this was the best move I have ever made.
Title: Re: My retirement blog.
Post by: BussoV6 on November 13, 2014, 10:25:43 am
I have visited Portugal a few times on holiday. Friendly people and nice lifestyle. Love the food as well  :P

I am quite envious of you.  ;)  Where in the country do you stay?
Title: Re: My retirement blog.
Post by: Orca on November 13, 2014, 11:58:05 am
I am way up North in Viana do Castelo near the Spanish border on the West coast. This is not a tourist area like the Algarve in the South where the Brits and Germans are in abundance.
A little geography on Portugal.
The Portuguese coast is divided into 3 areas. The Gold Coast in the South that is the most popular area for sun and fun. A rather hot, dry and flat area with beautiful beaches.
The middle area is called the Silver Coast and includes Lisbon (Lisboa), the capital. A more hilly area and somewhat greener. Lisboa is the most popular tourist destination in Europe.
Then you get the Green Coast in the North and includes Porto that was once the capital city. The city that Port wine was named after. It is called the Green Coast due to the luscious vegetation. This is the colder area of Portugal with snow in the inland mountains in winter. It rains on average in winter for 18 days a month hence the greenery.

It has now rained every day for almost 2 weeks and no reprieve for the next week at least. This does nor deter the locals though as they are used to this weather and mearly do what they normally do under a brolly.
Title: Re: My retirement blog.
Post by: BussoV6 on November 13, 2014, 04:34:35 pm
I have spent some time in Porto and the Douro valley as I am a keen wine (and port) drinker. It is pretty hot in mid summer in spite of the steady winter rain season. Very pretty part of the country.

We have friends in Lisboa and also Sintra so had good times there as well.
Title: Re: My retirement blog.
Post by: Orca on December 03, 2014, 06:15:01 pm
Finally got through all the red tape today after a 6 month struggle. It was well worth the effort though.
Now we can relax for 5 years then my wife can get permanent residency.

I am happy to report that we have lived off my investments for 6 months and the portfolio has grown by 5%. This is more than I expected in the current market plus the fact that we had to buy carpets, bedding, cutlary, crockery etc. We also had visitors for 2 weeks and had to do the holiday thing and that was rather expensive.

My wife has been keeping tabs on our spending (living expenses) and have consistently spent R4 000.00 less here pm than we did in Cape Town. Our rental is more expensive here but then this apartment is much more modern to the extent that one expects to see a hotel reception area when stepping out the elevator at the bottom. All the hallways and passages are marble and dark wood. Seems the whole of Portugal is built on marble and granite to the extent that to save money, rather use marble blocks than expensive bricks to build.Even the streets are lined with marble blocks.


Title: Re: My retirement blog.
Post by: Orca on December 10, 2014, 02:11:33 pm
Well, Christmas is once again upon us. This is pretty evident when visiting the city center here in Viana. The Portuguese take Christmas very seriously.
Last week, hordes of trucks pulled into town and set up camp in a park. In a matter of days, they transformed the center into a scene from a fairy tale book.
The narrow cobbled streets are now lined with xmas decorations and xmas trees with sparkling lights and long red carpets laid down. Overhanging arches with big stars light up at night making the streets look like unbelievably colourful tunnels.
Speakers playing xmas carols (in english) from a centeral point have been placed 15 meters apart throughout the city center making window shopping such a pleasure. The shops were still open at 11pm when we left.
This is the first time since childhood that I have experienced a real xmas feeling.
Nothing gets packed away at night and in the morning, all is still there.
Title: Re: My retirement blog.
Post by: Patrick on December 10, 2014, 06:05:30 pm
Sounds amazing  :TU:
Title: Re: My retirement blog.
Post by: Nios on December 10, 2014, 06:58:49 pm
Finally got through all the red tape today after a 6 month struggle. It was well worth the effort though.
Now we can relax for 5 years then my wife can get permanent residency.

I am happy to report that we have lived off my investments for 6 months and the portfolio has grown by 5%. This is more than I expected in the current market plus the fact that we had to buy carpets, bedding, cutlary, crockery etc. We also had visitors for 2 weeks and had to do the holiday thing and that was rather expensive.

My wife has been keeping tabs on our spending (living expenses) and have consistently spent R4 000.00 less here pm than we did in Cape Town. Our rental is more expensive here but then this apartment is much more modern to the extent that one expects to see a hotel reception area when stepping out the elevator at the bottom. All the hallways and passages are marble and dark wood. Seems the whole of Portugal is built on marble and granite to the extent that to save money, rather use marble blocks than expensive bricks to build.Even the streets are lined with marble blocks.

Indeed does sound amazing Orca.

I'm keen to understand how you went about getting through all the red tape and finally having FNB unfreeze your accounts...
Title: Re: My retirement blog.
Post by: Orca on December 10, 2014, 10:38:11 pm
Not quite so Nios. I had trouble getting my account blocked. You can only transfer money overseas via a blocked ZAR account for SARB to record how much money is coming in and going out of SA.
Once you have officially emigrated via SARS and SARB, all your assets and bank accounts will be controlled by a bank that has authority by SARB to do so.
If on a plain holiday, you can just swipe your card with no problem but once officially emigrated, your account is frozen and you cannot swipe or do any internet banking. You have to email the bank to transfer money.

Emigration procedure will be a whole new blog.
Title: Re: My retirement blog.
Post by: mike1000 on December 19, 2014, 07:45:47 am
Hi I can't find a thread for my question so I hope you don't mind me asking it here.

Does anyone know of a website that lists all the Sectors and then the relevant industries and then the companies in these industries and then all relevant info such as P/E and ROE ect....

Something like this http://biz.yahoo.com/p/s_conamed.html[/b]

Hope someone can help me. Just started a few days ago and doing research on stock trading. Been reading Stock Investing For Dummies. My first book.
Title: Re: My retirement blog.
Post by: Moonraker on December 19, 2014, 09:09:45 am
Hi I can't find a thread for my question so I hope you don't mind me asking it here.

Does anyone know of a website that lists all the Sectors and then the relevant industries and then the companies in these industries and then all relevant info such as P/E and ROE ect....

Something like this http://biz.yahoo.com/p/s_conamed.html[/b]

Hope someone can help me. Just started a few days ago and doing research on stock trading. Been reading Stock Investing For Dummies. My first book.

Special secret  ;)  https://itradedata.co.za/index/i_sector.htm
Title: Re: My retirement blog.
Post by: mike1000 on December 19, 2014, 12:35:06 pm

Special secret  ;)  https://itradedata.co.za/index/i_sector.htm
[/quote]

Thanks alot!! Just what I was looking for.
Title: Re: My retirement blog.
Post by: erwintwr on January 24, 2015, 10:21:43 pm
......
Emigration procedure will be a whole new blog.

following this thread shows that you had quite a few challenges. guess drawing a good buffer amount as cash is about the best option, just incase a few months of delays/red tape is encountered.

any other tips Orca?

Title: Re: My retirement blog.
Post by: Orca on January 26, 2015, 12:23:07 am
Here is my new home town. I was surprised that there were braai areas with grids and all up there. The pine forest has plenty pine cones for fire so we will go for a braai sometime soon. There is a venicular train to take you to the top. Went for a walk in the forest but saw a wild boar and made a quick exit.
Title: Re: My retirement blog.
Post by: Orca on January 26, 2015, 01:00:37 am
This was on xmas day in the city center. So cool as xmas songs were played throughout the city.
Title: Re: My retirement blog.
Post by: Orca on January 26, 2015, 01:05:02 am
Here is another pic. Temperature that night on xmas was 10°c
Title: Re: My retirement blog.
Post by: Orca on January 26, 2015, 01:12:32 am
This was very cool. Tingling flashing lights from all the trees.
Title: Re: My retirement blog.
Post by: Patrick on February 24, 2015, 01:00:00 pm
Not sure if this has been asked before, but have you told us how you got into Portugal? Do you somehow have a European passport, or did you apply somehow?
Title: Re: My retirement blog.
Post by: Orca on February 24, 2015, 06:28:36 pm
For me it was simple as I have a Finnish passport but was more difficult for my wife as she has a SA passport. I had to exercise my EU Treaty Rights that state that your non EU spouse can travel and live with you in any EU member country except the UK. UK negotiated different border control laws for non EU spouses.


 
Title: Re: My retirement blog.
Post by: Orca on February 24, 2015, 07:04:23 pm
While I'm on this subject. The UK has very stringent border and immigration controls. A case in point.

A British citizen married an Argentinian Doctor and they had one child in Argentina. She was a housewife with no personal income of her own. They decided to relocate to the UK. Her Doctor husband had a Spouse Visa that expires after 3 months as do all visas.

When he applied for residency, it was refused and he was sent back to Argentina to reapply for a visa. You cannot apply for a visa inside the UK.

The reason for the refusal is that the British spouse must sponsor the third country spouse. To do this she had to have an income of around R27k pm or savings of R1.8M but as she was a housewife she had none. It does not matter that her husband is a high earning Doctor.

British citizens bringing in a foreign spouse now have to use the EU Treaty laws. To do this, they have to live and work in an Shengen  member state for at least 3 months and get residency in that state. Then enter the UK using Treaty Rights as it overrides UK's internal laws.

This can be done via Ireland as many do due to the language. South Africans can enter Ireland without a visa and can apply for residency if the spouse is an EU member citizen.

   

 
Title: Re: My retirement blog.
Post by: Orca on March 09, 2015, 01:49:20 pm
Strange tax laws here in Portugal.

Spouses fill in one tax return with both incomes combined together. This sucks if both work.

Shares held for 12 months are considered Capital and if sold, you would not pay CGT if you acquire shares in a different company with the proceeds.
The same applies to property, primary or not.  :TU:
Title: Re: My retirement blog.
Post by: erwintwr on March 09, 2015, 04:06:32 pm
Strange tax laws here in Portugal.

Spouses fill in one tax return with both incomes combined together. This sucks if both work.

Shares held for 12 months are considered Capital and if sold, you would not pay CGT if you acquire shares in a different company with the proceeds.
The same applies to property, primary or not.  :TU:

cant we agree to call those normal tax laws, and the ones in SA strange? :P
Title: Re: My retirement blog.
Post by: Orca on March 09, 2015, 06:21:31 pm
I thought SA had the best tax system in the world. Here, whatever you buy or service you pay for that may be tax deductible, your tax number is included in the transaction. For instance in medication your health insurance payments, doctors fees, nursing home costs etc are automatically entered into the tax system. When you do efilling, the totals are already populated for you. Now how cool is that!  :TU:
Title: Re: My retirement blog.
Post by: Orca on March 27, 2015, 09:41:55 pm
I never thought I would one day ask Jesus for help with my tax but I just did. Hopefully Jesus will be successful in his application on my behalf for immunity from tax in Portugal.
I may have mentioned this before but I am very forgetful of late so will banter on about this system.

Portugal has a shortage of cash and not unlike South Africa, the politicians needed extra money to pocket so they came up with a system to attract foreign money for their Nkandlas. I think they called Costas Enormicos here but not too sure.

The wording of this system or regime is somewhat confusing. Non Habitual Residency. This is what Jesus will get for me even though I have permanent residency in Portugal. Confusing right?

Customs and Border control has recorded me as a permanent resident so I'm good to live here but the tax office will see me as a Non Resident for 10 years. So effectually, I will not pay tax here for 10 years because I am not "residing here".

Whoopee. A tax haven. Now to wait for Tony Jesus, my accountant here in Portugal to be successful in my application.     





Title: Re: My retirement blog.
Post by: Patrick on March 28, 2015, 11:47:07 pm
What will happen if you decide to pack up and go somewhere else in 10 years. Will it be OK, or will they want to claim those list taxes back?
Title: Re: My retirement blog.
Post by: Orca on March 29, 2015, 07:05:22 pm
No P. That was discussed here but they specifically did not include that as it would defeat the aim of attracting foreigners into Portugal with money to spend here. Most of the foreigners have bought property here anyway.
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 17, 2015, 05:09:57 pm
Very interesting reading Orca - have a ton of questions - I am in a very similar situation. Bit younger at 41 but also retired with a similar stash - wife still works from home though. Also loving it.

Doing it again, would it not be best taking all/part of you money out an investing in the EU? I am guessing it's a toss up - tax and nice growth in SA VS really being on the edge when it comes to currency movements. No good doing well in SA if the rand plummets!

I am impressed that you lived on around R12K p/m - I am around that but with a house paid of.  What is it costing you roughly to live there now?

In case you haven't - great link with similar minded people moneymustache.com
Title: Re: My retirement blog.
Post by: Patrick on April 18, 2015, 01:03:11 pm
Very interesting reading Orca - have a ton of questions - I am in a very similar situation. Bit younger at 41 but also retired with a similar stash

And now I have a ton of questions, you should have your own thread!
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 18, 2015, 07:32:03 pm
Very interesting reading Orca - have a ton of questions - I am in a very similar situation. Bit younger at 41 but also retired with a similar stash

And now I have a ton of questions, you should have your own thread!

Found your blog very interesting - you are a very entertaining writer and have obviously read MMM. I already had formulated my "perfect" life long before finding his site - but was nice to find a group with similar objectives. Haven't found many South Africans that would consider retiring early and living off less - we seem to really like our glitzy baubles and have no problem using debt to purchase them and working long to fund that debt.
Title: Re: My retirement blog.
Post by: Nios on April 19, 2015, 08:44:21 pm
This too is my path :) I wish to follow. 35. House is paid off, 3 rentals (2 are townhouses(bonded) and 1 is cottage on paid off property), in the process of acquiring a 2nd easy to run small business. I'm all for easy to manage passive income streams with minimal effort. I'm starting to realize it's rare where you see the returns else where like in profitable small businesses started or bought at the right price, although let me say finding them is a task on it's own. Stock market and property included.

I think a separate early retirement thread is a great idea Patrick, especially for those that have done it. Would love to hear Mr_Dividends story too and ask questions as they come to mind.
Title: Re: My retirement blog.
Post by: jaDEB on April 20, 2015, 09:08:32 am
Yes, please do so. I am green with envy....
Title: Re: My retirement blog.
Post by: Orca on April 20, 2015, 01:40:47 pm
http://www.telegraph.co.uk/finance/personalfinance/special-reports/11519095/The-ultimate-pension-freedom-Retire-in-Portugal-and-reduce-your-tax.html

Here is some good reading about tax havens in Europe. If you think your pension may not last then this will benefit you.
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 21, 2015, 06:59:39 am
Orca, still interested to know what your reasoning is with regards to leaving your money in SA Vs taking it out and investing it somewhere in Europe? For me, I would worry about the exchange rate as well as access to my money. For me, there would be plenty of companies over there that pay decent dividends.

http://www.topyields.nl/Top-dividend-yields-of-STOXX-Europe-Dividend-30.php
Title: Re: My retirement blog.
Post by: Orca on April 21, 2015, 10:48:41 am
I explained my position with divies vs capital growth on the other retirement thread.

As to keeping my money in SA. I have inquired on UK and EU investment forums about shares or ETF's here that consistently produce 25% pa and I seem to have made a laughing stock of myself. "In your dreams" one stated in reply.

So in short. Developed markets under perform emerging markets and investors are looking at Africa for growth.

The ZAR does not decline against the Euro as much as other currencies.  Over the past 10 years it declined by about 4% pa. In a way, the ZAR is pegged to the Euro.
I can live with -4% pa in a market that has superior growth.
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 21, 2015, 11:38:19 am
Ja, get where you coming from - but I would find it had to have all my capital in SA, hell, most of us are trying to get some of it out!
Title: Re: My retirement blog.
Post by: Orca on April 21, 2015, 01:08:51 pm
Ja, get where you coming from - but I would find it had to have all my capital in SA, hell, most of us are trying to get some of it out!

And foreigners are trying to get their money in.
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 21, 2015, 02:39:17 pm
Quote
This too is my path :) I wish to follow. 35. House is paid off, 3 rentals (2 are townhouses(bonded) and 1 is cottage on paid off property), in the process of acquiring a 2nd easy to run small business. I'm all for easy to manage passive income streams with minimal effort. I'm starting to realize it's rare where you see the returns else where like in profitable small businesses started or bought at the right price, although let me say finding them is a task on it's own. Stock market and property included.

I think a separate early retirement thread is a great idea Patrick, especially for those that have done it. Would love to hear Mr_Dividends story too and ask questions as they come to mind.

Some business's are more passive than others! What where you thinking of for the second stream? Always thought a DVD rental shop in the right area would be about as easy a business to run as you could get. As to actual property to let, done well I am sure it's great. Prefer listed property although yields are slightly lower initially, but I like their liquidity, wide risk base and faster capital growth on the whole. Not having someone telling you that the geyser has blown in the middle of the night or worse, they've lost their job and have no intention of moving out  - that just a bonus. I know one guy that only takes government employees with housing allowances (get's paid directly and seldom fired) and it seems to work well.

I always like to have, back up plans - one very viable one is that is that although our house is not particular big, the plot (also not particularly big at just over 700m2)  stretches road to road - and at the back have a large 85m2 brick workshop with obviously it's own entrance and parking. Could make two quite nice self catering units - which I understand is needed in this town, and would be fairly busy. But having had an (largely unsuccessful) B&B before, I would rather that garage was filled with tools and wood than guests. But the idea is there and the ROI would be pretty decent as it's paid off. Might be a plan if my wife decided she did not need her studio (2 garages we had in front) and they could become my work shop.
Title: Re: My retirement blog.
Post by: Moneypenny on April 21, 2015, 03:22:32 pm
Always thought a DVD rental shop in the right area would be about as easy a business to run as you could get.

Uh-uh, not any-more, being replaced by streaming.
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 21, 2015, 03:34:53 pm
To true MP - I haven't visited a DVD shop for over a year.
Title: Re: My retirement blog.
Post by: residentsa on May 02, 2015, 08:02:20 pm
Ja, get where you coming from - but I would find it had to have all my capital in SA, hell, most of us are trying to get some of it out!

And foreigners are trying to get their money in.
First post here although I did peek in couple of times earlier. We are foreigners in SA although permanent residents since a long time. About 80% of our investment is in SA and I personally know couple of foreigners that have invested here. Of late, there has been some cause of concern, however, one can only hope things will get better. Such a beautiful country deserves a stable future.

Enough digression from original topic. Interesting blog Orca. Makes us want to consider Portugal for our next residency. :)
Title: Re: My retirement blog.
Post by: Orca on May 03, 2015, 12:08:08 pm
Welcome aboard Residentsa. Politically Portugal seems to have the least problems in the EU.
Title: Re: My retirement blog.
Post by: Orca on May 03, 2015, 03:08:27 pm
We are up in the far north of Portugal near the Spanish border and not much English is spoken here. The lingo is just too difficult to learn but we can by now understand the basics of Portuguese.
When our rental agreement expires next July, we will move south where English is widely spoken due to the large Brit population there.

I also looked at going to the Americas before deciding on coming here. Belize was on my radar as English is also widely spoken there in the coastal towns. They also invite pensioners and investors to retire there with a very favourable tax regime. Many north Americans have taken up this offer. The same with Panama.
Title: Re: My retirement blog.
Post by: Orca on May 14, 2015, 11:11:04 pm
I have neglected my retirement blog so here is an update.
Many years ago, Spain and Portugal had a conference about how to share the world between them as they were the main countries annexing foreign territories and were sure to rule the whole world between them as they were the strongest seafaring nations at the time.
Portugal was stuck between the ocean and Spain and could not extend their country due to Spain's superiority and strength so instead went abroad to annex many foreign countries. Portugal became strong especially with Brazil and African countries.
Unfortunately for Portugal, these countries eventually got independence and Portugal had to retreat back to it's corner.
A mighty country was back to being four times smaller than the UK and can easily fit into the Western Cape.

The reason I stated the above is my prejudiced and perhaps biased thinking that Porras are all plain "Grocery Shop owners" with no more brains but counting money.

Now that I live here, I can see the difference between first and third world countries. Everything is so well oiled here in every aspect. The people here are comparative in intellect to all western EU countries and my comparison  to Grocery Shop owners has disappeared.   



Title: Re: My retirement blog.
Post by: Orca on May 14, 2015, 11:59:28 pm
As I was saying. The Porras had to preserve their food on the long excursions that they had to endure to get to the Americas and the African countries so had to develop methods to preserve the food on their ventures. This made them inventive and very successful in this. Portugal has managed to preserve food in manners that no other country has surpassed. To this day, they have kept this accolade.
There is no other country as Portugal in the EU where every part of a pig is consumed. What cannot be eaten  fresh is smoked or dried.  Pig snouts, pig ears, tongues and all are smoked or dried and hung in homes on the rafters and sold in supermarkets.
No big deal as they even eat sharks here. If it moves, eat it.
Tonight I bought fish that had a name that I could not translate at the time and fried it. It was sooo good and tasty. Upon translation, I found that it was Blue Shark.
Title: Re: My retirement blog.
Post by: Orca on June 10, 2015, 01:15:32 am
We also have load shedding here. At 11.30 pm some street lights switch off. At 12 pm, half switch off.
This is still enough to walk without total darkness.
It is now midnight and 27 Celsius so cannot sleep and standing on the balcony, I am watching single girls walking unafraid down the street by themselves without fear of being accosted. They will not be as it is totally unknown and unheard of here.
 
Title: Re: My retirement blog.
Post by: jaDEB on June 10, 2015, 08:24:36 am
I am watching single girls walking unafraid down the street by themselves without fear of being accosted. They will not be as it is totally unknown and unheard of here.

LOL, u sound like Ted Bundy .... :LHST:
Title: Re: My retirement blog.
Post by: Mr_Dividend on June 15, 2015, 03:23:32 pm
Last night was browsing this website - surprised to see quite a bit in my price range - 50 -100k Euro's. Space for a veggie garden.

http://www.pureportugal.co.uk/
Title: Re: My retirement blog.
Post by: Moneypenny on June 18, 2015, 10:04:58 am
Apparently people who retire early have some common characteristics according to Warren Ingram - Moneyweb article:

http://www.moneyweb.co.za/mymoney/moneyweb-financial-planning/want-to-retire-early/

I have had the privilege of working with many retirees over the last 19 years. A large number of whom retired successfully and far younger than age 65. It has been interesting to note how many of the people who retired early have some common characteristics. If you want to be financially free as early as possible, it might help you to know what they had in common.

They are worried about dying young

Most of the people I have met who have retired early had an overriding fear that they would retire at a normal age and then pass away within a year or two. It is interesting to note that most of them had an experience where their fathers or other family members had this bad luck and it created a lasting impression on them. In many instances this fear was the main driving force for many of their other decisions around money. If you want to achieve financial freedom early, you need to find a source of motivation that will enable you to prioritise this goal so that you can avoid many of the wealth traps that prevent others from achieving their financial goals.

Get and stay married

It is remarkable how many successfully retired people have only been married once and have had a generally happy marriage. Almost all of them work on their financial goals together. When they attend financial planning meetings, they do so together and they have general agreement on their financial goals. Money is rarely a source of conflict in these relationships. This is enormously helpful and you always have a willing “training partner” to keep you motivated to reach your financial goals.

They are happy with what they have

Financial freedom is different for everybody, some people will be happy to live on a monthly amount of R30 000 while others cannot get by with anything less than R200 000 per month. You need to find a way to be happy with what you have and not constantly want more. People who earn a lot of money but are never happy with what they have, are NOT going to achieve financial freedom… ever. This is one of the keys to financial success, it is easier to save and build up your investments if you are not constantly paying off your credit card because you HAD to go on that wonderful skiing holiday like your friends did last winter.

Their parents showed the way

Successful retirees did not necessarily have wealthy families and nor were they particularly financially sophisticated but very often their parents were prudent with money. They instilled an ethic in their children that saving was important. Many of these successful retirees had to work for money as children. Sometimes it was part-time jobs during holidays or working around the house for pocket money. Very few of them were simply given everything they wanted. This is a wonderful lesson for parents today.

Money was not a source of trouble

Finally, they tend to live a stable and predictable financial life. Almost all of them planned their major expenses carefully and they rarely use debt. Vehicles are purchased with cash, credit cards are cleared monthly and they have money saved for emergencies. They tend to budget consistently and save every month. When asked about how they dealt with financial shocks, I was surprised to learn that they had less financial emergencies than most other people. On the surface it might seem like they were lucky but I realised that they tend to plan for rainy days. If they had a financial setback they worked really hard to re-establish their emergency funds quickly so that they could deal with any new problems.

Financial freedom or early retirement takes a lot of sacrifice and hard work –  but it is possible for anybody.
Title: Re: My retirement blog.
Post by: Patrick on June 18, 2015, 10:51:02 am
I'm a huge fan of Warren Ingram, he just makes sense. These commonalities are very similar to a lot of the points mentioned in The millionaire next door, which is a great read, but if you're in a rush the wikipedia page does a great summary: https://en.wikipedia.org/wiki/The_Millionaire_Next_Door
Title: Re: My retirement blog.
Post by: gcr on June 18, 2015, 11:25:07 am
I posted on Warrens article that there is another attribute displayed by wanton early retirees (like me) and that is planning before and after retirement and also taking up a hobby
Title: Re: My retirement blog.
Post by: Orca on June 18, 2015, 11:47:12 am
I read that article on Moneyweb earlier and I got the impression that Warren was talking about me and wifie.
Title: Re: My retirement blog.
Post by: Orca on June 18, 2015, 12:17:09 pm
Last night was browsing this website - surprised to see quite a bit in my price range - 50 -100k Euro's. Space for a veggie garden.

http://www.pureportugal.co.uk/

The most popular site for buying or renting is www.custojusto.pt
Title: Re: My retirement blog.
Post by: Orca on June 18, 2015, 11:11:09 pm
Just an interesting development that the UK might be gearing up to exit the EU.

Last year, they started deporting foreigners that were not contributing to the economy. The foreign workers have to spend their earning and holidays within the UK and not send their money to family outside the UK.

This has not been publicised but 2 of my daughters co workers from Rumania and Czechoslovakia  were deported by the Immigration Surveillance  Dept, for sending most of their earnings home and not making UK as their "home".
Title: Re: My retirement blog.
Post by: Orca on June 21, 2015, 10:02:25 pm
A heat wave in Portugal with no wind and temperatures of 36 c has kept us inside for days. Although we are in the cooler north, it is unbearable. I pity the people in the Algarve down south as it is even hotter by at least 5 degrees.
The streets are empty of people and I have never heard ambulance sirens as much as now. Perhaps the old folks having health probs due to the heat.
I have even become accustomed to the men across the road in their apartments walking about in their jocks and the women in teenie underwear.
Electricity here is just too expensive for air-conditioning.
Title: Re: My retirement blog.
Post by: Orca on June 23, 2015, 12:08:28 am
A mere 2 hours of posting my previous post on how hot it was, a thick mist or fog bank just "poured" in and dropped the temperature to 19C. Sadly, we all had to put our clothes back on again.
Today the maximum temp has been 21C and will continue for some days.
 
 
Title: Re: My retirement blog.
Post by: Patrick on June 23, 2015, 07:48:46 am
You should post some pictures, I'd love to see the place.

Any more thoughts as to where you'll head after your lease is up?
Title: Re: My retirement blog.
Post by: Orca on June 23, 2015, 04:18:30 pm
You should post some pictures, I'd love to see the place.

Any more thoughts as to where you'll head after your lease is up?

Hard to believe that we have been here for a year already. Our lease expires next June and I have 3 places on my radar.
1. Prague.
Quaint old city center and very popular tourist destination. English is widely spoken and cost of living is even cheaper than Portugal.
Cons. Tax and cold winters.

2. Porto
Only 65km south of us and is the 2'nd largest city in Portugal. Home of the Port wine.

3. Ponta Delgada 
On the island of St Michael in the Azores 1 670 km off the coast of Lisbon. Also called the "Green Island" due to the lush vegetation. The climate is ideal for me as I hate the heat on the mainland in summer. Temperatures stay between 18 and 25 winter and summer.
Cons. No public transport outside of the city.
   
Title: Re: My retirement blog.
Post by: Orca on June 23, 2015, 04:21:26 pm
Here is a pic of Ponta Delgada.
Title: Re: My retirement blog.
Post by: JDP on June 23, 2015, 04:29:28 pm
One thing about Prague, was there last year for 4 days or so. English is widely spoken, but only under the younger generation, lets say up to 35. Alot of the older
people, especially in the suburbs, don't understand a word.

Two examples from me was a bus driver and a old lady running a dry cleaning business. Needless to say to my laundry somewhere else,
and as far as the bus, had no choice, but I prayed all the way that I did not end up in some slum, luckily i did not. :))

PS, wow Ponta Delgada is beautiful, any thoughts about Croatia, was there as well, beautiful country.
Title: Re: My retirement blog.
Post by: Orca on June 23, 2015, 05:16:26 pm
My kids have travelled extensively throughout Europe and they were so impressed with Prague that they are going back there soon. They stayed in the old city center on the square. The tourist hub.
There are so many pretty places in Europe but most are just too expensive.
I did look at Croatia but for some reason i scratched it off my list. I also need to be in a city as I don't have the confidence yet to drive on the wrong side of the road.
Here is a pic of Porto looking over the river at the old city centre with the Port wine distillers behind my back.
Title: Re: My retirement blog.
Post by: JDP on June 23, 2015, 06:07:29 pm
Wow love this one too. I put both of them on my to visit list for someday when I do tour of Spain/Portugal, Ill most likely will need a lot of SD cards,
because it looks like a photographic heaven. :TU:

Yip in that case I can understand about Croatia, only really big city is Zagreb, and that's not where I would like to live, I much more prefer the coast.
Title: Re: My retirement blog.
Post by: Orca on July 31, 2015, 07:35:14 pm
Just an update on money matters here in PT.
I think I mentioned that my application for "Non Habitual Residency" was accepted by the IRS here. This was confirmed by my tax returns that I got last Friday. It shows a nil return and will continue as nil for 10 years. Unless of course if I "trade" my SA stocks before the 1 year holding requirement for CGT as that will attract a flat 20% tax rate here.

I must add that I am a member of a local expat forum here and I urged people to apply for that 10 year tax exemption and got laughed at by some members saying that it is only for the rich and property owners. They are now kicking their butts as they missed their deadline and now cannot apply.  :LHST:

My wife is still diligently keeping book of our spending each month and I was pleasantly surprised at our living costs.
We are not on a budget at all and buy what we want and when we want without hesitation. For the past 2 months we have averaged just over R10k pm  and we still have enough essential items like beer, wine and food to carry us a week into next month.
This includes R1k for private medical insurance.
R5k for rent.
R600 for water, gas and electricity.
R400 for unlimited internet. (TV)
We still do not have a car as public transport here is excellent enough for us at this stage.

I can only attribute this drop from R12k to R10k to the fact that we can now read labels and not buy wrong stuff over and over. We know where to buy certain things cheaper and have completed our touristy stuff.

So living on R10k pm tax free in Portugal is quite doable. My next post will be on the legal constraints of emigration to the UK for South African couples where one partner is a holder of a Brit passport. This is relatively simple for the EU but differs for the UK.

 
Title: Re: My retirement blog.
Post by: Orca on July 31, 2015, 10:57:08 pm
Emigration to the UK from outside the EU is impossible unless you have £1m to invest and have at least a Tier2 qualification. Even if 1 of the married couple has a Brit citizenship, it will be impossible.
A case in point:
A British housewife married to an Argentinian Doctor arrived in London from Argentina with the intent to stay. She as a Brit had to sponsor her husband but as she was a housewife, she had no funds to do so. He as a doctor with money did not matter so he was deported back to Argentina.
Their only option was this;
You may be able to apply for an EEA family permit as a family member of a British citizen who has worked in another EEA country.
This is known as the ‘Surinder Singh’ route.


You must also be able to show that the British citizen genuinely lived (based their ‘centre of life’) in the EEA country in which
you were both resident for at least 3 months before returning to the UK.

So the best way is to emigrate to an EU country such as Ireland first and then enter the UK using the EU Treaty "freedom of movement" treaty rules. This bypasses UK immigration rules.

SA citizens do not need a visa to enter Ireland.
 
Title: Re: My retirement blog.
Post by: Mr_Dividend on August 01, 2015, 10:57:41 am
Wow - seriously??

I am a brit citizen and thought it would be easy to go live in the UK. I wonder if it would it help that we got married in the UK? It's always been my "if the kak his the fan" plan.

Might be a good thing though - would prefer to try Portugal or Spain first.
Title: Re: My retirement blog.
Post by: Orca on August 01, 2015, 04:36:23 pm
To stem the influx of migrants, UK has removed the right of its citizens to bring in foreign spouses by legislation.
What normally happens is that once these foreign spouses are settled in the UK, they "import" their extended family members into the UK as their "dependants". (You will know what countries I am talking about)

Getting married in the UK will only get your marriage registered in the UK and you should have done so from SA already without needing to travel there.
I strongly advise you to get an Apostilled Marriage Certificate from Home Affairs and get your marriage registered in the UK if you have not done so already.

You would need an Apostilled Marriage Certificate anyway if you intend to live anywhere in the EU plus your marriage must be registered in your home EU state as well.

This marriage certificate will also allow your wife to get a free visa and she gets to jump the queue of casual tourists and the process is expedited.

 
Title: Re: My retirement blog.
Post by: Mr_Dividend on August 02, 2015, 07:07:31 am
Never heard of that before, thanks for the heads up.
Title: Re: My retirement blog.
Post by: Orca on August 10, 2015, 09:20:58 pm
As I stated earlier, we have come down from R12k pm to R10k as we have learned what to buy and where to buy.
I have always wondered why our food goes off so quickly compared to when we were in SA. The reason is this.
The Porras don't like preservatives and genetically modified foods and due to public pressure, these foods are rarely found here and if so, they are avoided. (Perhaps this is why women do not have cellulite here ??)

We now buy fruit and veggies every second day in small quantities and stock up on stuff we can freeze like meat and fish when it is going cheap.

Prices of meat and fish can differ 50% from day to day and from different supermarkets having specials.
As example, our local market is having a special on pork loin chops with fat removed as always at R21.00 per kg and chicken leg quarters at R19.00 per kg.
We also have a discount card that gives us a further 5% off the price that we can accumulate as points or use immediately.
I would love to know what you guys are paying for lean pork chops and chicken leg quarters now. Anyone?








Title: Re: My retirement blog.
Post by: gcr on August 10, 2015, 11:35:56 pm
Very interesting pricing in your neck of the woods
The following are prices ex Checkers here in Joburg from this weekends Sunday newspaper
Chicken thighs or drumsticks (fresh) R 39.99 per kg
2 litre low fat milk R 19.99
Porterhouse Pork Steak R 69.99 per kg - this is obnoxious marketing at its best
New Your Strip Steak R 99 per kg
Oxtail R 79.99 per kg
Large cut and deveined prawns R 99.99 per 700 grams

Many of the manufacturers are playing ducks and drakes with their packaging - they keep the price the same but they reduce the content quantity.
So the rip off continues
My sister stays in France from time to time and the prices you seem to get are certainly cheaper than in France and it seems here as well
Title: Re: My retirement blog.
Post by: Moonraker on September 02, 2015, 08:34:55 am
Hey Orca, why not invest in Portuguese stocks ? I think you will do well.

Here are a few to check out:-

Altri (Chemicals)), NOS (Media) or Jerónimo Martins (Retail) all up 30%+

Stock Market as a whole up 10% this year.
GDP growth estimated at 1,6% for 2015
'Cheap' money from ECB should benefit stocks
Title: Re: My retirement blog.
Post by: Orca on September 02, 2015, 11:00:31 am
Thanks Moon. I will check them out and perhaps I should start studying the PT market.
My wife is invalid after a bad fall and we have been house bound for 2 weeks and that will keep me occupied.
Title: Re: My retirement blog.
Post by: Moonraker on September 02, 2015, 02:27:54 pm
Oh man, sorry to hear about that - but she will get better, time is a great healer.
Hope you didn't have to go to Lisbon for treatment. When we lived in Loule, near Faro in the Argave, medical service was very poor and a fractured bone meant a trip to Lisbon.
(But that was way back in 1992).
Title: Re: My retirement blog.
Post by: gcr on September 02, 2015, 02:32:43 pm
Sorry to here of your wife's fall - hope she has a speedy recovery
Title: Re: My retirement blog.
Post by: Fawkes85 on September 02, 2015, 02:47:53 pm
Apparently people who retire early have some common characteristics according to Warren Ingram - Moneyweb article:

http://www.moneyweb.co.za/mymoney/moneyweb-financial-planning/want-to-retire-early/

Financial freedom or early retirement takes a lot of sacrifice and hard work –  but it is possible for anybody.

Wow. I never really considered early retirement but after reading your post it might just be something I do one day. Except for the worrying about dying young and getting married thing I am pretty much set on the other three. Not like I am not interested in getting married but to do that I first have to get into a relationship and those don't come cheap o.O So difficult to get a girl who just don't mind chilling at home. They always want to do stuff and stuff cost a lot of money.

But anyway as for point 3 I am definitely happy with what I have. I have never understood my generations need to always have to have the newest smartphone and the need to buy new clothes every bloody month. Been using the same phone for 3 years now and not planning on replacing it for another 2. Can't even remember the last time I bought new clothes. Definitely happy with what I got and it goes a long way to helping me save 55% of my salary every month. And also by not shopping the whole time I can say I am completely and utterly debt free. Except for the R1000 I owe on my credit card. Had no choice there. Been trying forever but the interweb just won't accept my cash. Only credit cards which are luckily always paid of the next month.

With point 4 my dad has definitely paid a big part in the way I deal with money. He was always a frugal man, not because we were poor, but because that is how my grandparents raised him. I remember growing up and always seeing my friends get the newest computer or wearing the coolest brand name clothing. I always envied them so much cause I didn't have that. My dad would never pay that kinda money. But with hindsight I am really thankful. Compared with my friends I am a helluva lot better of financially. They just don't know how to save because they always go out blasting through their income. Why? Because that is how they were raised. Their parents always gave them what they wanted and now that they are older they still expect life to work that way. No saving or being patient and waiting to buy something when you can afford it. I must have it now because that is how I always got things.

Point 5...and I am really chuffed with myself about this point, but I sure do love my budget. Apart from the 55% of my salary I already save I save another I save another 10% just for medical emergencies and unseen future costs. It my rainy day savings. And as soon as I use a red cent out of that money it gets replaced immediately. When you wrote this point it was like looking into a mirror.

So gotta say thanx for making that post. Been having a rough couple of months and reading your post made me realise I could maybe one retire early and go live in Portugal like Orca. That is something that never even crossed my mind as I did not consider that a possibility. Sure lifted my spirits reading your post and realising it is doable.  ;D :D ;D
Title: Re: My retirement blog.
Post by: Orca on September 02, 2015, 02:57:23 pm
We live directly opposite the only private hospital here in the far north of Portugal and have noticed a common trait with patients.
Most patients are women with broken arms and knee injuries and I always wondered why. Well, I found out 2 weeks ago why this is. Many women here are short and stiletto heels are in fashion so the shorter the woman is, the higher the heels are. This is not a good combination with the cobbled streets we have in Portugal.

We were walking around the old city center when my wife fell like a sack of potatoes in the road. Bystanders rushed to help and had her sitting in a chair with the ambulance on its way.
The very modernly equipped ambulance arrived within minutes and after patching here wounds up, the frustrating Portuguese bureaucracy all expats complain about started.
They had no authority to transport her to the private hospital 2 km away. There are no private ambulances here and as they work for the government hospital, that is where they will take her. Nowhere else.
To make matters worse, they needed her Social Security Card or an EU NS Card that we do not have.  South Africa does not have this system so no card. We have private medical aid and the government hospital does not accept this. After much whistling and arm waving, the paramedics phoned for a taxi.

More frustration at the private hospital. The doctor on night duty could not understand a word of English and proceeded to whistle and wave his arms around at the sight of her purple and bleeding arm.
A nurse then took her to radiology where they took many x-rays then showed her a thumbs up. Not knowing if this meant that my wife made a good job of shattering her arm properly or if it was ok. We were then taken to reception for the paperwork and waved goodbye.

Once at home, I had to cut up a new t-shirt to make a bandage. Next morning her whole arm and hand was purple and swollen and the wound was septic. I am sure she fell exactly on a spot where a dog left it's IP address.

I then had to go back to the hospital to pay our portion of the "treatment". The day staff now miraculously all spoke good English and very quickly ushered me into the doctor's room where a Canadian doctor sat. She apologized profusely and showed me a letter the night doctor had left her. The nurse was supposed to take my wife back to him after the x-rays for treatment and medication. So it was just a language problem after all.

Still not sure on what to do in case of any emergencies yet but I have emailed my medical aid for info.       
Title: Re: My retirement blog.
Post by: Patrick on September 02, 2015, 03:04:28 pm
Apart from the 55% of my salary I already save I save another I save another 10% just for medical emergencies and unseen future costs. It my rainy day savings. And as soon as I use a red cent out of that money it gets replaced immediately. When you wrote this point it was like looking into a mirror.

So gotta say thanx for making that post. Been having a rough couple of months and reading your post made me realise I could maybe one retire early and go live in Portugal like Orca. That is something that never even crossed my mind as I did not consider that a possibility. Sure lifted my spirits reading your post and realising it is doable.  ;D :D ;D

If you're saving 55% of your salary (well done btw, very impressive) you'll only need to work for 14.9 years! If you included the emergency savings to take it to 65%, it would only take you 10.9 years to get there. How old are you now?

Portugal has a lot going for it, Orca did his research well. Good climate, low living costs, very favourable tax if you retire there, and if Orca is to be believed, very good looking women too.
Title: Re: My retirement blog.
Post by: Fawkes85 on September 02, 2015, 04:13:02 pm
I turned 30 about two weeks ago. Must say though that I think it is better to aim for the 14.9 years with the 55% savings. That 55% is purely for saving and investing and is never to be touched for anything else. The emergency 10% savings cannot be counted on as it will be touched and used for going to the doctor or dentist or for instance the winters here are ridiculously cold and the jacket I have been using for the past five years is kaput so need to buy a new one. And believe me when I tell you a proper winter jacket that can handle -15C to -20C does not come cheap. Costs a bloody arm and a leg. Luckily I had the foresight last year to notice that I will be needing a new one this year so have been putting money aside each month just for that. But still, my point is that extra 10% gets used so cannot count on it still being there in the future.

Anyways, don't want to hog Orca's blog/thread with my stuff that is not related to him or his life in Portugal.

Just for anyone that is interested though, if you are looking for cheap places to live in your retirement you might want to look at Asia. In SA we are so caught up with Europe. I was too until I moved to Asia and now I never want to leave. This place is awesome. Now I won't be able to retire here in the Far East because the cost of living is really high. SE Asia is another story. Might be in your interest to take a gander at Vietnam. It is an awesome and ridiculously beautiful country with a pretty low cost of living and great weather all year round. Not that I am knocking Europe though. Definitely want to visit there one day soon again.

With that said though Orca I hope you are having a great time in Portugal and I wish your wife a speedy recovery.
Title: Re: My retirement blog.
Post by: jaDEB on September 02, 2015, 05:02:56 pm
Please note I do agree with u all saving for retirement. But please also remember (I do not feel like writing - thus gonna make it short) that saving and not enjoying life and you go to the big gates at say 50, it happens. I have seen it happen, and still think about how he deserved to enjoy his retirement, but never had the opportunity  :(
Title: Re: My retirement blog.
Post by: Patrick on September 02, 2015, 05:21:59 pm
All the best with your wife's recovery Orca. Any reason why you didn't just go to the state hospital?

When I came off a bicycle at high speed in Rome I just went to the local hospital. No charges for anything including x-rays, but sadly the language barrier there also meant I couldn't figure out if I was entitled to pain killers. The panados just never did the trick, so I had a few sleepless nights.

Are you on a South African medical or something European?
Title: Re: My retirement blog.
Post by: Moneypenny on September 02, 2015, 05:28:18 pm
Hope she's up and running again very soon O. :o    Stiletto's and cobbled streets never mix, only place where I wear flats is Monte Casino for that very reason.
Title: Re: My retirement blog.
Post by: Orca on September 02, 2015, 05:50:59 pm
We have local private insurance and pay about 100 E pm for both of us and it covers us for E300k pa. That is the minimum required by EU law.
Having private medical, we figured that we may as well use the new ultra modern private hospital instead of waiting in long queues in an old hospital.
Title: Re: My retirement blog.
Post by: Orca on January 09, 2016, 11:33:49 pm
An update. Have to find a cheaper country to go to due to the demise of the ZAR and is really hurting me now.
Decided on Cyprus. Although I have tax exemption here in Portugal for 10 years, Cyprus has a tax threshold of €29 500.00.
I will never get near that so will never pay tax.
Rental properties there are on average €100 cheaper than here in Portugal. A sea view 2 bed apartment goes for under R5k and it is furnished and has air-conditioner and under floor heating. The plus factor is that they drive on the same side of the road as SA.
http://www.horizonpropertyshop.com/search-results/page/2/?status=long-term-rentals-paphos&location=any&type=any&bedrooms=2&min-price=any&max-price=any&ref_number
Title: Re: My retirement blog.
Post by: JDP on January 10, 2016, 05:03:14 pm
Orca just a question about Portugal and the 500K property investment for the golden visa.

Must one do the entire 500k in one shot, or can you build up to that, lets say in 80k increments?

Not that i'm there yet but I was thinking, if you could buy a +/- 80k flat, which you rent out.
Then follow that up with another in the same price range and used the first ones rent to help pay towards the next etc etc.
would you then eventually also qualify for the Golden Visa?
Title: Re: My retirement blog.
Post by: Orca on January 10, 2016, 08:04:25 pm
Only once your entire property portfolio is worth €500K will they give you a Golden Visa. I must add that for that price, you can buy a villa fit for a king.
The Golden Visa programme launched by the Portuguese Government is a fast track for investors to obtain a fully valid residency permit in Portugal and free access to the vast majority of European countries (Schengen-area). It is now one of the most competitive and attractive investor residency programmes in the world.
Plus you would not pay any tax for 10 years and after 5 years you can apply for permanent residency and get citizenship.
http://www.a-p-g.net/mon/
Title: Re: My retirement blog.
Post by: erwintwr on January 12, 2016, 11:04:59 am
An update. Have to find a cheaper country to go to due to the demise of the ZAR and is really hurting me now.
Decided on Cyprus. Although I have tax exemption here in Portugal for 10 years, Cyprus has a tax threshold of €29 500.00.
I will never get near that so will never pay tax.
Rental properties there are on average €100 cheaper than here in Portugal. A sea view 2 bed apartment goes for under R5k and it is furnished and has air-conditioner and under floor heating. The plus factor is that they drive on the same side of the road as SA.
http://www.horizonpropertyshop.com/search-results/page/2/?status=long-term-rentals-paphos&location=any&type=any&bedrooms=2&min-price=any&max-price=any&ref_number

Hi Orca

care to elaborate a bit on your current portfolio or plans?

EG is your investments still in SA, and you are selling a portion off to survive?

thus moving to Cypus wont make a difference - unless you find a way to transfer /invest the whole portfolio in an EU market somewhere? or am i missing the boat here?


Thx
Title: Re: My retirement blog.
Post by: Orca on January 12, 2016, 01:58:15 pm
The thing is that I do not know the markets here and feel safer with what I do know. I have been trading/investing on the JSE for many years.
The Euro has lost value as well as all the markets here but not quite as badly as SA due to the Nenegate attenuation. Investors have short memories and this saga will soon be forgotten.
My rental contract expires in July and I do not intend to renew it as this apartment is too big for the 2 of us and a bit far from the city center.
Our rent here is €375 pm fully furnished but this is an upmarket complex and we would prefer a smaller normal apartment in a more vibrant area like the old city center. Fully furnished 2 bed apartments go for €100 less.
We live quite comfortably on under R10k pm since finding where all the farmers markets are. This means selling shares every 3 months.
After about a year, I was still up by +-R400k but now down by the same amount so will have to make adjustments soon if the markets keep misbehaving. If need be, I can cut it down to R7k pm or less if I cut out my nightly tipple as well or move inland to much cheaper accommodation. But, I will regard that as punishment.
Title: Re: My retirement blog.
Post by: erwintwr on January 12, 2016, 02:49:38 pm
ah ok understood :)

yes getting to know a new market is not the easiest of things.

the thing i overlooked in your previous post : €100 a month less - that is actually a crapload in rand terms!

Thank you for keeping us updated otherwise!

Do you by any chance plan to travel a bit around the area/europe? or will that be out of budget.
Title: Re: My retirement blog.
Post by: Orca on January 12, 2016, 04:40:49 pm
Yes, we have traveled a bit. Been to Spain and the UK but will have to wait a while for the markets to recover as we want to meet our kids in Prague for a summer holiday. Too much rain here in winter.
Our flights to the UK and back were for free as the carrier never deducted the fee off my credit card.  O:-)
That was 4 months ago.
The UK was beautiful but sooo expensive. Meat and wine is about 4 X more expensive than here so no more UK.
Title: Re: My retirement blog.
Post by: erwintwr on January 12, 2016, 04:51:33 pm
Yes, we have traveled a bit. Been to Spain and the UK but will have to wait a while for the markets to recover as we want to meet our kids in Prague for a summer holiday. Too much rain here in winter.
Our flights to the UK and back were for free as the carrier never deducted the fee off my credit card.  O:-)
That was 4 months ago.
The UK was beautiful but sooo expensive. Meat and wine is about 4 X more expensive than here so no more UK.


Free flights will certainly help my travel plans! :D
can you maybe borrow me that golden credit card of yours? ;)



isnt Prague and portugal on the same hemisphere thus same time winter?
Title: Re: My retirement blog.
Post by: Orca on January 12, 2016, 06:57:46 pm
The latitude of Prague is slightly higher but the temperature diffs is large. Today it is 13 C while Prague is 2 C max. We don't get snow here Prague does and great if you want to ski.
Title: Re: My retirement blog.
Post by: gcr on January 12, 2016, 07:01:36 pm
An update. Have to find a cheaper country to go to due to the demise of the ZAR and is really hurting me now.
Decided on Cyprus. Although I have tax exemption here in Portugal for 10 years, Cyprus has a tax threshold of €29 500.00.
I will never get near that so will never pay tax.
Rental properties there are on average €100 cheaper than here in Portugal. A sea view 2 bed apartment goes for under R5k and it is furnished and has air-conditioner and under floor heating. The plus factor is that they drive on the same side of the road as SA.
http://www.horizonpropertyshop.com/search-results/page/2/?status=long-term-rentals-paphos&location=any&type=any&bedrooms=2&min-price=any&max-price=any&ref_number

Orca - surely hope you are not serious about moving to Cyprus- if you are serious then why not do the whole monty and settle in Lebanon (airy accommodation and furniture all bolted down) or even Syria where numerous residents are emigrating to Europe for a better life.

Seriously you took months to decide on the country that you ultimately chose, look at getting better returns on your SA investments and use these gains to partially offset your exchange losses
Hang in there - Orca - it is always darker before the dawn
Title: Re: My retirement blog.
Post by: Orca on January 12, 2016, 09:34:42 pm
I was serious but on further investigation it will not be a good idea. Syria is a mere stone throw away and is filled with refugees.
The 8 month summers are too hot to handle. The air conditioners are a must have but will negate the savings on rental price.
We will just down scale to a cheaper flat in the old city center here in Viana. We have always wanted one of those old quaint apartments along the city center narrow cobbled roads. Most have been refurbished inside as the outside has to comply to the historical requirements.
Very vibrant and we can "people watch" in our leisure time. All the shops and pubs are within crawling distance and no cars to worry about on our way home.
Title: Re: My retirement blog.
Post by: Moneypenny on January 13, 2016, 02:51:37 pm
You are truly blessed O.  Enjoy.
Title: Re: My retirement blog.
Post by: Orca on May 19, 2016, 06:16:23 pm
As I was saying.....I mentioned moving into cheaper accommodation in the quaint city center but this fell through.
Our lease contract states that we as well as the landlord must give 4 months notice if we want out or the landlord wants us out. I thought it was 3 months. Too late now so stuck here for a year. Been here nearly 2 years already. How time flies.
At least the landlord has not increased the rent since we moved in and cannot do so for the next year. Perhaps he is just too happy to get his rent on time for a change.

Will I do this again? Lugging 2 heavy bags over cobbled roads in scorching heat in a foreign country and not knowing where to even start looking for accommodation. All the red tape in SA to emigrate and the red tape to live here. You bet I would. Never been happier AND safer as I know I will never be burgled or even swindled out of money even though this is a city.
My wife once forgot the front door keys on the outside for 3 days and I never even shouted at her.

I think I did mention that people have a 2 hour siesta between 1 and 3. The market stall owners and street vendors would just disappear and leave their stuff unattended.

This is getting too long so I will continue tomorrow. Vinho branco time now.





Title: Re: My retirement blog.
Post by: Patrick on May 19, 2016, 06:52:51 pm
You bet I would. Never been happier AND safer as I know I will never be burgled or even swindled out of money even though this is a city.
My wife once forgot the front door keys on the outside for 3 days and I never even shouted at her.

That's the big thing drawing my wife and I to Europe. We want to be able to walk in the streets in the evening, and to be able to sleep peacefully and not worry about potentially having to confront an intruder. Everyone talks about the quality of life in South Africa, big houses, housekeepers, gardeners, weather etc, but I'd like a lazy evening stroll and a good nights sleep far more!

The big worry for me now, and I'm sure for you too, is the state of the rand. Unlike you though, I'd have to pay income tax on a lot of my holdings, and capital gains on the rest. Then moving it at R16 just seems ridiculous too. Zuma can't last forever though, thank god, and it's hard to see how we could get anything worse than him in future.
Title: Re: My retirement blog.
Post by: erwintwr on May 19, 2016, 06:54:32 pm
must be such a pain to stay in a country that does the  following to your electricity supply  :'(

Portugal Just Powered Itself Exclusively on Renewable Energy for Four Whole Days


http://gizmodo.com/portugal-just-powered-itself-exclusively-on-renewable-e-1777511231?utm_campaign=socialflow_gizmodo_facebook&utm_source=gizmodo_facebook&utm_medium=socialflow (http://gizmodo.com/portugal-just-powered-itself-exclusively-on-renewable-e-1777511231?utm_campaign=socialflow_gizmodo_facebook&utm_source=gizmodo_facebook&utm_medium=socialflow)
Title: Re: My retirement blog.
Post by: Orca on May 19, 2016, 08:03:59 pm
There seems to be a competition on as to which country can produce 100% power with renewable energy only.
Denmark wins with 140%. Germany managed a day. Portugal did it over 4 days.
In a few years time, the whole of Europe will be on free of nuclear and coal power stations.

This while SA is building coal powered ones for the Gupta's and planning nuclear ones for Putin.
Title: Re: My retirement blog.
Post by: Orca on May 20, 2016, 06:39:55 pm
Money. Money-wise, we still doing fine and despite the exchange rate, we average about R9 500.00 pm in living expenses. This is all inclusive except that we chose to pay our medical insurance yearly so you might add another R1 050.00 odd to that.
having retired 3 years ago plus the expense of relocating and setting up a home here, my investments have grown by about R211K and I have being making 3 monthly withdrawals for our living costs.

Travels. We have 4 train services here.
International. Leaves about every 3 to 4 hours from the main cities. Not used them yet.
Inter City. About every 2 hours and very comfy with aircons and travels at 200 km ph so not a bad means of transport. Only Portugal cities.
Regional. Each province has their own and the train stops at every town. About every 2 hours.
Metro. Only in the cities and are very frequent.
We also have bus services that do all of the above as well.

I did mention that we took a trip to northern Spain as it is only 60 km north of us. A scenic trip as it is all along the coast and the beaches and forests are stunning as are the small picturesque vegetable farms in their lush greenery.
The trip to the UK was a great experience. I would recommend the Cotswold (The Garden of UK) as a must see. The ancient villages are much like kids picture book fairy tale drawings.
You could actually see the trout swimming in the crystal clear streams.
I was surprised to see that in every town center they had stands with defibrillators in them behind a glass door and none had been stolen yet. The old fogies love to retire in the Cotswold hence the defibs.
Prices in the UK are about 3 to 4 times higher than Portugal so I will not be back soon.

Took a train to Faro in the Algarve in the south of Portugal but this will be later.





 

Title: Re: My retirement blog.
Post by: Mr_Dividend on May 21, 2016, 12:04:00 am
cheers for the update - glad to hear everything is going well. I think leaving SA was the wise decision - SA's great, until something big happens. Personally, even if Zuma goes, nothing will change in this country - not with the militant labour force, a mindset that does not value education and a population that feels it is owed everything from the state.

Have you tried to learn Portuguese? Was talking to a Portuguese person the other day and was interested to hear that she could communicate with Spanish speakers quite easily - always thought they were very different languages.
Title: Re: My retirement blog.
Post by: Orca on May 21, 2016, 04:21:02 pm
Portuguese and Spanish do have some common words but they have intermingled over the years and learned each other's languages.
Strangely, the Portuguese have some difficulty understanding Brazilian Portuguese. Much like the Dutch trying to understand Afrikaans.
I started using Google Translate to learn some Portuguese and after a year some guy told me that I am wasting my time as it is Brazilian Portuguese so I then downloaded the app from the Play Store.
This even had the Portuguese flag on it. After a few months I was told that it was also Brazilian Portuguese.  :wall:
Title: Re: My retirement blog.
Post by: Patrick on May 23, 2016, 08:13:07 am
Wow, spending around R10k for a couple is very impressive. Are those fairly normal living costs for a couple in Portugal? I do have two Portuguese friends, one a doctor, and the other in banking. The doctor earns just 1200 euro a month, and the banking guy, who claims his salary is really good for Portugal is on 1600 euro, and apparently they live very well in Lisbon.

I can't remember if you mentioned which city/town you're in?
Title: Re: My retirement blog.
Post by: Orca on May 23, 2016, 03:27:32 pm
That R10k pm includes our rent of R6k. If need be, we can cut out wine, beer and eating out and save about R2k.
From August all residents of Portugal and this includes immigrants will get free medical so we would not need private insurance any longer.
Lisbon is the most expensive city here and the Algarve is not far off.
For this reason, we chose to live up in the north in Viana do Castelo as it is the cheapest area.
Title: Re: My retirement blog.
Post by: Moneypenny on May 23, 2016, 03:51:59 pm
If need be, we can cut out wine, beer and eating out and save about R2k.

No, never-ever do that, life is meant for living. 

Yes, I can hear Patrick rolling his eyes :D but he is wrong - just go for it.
Title: Re: My retirement blog.
Post by: Patrick on May 23, 2016, 04:46:33 pm
If need be, we can cut out wine, beer and eating out and save about R2k.

No, never-ever do that, life is meant for living. 

Yes, I can hear Patrick rolling this eyes :D but he is wrong - just go for it.

Haha, how about getting a bicycle and saving on train tickets instead. They also run on beer, so you can consider the odd drink as refueling :)
Title: Re: My retirement blog.
Post by: Orca on May 30, 2016, 10:16:14 pm
I am very impressed with the hospital here after I had a medical problem. I had an acute pain in my shoulder and it radiated to my arm. This is a sign of heart failure that I was aware of and thought my days were numbered.
They immediately sent me for a barrage of tests. Ultrasound, x-rays. blood tests, etc on the most up to date scientific equipment available to date.
The very same day I was told that I have a pinched nerve in my neck and it will regrow.

The medication has eased the pain so far but I wonder what would have been the case in SA.
Get put on a gurney and left in the passage as I had been in the past? Then forgotten about.

I am not dissing SA but just stating that Portugal is by no means a backward country as most people think. I was very impressed at the professionalism.
 
Title: Re: My retirement blog.
Post by: jaDEB on May 31, 2016, 07:14:52 am
It is not raining here  ;D.

Had the same sh%t years ago, one arm went numb, one side of face went numb. The doctor's receptionist rushed me to hospital, spend 3 days there, they put me on some awesome little happy pills. Was stress  :wall:.
Title: Re: My retirement blog.
Post by: Mr_Dividend on May 31, 2016, 08:51:45 am
and you still buying mining shares JaDeb!  :D

Good to hear it was not too serious Orca. Was that on the private insurance? or government? As I am getting older I am becoming acutely aware that my body will now need to be patched up from time to time.
Title: Re: My retirement blog.
Post by: Orca on May 31, 2016, 11:07:52 am
Stopped raining today at last. :TU:

I had a similar problem jaDEB. My calf and foot went lame and I could not walk but it was a pinched nerve in my lower back. That is when I was left on the gurney in the passage the whole f**ing night.

Mr_D...I do have medical insurance so I went to the private hospital across the road from me. Have to go back today for physio. 
Title: Re: My retirement blog.
Post by: erwintwr on May 31, 2016, 02:11:13 pm
Stopped raining today at last. :TU:

I had a similar problem jaDEB. My calf and foot went lame and I could not walk but it was a pinched nerve in my lower back. That is when I was left on the gurney in the passage the whole f**ing night.

Mr_D...I do have medical insurance so I went to the private hospital across the road from me. Have to go back today for physio.

Glad it was nothing too serious (maybe the beer versus Bicycle recommendation by Patrick isnt that bad)

Just to confirm, you mentioned your medical adds R1050 to your monthly bill?  for two 60? year young people that is extremely cheap compared with our local ripoff's (discovery i'm pointing at you!)
Title: Re: My retirement blog.
Post by: Orca on May 31, 2016, 02:26:25 pm
R1 050 for both of us pm and it covers us for R540K pa. No dental though.
I was quoted about R3 500 pm for a similar medical insurance in SA.
Title: Re: My retirement blog.
Post by: Bread on May 31, 2016, 08:48:47 pm
Hello all.

I spent all in all 11 days in hospital in February/March. Was treated for a stomach bug and a 20 min op. Came to just under R80k fully covered by Discovery. Monthly premium for my wife and I is about R2600.
Title: Re: My retirement blog.
Post by: Orca on May 31, 2016, 09:21:28 pm
Welcome back Bread. I'm sure jaDEB will be happy and I will stop shouting at you about your tax complications.
Title: Re: My retirement blog.
Post by: Bread on May 31, 2016, 09:34:21 pm
hahaha..........finally got my tax sorted out, although I'm still waiting to hear if I must pay in or not. Brian Smith of Dee International did it for me. Think he's in Fish Hoek.
Title: Re: My retirement blog.
Post by: jaDEB on June 01, 2016, 07:32:10 am
Hey Bread  :TU:  , nice to see you here. How is the investing going...
Title: Re: My retirement blog.
Post by: Bread on June 01, 2016, 09:13:47 am
Hey jaDEB  :TU:

I've entered this here Investor Challenge so I should be top of the log soon  :LHST:

I want to buy SAB this morning, especially seeing how it spiked when the news hit the wires. But then it dropped more going into the close so I'll have to watch it closely. Fundamentally I should buy it today but not technically.

I see you're much more active on here.
Title: Re: My retirement blog.
Post by: Orca on June 06, 2016, 09:45:32 pm
As I was saying. The Portuguese coastal area is divided into 3. The Green coast in the north where we live and is named this due to the greenery.  8) Much rain here but the 2 go together.

The Gold coast is the middle and the center is Lisbon. Not as green but it has acres of olive groves as far as you can see.
Interestingly, the people here go olive oil tasting as we did with wines in the Cape.

Then the Silver coast at the bottom. Silver due to the whiteness of the soil and silvery, waxy plant leaves perhaps. Hot and dry due to the proximity of northern Africa that blows it's weather over it.

The scenery inland differs vastly from the coastal areas and becomes more green and hilly with picturesque lakes and forests.
Now that the geography lesson is over, I will continue with our trip to the Algarve next.





Title: Re: My retirement blog.
Post by: Orca on June 06, 2016, 10:28:42 pm
So off we went. Made no bookings or plans on where to stop over and did what we did when we were young. No... not that!
Shoved my toothbrush in my back pocket and grabbed my wife's 2 suitcases and and headed to the train station.
The inter city trains travel at 200 km per hour so in no time we were in Lisbon. Got off and went to the nearest hotel but it was too expensive. Then the next and the next. All too expensive and I huffed and puffed down the cobble streets with the 2 suitcases in the heat while my wife was shouting obscenities about exchange rates behind me.

We eventually settled for a 3 star in the old city center at a good price. Clean and all the staff spoke perfect English. What a change from the north where hardly anyone can even say "Hello" in English.
Had a good time in the outside street pub. Beer is cheaper than Coke here.

Halfway to our destination.

 

Title: Re: My retirement blog.
Post by: Orca on June 07, 2016, 11:48:24 pm
So off we went the next morning. Back to the station. Faro in the Algarve.
As we traveled the landscape got flatter and drier with nothing really to post about.
Once in Faro we were disappointed as it is the heart of the Algarve. Much like the city of Benidorm in the south of Spain that is a Brit enclave where Spanish go to look at the Brits with their fat sunburned red bodies and their t-shirts over their bare shoulders.

In Faro, you actually have to catch a boat to get to the sea. The very wide lagoon runs parallel with the coast and right across the city. Not impressed.

The next day we decided to take a bus along the coast to Lagos rather than the inland train.
What a good choice. Most of the coast has very high cliffs but the small beaches are exquisite and the most beautiful I have seen.

We had to stop over on occasion and stay overnight. The beaches are stunning and so were the golden tanned girls. Some even topless and teeny bikini bottoms.  I was so angry at this. Not at the girls but because of my age and I had a wife in tow.

This is the place to be if you are young and do not care about back problems when you are older.
 
Title: Re: My retirement blog.
Post by: Bread on June 08, 2016, 11:15:19 am
bwaaaaahahahahaha..........I can just imagine you huffing and puffing with your wife's suitcases in each hand. You're lucky she didn't have more! And I reckon now would be a good time to check out those bikinis while I'm still 50 years young.....before the back problems start  :D
Title: Re: My retirement blog.
Post by: Orca on June 08, 2016, 03:27:06 pm
bwaaaaahahahahaha..........I can just imagine you huffing and puffing with your wife's suitcases in each hand. You're lucky she didn't have more! And I reckon now would be a good time to check out those bikinis while I'm still 50 years young.....before the back problems start  :D
If you were younger, I'm sure you will develop back problems here. :))

Now that I'm settled in both my location and portfolio, I can re assess my financial position.
The experts say that if you can live off 3% of your investments pa, your money will last forever.
This is not always the case as it is not with me. I live on 6% of my investments pa and my capital has been growing.
About 60% of my living costs are covered by dividends. I do not pay withholding tax on foreign dividends within DIVTRX nor do I pay any income tax or CGT anywhere.
This means that my investments must grow by 2,6% pa for the capital to remain flat. Not un achievable and I can weather a few flat years or a major correction.
What is a bit of a concern is the EUR/ZAR as every time the ZAR moves by a certain percentage, I have to factor it into gains/losses of my portfolio.
 

 
Title: Re: My retirement blog.
Post by: Patrick on June 08, 2016, 03:50:01 pm
According to the biggest study ever taken (Trinity study):
3% is so close to a sure thing you can't tell the difference.
4% works in 96% of cases for a 30 years retirement

Not only does it work, in half of those cases, someone who retired and drew 4% for 30 years ends up three times as wealthy as they were when they began. And guess what, those numbers are on a 50% stock, 50% bond ratio, you'll be even wealthier if you go 100% stock, in most cases...

You can basically spend growth minus inflation forever, so if SA grows at 12% with inflation at 6% then a 6% drawdown is fine.

The big variable I see as you correctly mentioned is the Eur/Zar exchange.

If you feel like a really detailed look, here's the best piece of writing I've found on the 4% rule: http://www.gocurrycracker.com/what-is-your-retirement-number-the-4-rule/

And here's a good read if you want confirmation that 100% stock is the way to go: http://www.gocurrycracker.com/path-100-equities/

Sounds like you're having a fantastic time Orca, I'm rather jealous of all your adventures, but mine are coming!
Title: Re: My retirement blog.
Post by: stealthywealth.co.za on June 08, 2016, 05:18:46 pm
I am a big fan of the 4% rule - did an investigation in a South African context here-  http://www.stealthywealth.co.za/2016/06/what-is-4-rule-for-retirement.html (http://www.stealthywealth.co.za/2016/06/what-is-4-rule-for-retirement.html)

In most cases not only can you drawdown forever, but your capital actually grows in retirement.
Title: Re: My retirement blog.
Post by: gcr on June 08, 2016, 10:37:35 pm
I don't know that I concur with the writing around the 4% rule, as it assumes that you have your retirement funds in a single pot and is really skewed towards retirement annuities. When you retire the earliest age that you can access your RA is 55 but if you don't retire at this age you can extend your RA to age 70 (currently). However if you have a reasonable pension, an RA and investments (bank investments, mutual funds and shares) then the 4% rule is not valid.
The reality is you need to look at your worldly wealth and then structure you draw downs accordingly, but, this situation doesn't just occur just before retirement it happens decades before you even reach retirement. When I retired at 58 a year before I retired my employer called me in and started discussing retirement options with me, I terminated the discussion because I had already planned my retirement some 5 years before actually taking up the offer of early retirement.
So each case is unique and it has to be strategised on an individual basis - to me there are 3/4 pillars that need to be addressed over your working life:- 1) have a pension fund 2) have an RA (new order not the crappy old order RA's) 3) have short term investments 32 days/FD's etc 4) build an investment portfolio
With this range of differing investments the 4% rule does not apply - your pension is your base monthly income and the others augment your pension giving you the flexibility to buy capital items from time to time.
I am a firm believer in ensuring that you have a good pension in place the others are what I would call top up investments which will look after you financially in the future 20/30 years down the line.
To my mind if you don't have a pension then the question arises what were you thinking in your twenties by ignoring putting in place a pension.
Those persons who don't have pensions and only have a lump sum on which they hope to sustain themselves then maybe 4% could work but it would be preferably to draw down less in the good times and then revert to 4% in the difficult times so that I the good times it boost the capital, thus allowing you to increase you monthly Rand drawing by CPI.
Personally I have all 4 pillars in place and the one investment I have a problem with is my Living Annuity as I am compelled by law to make a 2.5% annual draw down (which I would prefer not to make any draw down), as these funds I have assigned for use later in my life i.e. once I get to 80. Also I look at the other 3 pillars outside of my pension as a compensation in the event that I die that these 3 pillars more than compensate my wife for her reduced pension.
So in the final analysis its pretty much everybody for themselves but based on their unique circumstances

This is my opinion and views and it works for me - a message I have impressed on my kids     
Title: Re: My retirement blog.
Post by: dividendtycoon on June 09, 2016, 08:40:59 am
I really enjoy reading Orca's blog, please keep posting about life in Portugal.

I don't know that I concur with the writing around the 4% rule, as it assumes that you have your retirement funds in a single pot and is really skewed towards retirement annuities. When you retire the earliest age that you can access your RA is 55 but if you don't retire at this age you can extend your RA to age 70 (currently). However if you have a reasonable pension, an RA and investments (bank investments, mutual funds and shares) then the 4% rule is not valid.
The reality is you need to look at your worldly wealth and then structure you draw downs accordingly, but, this situation doesn't just occur just before retirement it happens decades before you even reach retirement. When I retired at 58 a year before I retired my employer called me in and started discussing retirement options with me, I terminated the discussion because I had already planned my retirement some 5 years before actually taking up the offer of early retirement.
So each case is unique and it has to be strategised on an individual basis - to me there are 3/4 pillars that need to be addressed over your working life:- 1) have a pension fund 2) have an RA (new order not the crappy old order RA's) 3) have short term investments 32 days/FD's etc 4) build an investment portfolio
With this range of differing investments the 4% rule does not apply - your pension is your base monthly income and the others augment your pension giving you the flexibility to buy capital items from time to time.
I am a firm believer in ensuring that you have a good pension in place the others are what I would call top up investments which will look after you financially in the future 20/30 years down the line.
To my mind if you don't have a pension then the question arises what were you thinking in your twenties by ignoring putting in place a pension.
Those persons who don't have pensions and only have a lump sum on which they hope to sustain themselves then maybe 4% could work but it would be preferably to draw down less in the good times and then revert to 4% in the difficult times so that I the good times it boost the capital, thus allowing you to increase you monthly Rand drawing by CPI.
Personally I have all 4 pillars in place and the one investment I have a problem with is my Living Annuity as I am compelled by law to make a 2.5% annual draw down (which I would prefer not to make any draw down), as these funds I have assigned for use later in my life i.e. once I get to 80. Also I look at the other 3 pillars outside of my pension as a compensation in the event that I die that these 3 pillars more than compensate my wife for her reduced pension.
So in the final analysis its pretty much everybody for themselves but based on their unique circumstances

This is my opinion and views and it works for me - a message I have impressed on my kids     

I think all the above is very good advice. It has obviously worked well for gcr and most people would probably be best advised to follow it. Personally I have taken a different path, where 99% of my wealth is in listed equities. I have shunned pension funds, RA's (except a small one I stopped contributing to 10 years ago as there was no penalty) and unit trusts, because I hate paying the fees that all these funds cost. With my equity portfolio my 'management fees' are almost zero. I am close to being able to live off the dividend income now so by retirement it should be more than enough. I do think that I have reached this stage a lot quicker due to the fact that my fund has not been eroded by 'management fees' and has as a consequence compounded more quickly.

My strategy is higher risk, probably reckless, and I do have a more risky portfolio than average, but I just wanted to present an alternative scenario, even if I believe most people would be much better off following gcr's advice.
Title: Re: My retirement blog.
Post by: stealthywealth.co.za on June 09, 2016, 09:41:51 am
An excellent holistic view by gcr, you seem to be on top of things!

Like dividendtycoon I also avoid RA's due to costs and not being in control of where your money goes.

My other problem is that I am still ~15 years away from my early retirement and a lot can change with regards to tax/lump sum payouts/converting to annuities etc. treatment of pension funds. So I am not paying too much attention to it at the moment. But will need to start looking into how this is going to affect things closer to the time.

It is very interesting to see how everyone has differing strategies from Orca using a 6% drawdown and iimigrate to Portugal approach, to gcr's 4 pillars, to dividendtycoon's dividend income approach - and all have had success! I think the important thing is to have a plan/strategy and then stick to it. Well done gentlemen (or possibly ladies - can never be sure with the internet :) .... )
Title: Re: My retirement blog.
Post by: indexer on June 09, 2016, 11:45:52 am
I found these articles very useful:

https://portfoliocharts.com/2015/11/17/how-safe-withdrawal-rates-work/

https://portfoliocharts.com/2015/08/24/avoiding-the-volatility-trap/

The heatmap comparing the Total Market to the Permanent Portfolio in the link above is very interesting. If I had to withdraw 4% starting in 2000, 2001, 2002, 2007 or 2008 I would happily have given up the additional 1% CAGR generated by the 100% equity portfolio.
Title: Re: My retirement blog.
Post by: jaDEB on June 10, 2016, 11:18:02 am
Somebody reading your thread?

http://www.biznews.com/retirement/2016/06/10/4-rule-retirement/

Yip, it actually refers to Patrick blog, I fikkie I is confused.

http://investorchallenge.co.za/can-you-retire-by-40/

Title: Re: My retirement blog.
Post by: Orca on June 10, 2016, 12:53:08 pm
The 1'st link refers to SW and that is a member of this forum "www.stealhtywealth.co.za".
SW is the pseudonym of a South African blogger with a mission to save enough money to be able
to stop working at the end of 2030.
Biznews copied his blog that he posted in an above post #206
Title: Re: My retirement blog.
Post by: Mr_Dividend on June 10, 2016, 02:47:18 pm
Think SW summed it up very well - nice having it put in an SA context.  Of course, using the "spend only the dividend" approach also means you won't run out of capital, you never have to time when you sell, and, on the whole, dividends increase at a quicker rate than inflation. That being said, now that I am older, and marginally wiser, for tax reasons, a bit of both is probably best.
Title: Re: My retirement blog.
Post by: TheBadMadMan on June 15, 2016, 12:38:58 am
As a 24 year old reading all the information and feedback in this thread,I am thoroughly impressed and motivated to pursue my goal of being able to work because I want to not because I have to.
I'm a simple man, all I want is to sit on my porch with my wife and ponder away. Then all of a sudden pack a small bag and go tour all over sa on a motorcycle because we can.

Orca, thank you for sharing your story. Very much enjoying it. I do hope you continue to share your escapades with us.


Sent from my iPhone using Tapatalk.
Title: Re: My retirement blog.
Post by: gcr on June 15, 2016, 11:37:59 am
Time stamp on messages seems a little awry - above post was done at 12.38 today yet my computer clock says time is 11.38 ;D
Title: Re: My retirement blog.
Post by: TheBadMadMan on June 17, 2016, 06:11:12 am
Time stamp on messages seems a little awry - above post was done at 12.38 today yet my computer clock says time is 11.38 ;D
Sounds like a timezone misconfiguration on your pc. Perhaps even a daylight savings setting.


Sent from my iPhone using Tapatalk.
Title: Re: My retirement blog.
Post by: gcr on June 17, 2016, 08:50:16 am
Time stamp on messages seems a little awry - above post was done at 12.38 today yet my computer clock says time is 11.38 ;D
Sounds like a timezone misconfiguration on your pc. Perhaps even a daylight savings setting.


Sent from my iPhone using Tapatalk.
If you scroll up you will see the time stamp of your message and the time stamp of my message and they are different by about an hour. Nothing wrong with my time on my computer or clock in my study.
Title: Re: My retirement blog.
Post by: Orca on July 28, 2016, 10:24:55 pm
Once again. Another sweating July. Too hot to move. Had the shutters down to keep the sun out and the double glazing helps as well. This makes the apartment pitch black but at least it keeps the heat out and I can use lights.

I pity the people in the south or the Algarve as it is typically 8C hotter than here in the north.

When the sun sets at 21.30 we can open the windows to let air in but..... The people in the opposite apartments discard their clothing and walk about in their panties and underpants. This irks my wife for some reason but what the hell. It is cooler and works.

We have a brief respite on Saturday so will stock up on beer and food once again and wait for the next heatwave on Monday.
 
Title: Re: My retirement blog.
Post by: jaDEB on July 29, 2016, 07:33:42 am
 :D
Title: Re: My retirement blog.
Post by: Patrick on August 15, 2016, 04:27:17 pm
The best place in the world to retire if you're not loaded according to marketwatch.com... The Algarve!

Their reasons:
-Great weather
-Good expat community
-Top notch health care
-Low cost of living ($1400/month for a couple is comfortable)
-Bargain priced property, even on the coast
-English spoken widely
-First world infrastructure.

Sounds good to me :)
Title: Re: My retirement blog.
Post by: Orca on August 15, 2016, 06:18:18 pm
I could not handle the summer heat there. Much like Grootfontein and Kuruman except the Algarve has no rain in summer.
Most of the beaches are in coves and not accessible for old folk. Too steep to walk back up.
Northern Portugal is about 20% cheaper than the Algarve with food and housing but except for Porto, there are very few expats and few Portuguese understand English.
Food is about 4x more expensive in the UK and housing about 3x more expensive.

Some interesting facts while I'm here:
Portugal is the second highest consumer of wine in the world. For a tiny country that's heavy going.

Except for banks, most businesses work from 9 to 2 pm and from 5 to 8 pm. For this reason the pubs and restaurants only start filling up after 10 pm and close at 3 am. People take their kids and dogs for walks after midnight.

Portugal, Spain and Hungary have the lowest percentage of locals that understand English. About 25%. This will change as Portugal has now started English as a compulsory subject from grade 4. French was a compulsory subject for many years.

Portugal has the most sophisticated banking system in the world. They also have the most ATM's per capita  and are even found in residential areas.
Their Multibanco ATM's can be used for paying anything from fishing licenses, tax, foreign bank withdrawals etc. They even have Windows OS internet banking ATM's.

Since Portugal legalized personal marijuana use, the drug problem has ceased. You can openly smoke weed here but not many people do but I have seen some.
Title: Re: My retirement blog.
Post by: gcr on August 15, 2016, 08:55:28 pm
Orca - with the hot climates you speak to in your area is there a problem with flies - especially when preparing food or is it fairly similar to the Highveld where it is advisable to have fly traps around the yard. Does the sme conditions apply to Spain? - heat and flies?
Title: Re: My retirement blog.
Post by: Orca on August 15, 2016, 10:50:31 pm
We do not have a fly problem here. In SA I had a protein bucket that caught hundreds of them to stop them from eating our braai vleis. Nada here.
Title: Re: My retirement blog.
Post by: Patrick on August 16, 2016, 08:23:11 am
Forgot to post my source so you can see the rest of the top 10 too: http://www.marketwatch.com/story/10-great-places-in-the-world-to-retire-if-youre-not-rich-2016-08-10
Title: Re: My retirement blog.
Post by: Orca on August 16, 2016, 10:22:58 am
Forgot to post my source so you can see the rest of the top 10 too: http://www.marketwatch.com/story/10-great-places-in-the-world-to-retire-if-youre-not-rich-2016-08-10

During my research Belize was on the top of my list and I only dropped it for Portugal because our kids are in the UK.
By the way, that pic of the Algarve is Faro, the capital of the Algarve and that is not an actual beach as such but  a lagoon. One has to go by boat to get to the sea.
Title: Re: My retirement blog.
Post by: Patrick on August 16, 2016, 01:04:59 pm
If money is your only concern, apparently Crete is the cheapest, where a retired couple spends just 1060 euro a month:
http://www.liveandinvestoverseas.com/country-hub/greece/crete.html

Title: Re: My retirement blog.
Post by: Orca on August 16, 2016, 02:23:44 pm
If money is your only concern, apparently Crete is the cheapest, where a retired couple spends just 1060 euro a month:
http://www.liveandinvestoverseas.com/country-hub/greece/crete.html

We average around € 670 pm and that includes medical aid for the 2 of us and we are not on a budget.
Title: Re: My retirement blog.
Post by: Orca on August 24, 2016, 12:44:41 pm
How cool is this? Our supermarket cashier explained to me why they ask for your tax number. Reason is this;
All major supermarkets, stores and chemists tills are linked to the tax office in Lisbon. If your tax number is on the slip then the amount gets added to your personal tax page and 35% of the purchase is tax deductible to a max of €250 pa.
Now, spouses have a choice to be taxed together or separately so we can alternate our tax numbers when purchasing and we will have a yearly tax deduction of €500.00 for groceries and medication.
No need to even keep the till slips or declare the amount as the amount goes through automatically. :TU:
Title: Re: My retirement blog.
Post by: Orca on November 22, 2016, 11:27:46 pm
I have not posted here for some time but I have a reason for that. My wife is having medical issues and despite the rigorous tests done on the most sophisticated instruments available, they cannot find anything wrong.

She has trouble walking and gets dizzy. She has lost so much weight and has little control over her legs that are too weak.

I just tucked her into her bed and she started crying as she knows her time is limited. This broke me down. I love her so much.
We were supposed to go to the UK next month to see our first grandchild but I cannot see it happening.

So sad. I am a mans man and and only cry when my horse dies but this is my wife.

 
Title: Re: My retirement blog.
Post by: gcr on November 23, 2016, 12:41:52 am
Orca - all strength to you and your wife, and, may she recover shortly. Must be very distressing to your whole family - Graham
Title: Re: My retirement blog.
Post by: jaDEB on November 23, 2016, 07:21:28 am
Yes, I hope the best for you and your wife. May things work out and everything is ok. "little praying hands"
Title: Re: My retirement blog.
Post by: Patrick on November 23, 2016, 10:50:28 am
Thoughts are with you and your wife Orca. I hope the doctors figure it out soon and that it's easily resolved.
Title: Re: My retirement blog.
Post by: Moonraker on November 23, 2016, 11:53:12 am
Sincerest sympathies from me. Never give up hope, she will recover. Cast your net wide for more medical opinions.
Title: Re: My retirement blog.
Post by: Mr_Dividend on November 23, 2016, 01:54:42 pm
sorry to hear that - thoughts are with you.
Title: Re: My retirement blog.
Post by: Orca on November 24, 2016, 05:32:11 pm
Thanks for all the kind words and encouragement. She had more tests done today and we will get the results the 1'st week of December.
Seems it may be MS or MD.
Title: Re: My retirement blog.
Post by: yozzi on November 24, 2016, 08:41:28 pm
Strength be with you Orca, best wishes to you both and be positive
Title: Re: My retirement blog.
Post by: erwintwr on November 25, 2016, 03:52:01 pm
such a life changing event - which we dont want to wish on our worst enemies :(

strength there for you and your wife. Its better if you spend time with children/grandchildren.
Title: Re: My retirement blog.
Post by: dividendtycoon on November 25, 2016, 04:48:27 pm
I hope the tests lead to some certainty and hopefully a solution to her problems. Wish you and your wife well in this difficult time.
Title: Re: My retirement blog.
Post by: Orca on January 09, 2017, 08:26:18 pm
Well, we managed to get to the UK and back over the holidays despite me having concerns about my wife's ability to get into the bus to get to the airport and then getting into the plane.
The ever so friendly airport staff put her into a wheelchair and wheelied her to the assistance section from where we were the first to enter the plane via a special lift. So cool.

We arrived in the UK after a 2 hour flight and had to wait for all to disembark via the stairs before we were taken down with the lift.

The ever so unfriendly UK customs staff as always snubbed my wife off for not having a visa but we were expecting this. They called their supervisor who told us that the UK was not a member of the Schengen free movement agreement so my wife would need a visa.
When I told her that we are not using the Schengen system but the EU regulation on free movement of a spouse of a EEU member state citizen (me) and my wife has a bio metric Portuguese Residency card, she quickly signed her entry card and shuffled off without a word. :LHST:

The word got out here that customs and immigration has been briefed to make it as difficult as possible for anyone to enter the UK. So I was expecting it. What is so funny is that when we departed, we were hassled to a degree that I thought they wanted to deport my wife back to Portugal although we were on our way there.

I have more to say but this is getting longer than an attention span can take.



 
Title: Re: My retirement blog.
Post by: Patrick on January 10, 2017, 08:59:12 am
How are things going, are the doctors making any progress with Mrs Orca?

I'm a spouse of an EEA member too but I had to get a VISA when I went to the UK (maybe because I don't have a bio residency card), fortunately it was free though.
Title: Re: My retirement blog.
Post by: Orca on January 10, 2017, 10:32:30 am
You would need an EU bio residence card. In other words, you will have to be a resident of an EU country and your spouse must hold an EU country passport.
In your case @P, you will always need a visa as long as you are a SA resident. The only advantage you have as a spouse of an EU member state is that the visa must be for free, you get placed at the top of the queue and the visa must be expedited. Cost of a UK visa is well over £1000 if I remember correctly.

If one day you wish to emigrate to the UK (no Brexit yet) the easiest way would be to move to Ireland for 3 months and apply for an Irish residency card. No visa is required for Ireland. Once you have the RC, you are free to travel throughout the EU as long as your EU spouse is accompanying you or you are traveling to meet her.

My wife has an appointment with a neurologist this Friday for nerve tests of the arms and legs. She seems a bit better as she no longer gets dizzy and has no need to cling onto me or the walls when walking. Perhaps the antibiotics she was given for her stomach cleared her ears out as well.

 
Title: Re: My retirement blog.
Post by: Orca on January 12, 2017, 02:34:44 pm
So the Euro has depreciated by 22,7% against the ZAR over the past year.  :TU: This coupled with my portfolio that grew by 19% had me do some sums today.

At last count we were spending R10 500 pm on living expenses. This has now dropped to ~ R8 000 pm and we are not trying to cut expenses at all. However, this does not include medical of €1 330.00 py that we pay yearly in advance.
To break it down:

Rent R5 420.00
Unlimited internet R420.00
Food and stuff R1 100.00
Utilities R 430.00
Entertainment R 700.00

Not bad considering we were spending more than double that in SA nearly 3 years ago.
Title: Re: My retirement blog.
Post by: Mr_Dividend on January 12, 2017, 05:48:57 pm
Thanks Griffin. Been spinning for Yellowtail all weekend to no avail. Anyway, a bad day fishing is better than a good day at the office. Boats coming in with loads of Snoek though.
Anyway, to make myself credible, I have to show some figures. Nobody knows me anyway so here goes.
CML - R1 925 350.00. Eish. Too much but it just grew all by itself.
MTA and PNC at almost equal amounts totaling R643 000.00.
OMN has a teeny amount of R54 531.00. Was going to add to it monthly but decided to increase MTA for alpha.

That is roughly R2.6M. This is my starting point for this blog.

ex roughly 14.25 in dec 2013 so around 182 000 Euro's. Guess if you have the same or more you doing well.

BTW wd on 19% growth for the year  :TU:
Title: Re: My retirement blog.
Post by: Orca on January 12, 2017, 06:51:35 pm
I had to drastically change my portfolio since 2013. MTA started tanking due to the Syrian war. A PNC director had bribery charges against him and she too tanked. OMN just went out of favour.
Here is a 1 yr chart of what I had for 2016 and still have today. Note that it does not include divies so I added 3%. DIVTRX is 75% of my portfolio and my best performer after the exchange rate of course.
Title: Re: My retirement blog.
Post by: Yman on January 19, 2017, 09:56:39 am

I am considering to relocate as well and I am glad that I stumbled upon that blog.

Thanks Orca for sharing your knowledge and experiences.

The site below show for costs of living in Portugal, Thailand and Belize.
https://www.numbeo.com/cost-of-living/country_result.jsp?country=Portugal&displayCurrency=ZAR
https://www.numbeo.com/cost-of-living/country_result.jsp?country=Thailand&displayCurrency=ZAR
https://www.numbeo.com/cost-of-living/country_result.jsp?country=Belize&displayCurrency=ZAR

Portugal comes out tops when it comes to the price of wine by far. :TU:
Title: Re: My retirement blog.
Post by: Yman on January 19, 2017, 10:02:36 am

And getting away without paying income tax for 10 years is also very appealing.
Title: Re: My retirement blog.
Post by: Orca on January 19, 2017, 10:58:19 am
The COL index is somewhat skewed as it shows the prices in Portugal are higher than SA. This is because it points to the Algarve and Lisbon prices. They are tourist destinations and are about 30% higher than non tourist areas such as the north or inland villages.
Mumbeo has these prices and I include the prices that I would pay at a supermarket although the farmers markets are cheaper and every city and village has them.

Coke 0.33 L - R16.82 ........I pay R8.60 for 1 L
Chicken breasts deboned and skinned Kg - R74.56....I pay R49.56. My favorite is the chicken leg quarters at R16.20 per Kg.
Beef Roast Kg - R121.62.....I pay R49.50. This is imported from Chili so I prefer pork roasts at R36.44 per Kg.
Beer Local 500 mL - R13.08....I pay R8.64 for a beer similar to Castle Lager.

So I would not go for those numbers Numbeo shows as they are edited by expats living in the Algarve (little England).
 
Title: Re: My retirement blog.
Post by: Orca on February 01, 2017, 08:58:50 pm
Seems like my wife has no Motor Neuron Disease or any neurological disease. It seems to be her gut that is infected with a bacteria that causes symptoms of Alzheimer and Parkinson's disease. This is a new discovery and thankfully we have top notch specialists here and they put her on antibiotics for 6 weeks and the wheelchair I bought is now a clothes hanger.

Not out the woods yet but baby steps. At least I do not need to follow her about the apartment in case she falls anymore but we are still housebound for some time.

What very surprised me was the age of the doctors and specialists here. Seems like the whole private hospital is run by young doctors under 30. The Neurologist looked like 27 years old but he was so professional. Not used to this.
 
Title: Re: My retirement blog.
Post by: Orca on February 01, 2017, 09:16:04 pm
As I was saying about Portugal. Since 2001 Portugal has decriminalized marijuana and most other drugs. This led to this: https://www.scientificamerican.com/article/portugal-drug-decriminalization/

At the time I thought it will help my wife to eat more and feel better about her health but she was too stubborn. No drugs for me she said. I was quite prepared to participate and help in this regard but what the wife says goes.
I have no problem with medicinal marijuana at all.   
Title: Re: My retirement blog.
Post by: Mr_Dividend on February 01, 2017, 09:18:23 pm
Glad she's been diagnosed and it's sounds not too serious.

Title: Re: My retirement blog.
Post by: gcr on February 01, 2017, 09:55:50 pm
Glad she's been diagnosed and it's sounds not too serious.
+1
Title: Re: My retirement blog.
Post by: MoneyChief on February 02, 2017, 09:51:05 am
Antibiotics for 6 weeks, yikes!
Title: Re: My retirement blog.
Post by: Moneypenny on February 02, 2017, 10:48:29 am
Glad she's been diagnosed and it's sounds not too serious.
+1

Excellent
Title: Re: My retirement blog.
Post by: Yman on February 03, 2017, 05:47:52 am
Glad she's been diagnosed and it's sounds not too serious.
+1

that's good news, hang in there
Title: Re: My retirement blog.
Post by: DeonC on February 03, 2017, 09:11:09 am
Orca, I might have missed it, but at what age did you retire?
Title: Re: My retirement blog.
Post by: Orca on February 03, 2017, 10:25:16 am
I was around 56 I think. Nearly 4 years ago but I retired some years before but then bought a small business to keep myself occupied.
Title: Re: My retirement blog.
Post by: Fawkes85 on February 03, 2017, 10:54:36 am
Glad to hear your wife is fine. Started writing that book yet? ;)
Title: Re: My retirement blog.
Post by: Orca on February 03, 2017, 02:30:42 pm
Thanks for all the heads ups. No F. I haven't got one of these to start the book.
Title: Re: My retirement blog.
Post by: Orca on March 09, 2017, 07:38:10 pm
Thanks for all the good wishes for my wife's illness. She survived her neurological disease and is almost back to normal...much to the surprise of her neurologist. Then came the punchline. A throat lesion on her soft pallet was found when I told the doc that her speech was not normal.

Due to the size of it, it must have been years old (1.2 cm x 0.8 cm x 3 mm). Early detection of throat cancer is key to survival as we well knew and were devastated. Wait too long and it spreads to other areas and organs. Once outside the throat you are a goner in 3 months.
 
Then the biopsy report came back as the dreaded "C" word. This devastated our lives and our kids as we are a very close knit family. Spent the night just holding my wife to try and ease our darkness of doom and gloom. I cannot imagine how my wife was feeling as she is not yet 58 years old.

Kids skyping so have to close now.

Title: Re: My retirement blog.
Post by: Patrick on March 10, 2017, 11:37:32 am
It must be a really tough time. Any idea when you'll get an update from the specialists?
Title: Re: My retirement blog.
Post by: gcr on March 10, 2017, 03:48:33 pm
Orca - all strength to your wife and you with this medical issue - trust very much that you both come out of it without any bad news
Title: Re: My retirement blog.
Post by: Moonraker on March 10, 2017, 04:21:13 pm
Orca, I am holding thumbs. Things will be OK - have faith.

Title: Re: My retirement blog.
Post by: yozzi on March 10, 2017, 04:43:04 pm
Yes, Orca stay positive and you'll get through this ok
Title: Re: My retirement blog.
Post by: Orca on March 10, 2017, 10:29:12 pm
Being in the north of Portugal where not many people of our age can speak English we have no emotional support and we are left to our own grief. No friends here and not even our next door neighbours can interact with us.
This is why this forum is so helpful to me when you share your thoughts and give me a heads up. Thank you so much. It really does help.

As I was saying, we went to Porto Oncology Hospital and had to use 3 different trains and a bus to get there.
This is a gov hospital but very larney and busy. This hospital is dedicated to cancer only and has the most sophisticated equipment available to date. This was strange for me as I know how outdated SA gov hospital equipment is and the lack thereof. Been there.

After all that effort for my wife to get there, she was turned back as she did not have a state health security card. WTF I thought. We have private medical insurance but as it is a gov hospital she needed that card.

So off we went back home and got the card when we arrived with no problem. She can now get almost free medical care with old age care, home care, medication and stuff like prosthetics and wheelchairs. A consultation with a doc will only cost her €2.

When we got back to the flat we got a message from the private hospital that her scan results were done so I went over the road to pick it up.

It seems she has stage 1 and it is localized. Her tumour is 13 mm long and stage 2 is 20 mm so her tumour is treatable to almost 100%. Stage 2 is also treatable to 95% and stage 3 is 50%. Stage 4 is a coffin.

So off to 3 trains and a bus on Monday and hopefully she can make it.

 

 

Title: Re: My retirement blog.
Post by: dividendtycoon on March 11, 2017, 12:15:19 pm
Dealing with state bureaucracy as well as having to use multiple public transport must be very difficult at a time like this, but that is excellent news that is treatable. Hope you and your wife go from strength to strength from here.
Title: Re: My retirement blog.
Post by: PlatinumWealth.co.za on March 11, 2017, 01:54:16 pm
Wow, strongs Orca.
Title: Re: My retirement blog.
Post by: Orca on March 12, 2017, 06:04:18 pm
There is new technology to treat cancer called "Edge Radiosurgery" that is non invasive and just as effective as surgery.
It maps the tumour precisely and then proceeds to blast it with some form of radiation. The tumour then dies and gets rejected by the body. The patient merely lies on a table for 10 minutes while the machine rotates around them. Star war stuff.

Portugal was the first country to use this machine about 3 years ago and the hospital my wife has to go to has one. Heads up to Portugal. :)
Title: Re: My retirement blog.
Post by: Mr_Dividend on March 12, 2017, 09:01:55 pm
That's pretty good new Orca
Title: Re: My retirement blog.
Post by: czc on March 13, 2017, 10:55:14 am
This sounds like it can be beaten, so from the bad news at least there is a ray of sunshine.
Title: Re: My retirement blog.
Post by: Moneypenny on March 13, 2017, 11:32:00 am
I've come to know you as a strong person O, you'll help her and you kids through this - all of the best to all of you.
Title: Re: My retirement blog.
Post by: Orca on March 23, 2017, 10:22:39 pm
I am very impressed with the gov oncology hospital here in Porto. This is a massive hospital that has to cater to 3 million people.
They have a kiosk at the main entrance where you put your state health card into and it spits out a detailed info of where you have to go and there are volunteers that are on hand to help.

They helped my wife by holding her arm and led her through the maze of passages to get to the correct place. How sweet of them I thought. Strangely the locals were not offered this assistance.

We had 6 different departments to go through for blood tests, x-rays, ecg scans etc in this maze of passages and I never thought I would ever find my way out ever.

In every dept there is a TV and on the side is the number of the next patient to enter. We were lucky and somewhat embarrassed as each dept nurse insisted to show my wife to the next location consultation dept and she was immediately called in ahead of the locals.
I can only assume that the Dr or nurse wanted to practice English.
Title: Re: My retirement blog.
Post by: Orca on April 13, 2017, 07:53:58 pm
Had to go back on Monday for a PET Scan. The machine that rotates around the body to look for cancer but also makes you radioactive for a week.

I had to twiddle my thumbs for 9 hours waiting for all her appointments and the scan. This is a schlep but we decided to book a hotel for 3 days for the results instead of travelling back to Viana and back again for the results.

The results were good as she has no cancer outside of her throat soft palate. So it has not spread and we were elated. Thank God.

This is getting very expensive with all the travelling and hotel costs and we have now decided to rent a holiday home for 5 weeks in Porto near the hospital. So we will be paying our normal rent for our home plus the extravagant holiday home. But I have to do it to be near my wife during her treatment.

Just a tip to those travelling. Next to our hotel was a MASSIVE mall with a food court that skriks for niks. Must be about 30 food stalls with a common seating area. We ordered fried fish chips and a salad for €4.5 and were given a single portion of fish with a few chips and some salad.

I then noticed a man next to me at the table with 2 portions of fish and double my chips so I asked him what price he paid for it. He paid the same as we did and told us that he is a regular as most are and tourists are ripped off as they only visit once.

This also happens when you go to a pub for a beer. If you are local, you pay less. 




 
Title: Re: My retirement blog.
Post by: gcr on April 13, 2017, 09:45:33 pm
Had to go back on Monday for a PET Scan. The machine that rotates around the body to look for cancer but also makes you radioactive for a week.

I had to twiddle my thumbs for 9 hours waiting for all her appointments and the scan. This is a schlep but we decided to book a hotel for 3 days for the results instead of travelling back to Viana and back again for the results.

The results were good as she has no cancer outside of her throat soft palate. So it has not spread and we were elated. Thank God.

This is getting very expensive with all the travelling and hotel costs and we have now decided to rent a holiday home for 5 weeks in Porto near the hospital. So we will be paying our normal rent for our home plus the extravagant holiday home. But I have to do it to be near my wife during her treatment.

Just a tip to those travelling. Next to our hotel was a MASSIVE mall with a food court that skriks for niks. Must be about 30 food stalls with a common seating area. We ordered fried fish chips and a salad for €4.5 and were given a single portion of fish with a few chips and some salad.

I then noticed a man next to me at the table with 2 portions of fish and double my chips so I asked him what price he paid for it. He paid the same as we did and told us that he is a regular as most are and tourists are ripped off as they only visit once.

This also happens when you go to a pub for a beer. If you are local, you pay less.
So the reality is "Local is lekker"
Title: Re: My retirement blog.
Post by: gcr on April 13, 2017, 10:04:26 pm
On a more personal note - I am pleased to hear that your wife's cancer issues are under control and being treated - seems encouraging that the medical assistance you are getting is of a high quality especially in the country you are residing in as it has a history of quality delivery.
God speed with the recovery process, and, as I say to my kids, getting old and the concomitant medical expenses are not for sissies
Title: Re: My retirement blog.
Post by: Fawkes85 on April 15, 2017, 03:13:18 pm
Glad to hear it hasn't spread. I very much know what it is like to have a close family member that gets diagnosed with cancer. Not easy to deal with, so glad your wife's is treatable and not too bad. Very relieved.
Title: Re: My retirement blog.
Post by: Patrick on May 04, 2017, 08:06:04 am
Hope the last couple of weeks has gone well with your wife Orca. Any updates?
Title: Re: My retirement blog.
Post by: Orca on May 04, 2017, 10:35:46 am
Almost halfway. Done 13 radio therapies and 1 chemo. Doctors are surprised that she has no after effects from the treatment other than not being able to eat solid foods. No nausea, weakness, diarrhea, or hair loss that she should be having. She actually seems stronger now than she was before treatment started.

Next week she will have a stomach feeding tube installed. There is an option of having one via the nose or installed directly through the belly into the stomach. Of the ~ 200 head and neck cancer patients currently undergoing treatment, all the men opted for the nose one and all the women chose the belly one. Men have less tolerance for pain. As my wife said to the Doc...."If men get pregnant then families would only have 1 child".

We are renting this apartment from an Oncology Gastroenterologist who happens to work at the same hospital. Coincidence? The hospital is just across the road and our hospital in Viana also happens to be just across the road from our flat there. He is from Canada and our "family" Doc in Viana is also from Canada.
We had no idea of where this flat was other than in the same parish as the hospital.

 
Title: Re: My retirement blog.
Post by: Orca on June 03, 2017, 10:06:51 pm
My stocks have been flat for 2,5 years and this has not been good as I have to withdraw R30k every 3 months for living expenses.
The upside is that the FX has increased by 32%. So not bad at all and I expect it to increase. Perhaps the Zar to 12 or even 10 as it is undervalued. Politics may change this as we all know.

As to my wife... I still have to pay for my apartment in Viana that I have not lived in for 2 months as I had to live in 3 hotels and 2 holiday apartments at a huge expense.
This is about €40 per day for 2 months plus €740 for my vacant flat.

My wife had a cardiac arrest and recovered after 8 days in ICU but pneumonia has set in and she is in a critical condition. She was doing so well until today. Sadly, I'm expecting a midnight phone call. 



Title: Re: My retirement blog.
Post by: conradl on June 04, 2017, 08:01:53 am
Dear Orca, I'm so sorry to hear that it's not going well with your wife. All the best.
Title: Re: My retirement blog.
Post by: Yman on June 04, 2017, 08:19:29 am

Orca, I am very sorry too about the bad news. Let’s hope for a miracle.

Title: Re: My retirement blog.
Post by: Patrick on June 04, 2017, 09:37:51 am
So sorry Orca. I'm hoping for a recovery again.
Title: Re: My retirement blog.
Post by: jaDEB on June 05, 2017, 09:19:59 am
Hope and Prayers . . . . . with you.
Title: Re: My retirement blog.
Post by: ash_wz on June 05, 2017, 10:24:41 am
Dear Orca
I came across your blog this weekend and read it from the beginning about your Portugal adventure. I am so sorry to hear this news about your wife. Sending prayers. All the best Ashley
Title: Re: My retirement blog.
Post by: Mr_Dividend on June 06, 2017, 06:55:42 pm
Thoughts are with you Orca.
Title: Re: My retirement blog.
Post by: erwintwr on June 14, 2017, 05:01:40 pm
Staan sterk Orca!

Title: Re: My retirement blog.
Post by: Orca on June 14, 2017, 07:42:25 pm
Staan sterk Orca!

The power of prayer is so strong yet few people believe in it yet when it happens to them or family they will resort to praying. Believe you me.
I have never prayed in my life before until now.

The sheer amount of people praying for her is unbelievable. Even here in Portugal from people we don't even know.

I have on 2 occasions seen my wife's vacant eyes staring at the ceiling and a deathly gaunt look in her face and told the kids to prepare for the worst.

She is now Whatsapping me and the kids saying she is "good".

Not out the woods yet as the pneumonia and most infections have healed but she still has cancer.
Title: Re: My retirement blog.
Post by: jaDEB on June 15, 2017, 07:44:14 am
Glad for the positive news, hope she recovers fully . . .
Title: Re: My retirement blog.
Post by: yozzi on June 15, 2017, 01:56:23 pm
Keep that positive outlook Orca wish you well!
Title: Re: My retirement blog.
Post by: Patrick on June 15, 2017, 03:12:16 pm
Such a relief to hear some good news.
Title: Re: My retirement blog.
Post by: Orca on August 07, 2017, 07:24:08 pm
Just an update. I was told 3 weeks ago to bring my wife home from the hospital. When I got there I thought "Oh shit. How will she get into 3 trains and a bus". She was weak, shaky and could hardly walk.

No problem. Volunteer service came to pick us up in a special equipped combi and drove us the 80km home for free. A single journey would have cost R300.00 for both of us. Geeze, we were paying double that for return journeys for days on end.

This week she had to go for a follow up as she had not completed her treatment. I frantically searched train and bus timetables and hoped she would be able to get into them.

Next, I get a call that the volunteers will pick us up and drop us off again. They will do so for all further appointments. Kudos for Portugal Health System.

She was pronounced free of cancer in the throat area. The tumor is gone but she would need regular checkups should it return.
She now prances about the house as if she owned it. Does what she did before the cancer. What a great turnaround.
Thanks for listening.

Title: Re: My retirement blog.
Post by: Mr_Dividend on August 07, 2017, 08:06:08 pm
Really good news. Portugal sounds brilliant.
Title: Re: My retirement blog.
Post by: gcr on August 07, 2017, 10:20:37 pm
Truly great news - all strength to you and the missus :TU:
Title: Re: My retirement blog.
Post by: Yman on August 08, 2017, 05:02:12 am

  nice, very nice



Title: Re: My retirement blog.
Post by: Moneypenny on August 08, 2017, 09:14:38 am
I'm so happy for you both!
Title: Re: My retirement blog.
Post by: Patrick on August 08, 2017, 10:35:57 am
That is fantastic news!  :TU:
Title: Re: My retirement blog.
Post by: PlatinumWealth.co.za on August 08, 2017, 11:12:24 am
Glad to hear some good news Orca
Title: Re: My retirement blog.
Post by: czc on August 08, 2017, 04:30:20 pm
Absolutely fantastic news.
Title: Re: My retirement blog.
Post by: bw on October 20, 2017, 09:00:34 am
Just read the thread from beginning to end,
thanks Orca for your intimate and enlightening comments.. and i hope all is well with you and Mrs
Title: Re: My retirement blog.
Post by: Orca on October 20, 2017, 10:53:33 am
Thank you @bw. Yes. she is very well but still has her stomach tube as her taste buds have not returned to normal yet. Some foods are too foul tasting for her so we are still somewhat housebound. It will come out end November then we can get completely back to normal.
Title: !!
Post by: andre on October 20, 2017, 02:51:17 pm
Just read the thread from beginning to end,
thanks Orca for your intimate and enlightening comments.. and i hope all is well with you and Mrs

I just did the same thing. Slow Friday in Cape Town..

Wow, what a roller coaster this year has been for you guys  ???
All the best for that full recovery!
Title: Re: My retirement blog.
Post by: Orca on October 20, 2017, 09:21:24 pm
Thanks for all the good wishes. Most cardiac arrest patients die from it and many patients with pneumonia also expire and only 25% of patients with acute sepsis survive. She had all of this and survived even with cancer.

The doctors were also surprised that she survived with all of the above. She has now picked up 10 kg from 45 kg to 55 kg. She now walks up 120 steps and down again every day with no problem.

Time to start our explorations again. Perhaps back to Porto as it has become our second "home" and I love this city. So much to see and so easy to get around. The metro is so simple that not even I could get lost.

Lisbon is too expensive as is the Algarve. Patrick may attest to this.

The best part is that if you live in a city you would not need a car as the metro trains are 5 minutes apart and takes you to all areas of the city in half the time. Cost is about €1,2 per zone and €2,5 to the outskirts.

All suburbs (parishes) have supermarkets within a 8 minute walk or less and smaller shops within your block so no need for a car here. Pubs are literately on every street as are bakeries and veggie shops. Farmers markets are once per week in every parish and some are permanently located such as fishmongers and butchers.

This all makes living here so cheap.



Title: Re: My retirement blog.
Post by: bw on October 24, 2017, 03:32:50 pm
Orca, when the chips are down how do you cope? I hope for you that mrs's health improves
Title: Re: My retirement blog.
Post by: Orca on October 24, 2017, 05:59:27 pm
Orca, when the chips are down how do you cope? I hope for you that mrs's health improves

I'm not at all religious but I prayed for the first time in my adult life as did a hundred friends and family. I also thought I was like a cowboy as they only cry when their horse dies. I shed some tears with our girls when things looked dire and this made us stronger as a family and we can beat all odds together.

This is all behind us now and at the rate of her recovery she would be back to normal in a month.  :TU:
Title: Re: My retirement blog.
Post by: gcr on October 24, 2017, 06:54:33 pm
Orca, when the chips are down how do you cope? I hope for you that mrs's health improves

I'm not at all religious but I prayed for the first time in my adult life as did a hundred friends and family. I also thought I was like a cowboy as they only cry when their horse dies. I shed some tears with our girls when things looked dire and this made us stronger as a family and we can beat all odds together.

This is all behind us now and at the rate of her recovery she would be back to normal in a month.  :TU:
Hi Orca - glad to see your wife's health is improving - all strength to her and you and the family in this difficult recovery process
Title: Re: My retirement blog.
Post by: Moneypenny on October 25, 2017, 10:45:23 am
This is all behind us now and at the rate of her recovery she would be back to normal in a month.  :TU:

Excellent! :heart:. P cramping my style with these emoticons. I know, I know - male dominated forum and topics - analytical and composed - but this thread needed heart. ;)
Title: Re: My retirement blog.
Post by: yozzi on October 25, 2017, 04:24:03 pm
Orca your story is inspiring and just shows that when you find yourself in a position against all the odds there is still hope and being positive is the way to go! Great stuff and I hope all continues well in her recovery.

I've always had an affiliation with Spain as I've been all over the country mainly when in my 20's and living in the UK it was easy to get there for holidays but Portugal sounds very interesting and must admit somewhere like Porto would appeal to me and be good to get a cost of living scenario what are rental prices like? Any info would be great!

Go well  :TU:
Title: Re: My retirement blog.
Post by: Orca on October 25, 2017, 07:59:49 pm
Thanks for all the heads up and the new heart for MP.

My city of choice would be Porto. The Algarve and Lisbon are too expensive for me but cheaper than most western and central EU countries. Prices are probably the same as Cape Town.

I love the sea so have only commented on coastal towns and cities but if you want cheaper in the south then go inland. The smaller towns have large spaces between houses that are utilized for veggies. Porras love growing veggies and sharing them with neighbors. Finding a pumpkin and some kale on your doorstep in the morning will not be unusual according to the PT expat Forum.

The beaches in the Algarve are very pretty. Only problem is that when you get older they are difficult to get to due to the steep inclines. Some beaches shown in pics you would need to abseil to.
In the Faro area you would have to swim across the very long lagoon to get to the beach.

This is why I love the north. Greener and more accessible beaches. And much cheaper.





Title: Re: My retirement blog.
Post by: Orca on October 25, 2017, 08:42:41 pm
I forgot about yozzi's question as to expenses so here goes:

I pay €375 for a fully furnished 2 bed flat and it is modern.

My rent plus utilities plus TV, unlimited internet and food amounts to €580 pm. This does not include entertainment as it differs with lifestyle.
A car is not needed here as public transport is great.
Title: Re: My retirement blog.
Post by: Moneypenny on October 26, 2017, 07:10:03 am
We’ve got heart! Thank you, I love it  :heart:
Title: Re: My retirement blog.
Post by: yozzi on October 26, 2017, 05:15:01 pm
I forgot about yozzi's question as to expenses so here goes:

I pay €375 for a fully furnished 2 bed flat and it is modern.

My rent plus utilities plus TV, unlimited internet and food amounts to €580 pm. This does not include entertainment as it differs with lifestyle.
A car is not needed here as public transport is great.

Thanks Orca and that rental is excellent nearly 3 times cheaper than a 2 bed, 2 bath apartment close to the beach here in Blouberg and not furnished either! So all in all that's a really cheap cost of living
Title: Re: My retirement blog.
Post by: rond on November 13, 2017, 09:43:35 pm
Hi Orca, I've been trying to work out how to receive your posts to my email but I'm too doff!!  Please help . tx rond

Title: Re: My retirement blog.
Post by: Orca on November 15, 2017, 02:39:20 pm
Hi Orca, I've been trying to work out how to receive your posts to my email but I'm too doff!!  Please help . tx rond
I don't think it can be done and I don't post much anymore as we are pretty much house bound with my wife's feeding tube. I have to give her 150 ml water every hour as she tends to get it into her lungs if drinking orally.

Radiation and chemo therapy does get rid of cancer but not the cancer stem cells. They can remain in remission for many years and to keep it in remission I have to pump soup into her with lots of cayenne pepper, turmeric and cumin. She can eat bland food as her taste buds are overly sensitive.

She has picked up 11kg since leaving hospital and climbs 83 stairs down the flat and back up unaided every day. This is a great improvement as she could not lift herself up 1 step unaided 2 months ago. :TU:
Title: Re: My retirement blog.
Post by: gcr on November 15, 2017, 11:57:20 pm
Hi Orca, I've been trying to work out how to receive your posts to my email but I'm too doff!!  Please help . tx rond
I don't think it can be done and I don't post much anymore as we are pretty much house bound with my wife's feeding tube. I have to give her 150 ml water every hour as she tends to get it into her lungs if drinking orally.

Radiation and chemo therapy does get rid of cancer but not the cancer stem cells. They can remain in remission for many years and to keep it in remission I have to pump soup into her with lots of cayenne pepper, turmeric and cumin. She can eat bland food as her taste buds are overly sensitive.

She has picked up 11kg since leaving hospital and climbs 83 stairs down the flat and back up unaided every day. This is a great improvement as she could not lift herself up 1 step unaided 2 months ago. :TU:
Glad to hear your wife's health is improving - all strength to you both with the recovery
Title: Re: My retirement blog.
Post by: Orca on December 05, 2017, 09:07:17 pm
Learned one very expensive lesson with emigrating. Get a good chartered accountant that does cross border tax and emigration in SA and one in your new country. I have been through 5 accountants and a tax lawyer. The tax lawyer here in Portugal got me sorted.

I went cheap and hired independent tax accountants. The first one was a cross border chartered accountant registered with SAIT and SARS. He did my 2014 tax. We left in June 2014. He assured me that once I have officially emigrated via SARS and SARB then no Exit Tax or further CGT is payable. WRONG or perhaps he was referring to the Exit Tax for the rich like Mark Shuttleworth who had to pay 10% Exit Tax.

There is a difference between Exit Tax and Departure Tax. Departure Tax is CGT that you pay when you emigrate and all your investments are "Deemed as sold" on the day of emigration and bought at the same price the day after. This readjusts your base cost to a "clean slate" in your new country for tax purposes.

Your accountant will file your tax for the FULL year for the year of your departure and it will include the "deemed sale". You will pay your normal tax plus the CGT on the deemed sale up to the date of departure. The rest you will pay according to the DTA. 

Once this is done you can close your SA tax books via a procedure that I can explain in another post.

Preamble done.
So we arrived here in June 2014 and hired a cross border charted accountant in Lisbon who studied at WITS and worked for PwC SA. He assured me that if I apply for the Non Habitual Residency regime I will not pay tax for 10 years. Once again.....WRONG. CGT is excluded from this regime.

Not knowing that it is excluded I sold my winning stock CML and made well over R1m gain and was hit with a whopping tax bill. Tax on share gains is a fixed rate of 28% here and is a separate tax.

Tax in Portugal does not follow the 183 day rule but you are taxed from the date of intention to stay like a rental agreement even if it is signed on the last day of the tax year you will be taxed for the full year.   

As I am a freeloader and a cheapskate I researched and sent emails to every tax website I came across to get me out of this shite.

The only one to answer was a tax lawyer in Portugal. What he stated is very important. LOOK AT THE DTA.
The DTA between SA and PT clearly states that CGT from shares is only payable to the country where one is resident.
As you cannot be tax resident in two countries at the same time my deemed sale took place in SA and I was not yet resident in PT. So the CGT from the deemed sale will be taxed at a much lower 13% in SA compared to 28% here.

This will save me over R300k. So do your homework before you leave. 








Title: Re: My retirement blog.
Post by: gcr on December 05, 2017, 11:10:53 pm
Glad to see you got out of a rather deep hole 8)
Title: Re: My retirement blog.
Post by: Orca on April 24, 2018, 08:56:27 pm
Well now. It has been many months of fighting with the Portugal IRS about the base cost of my shares as they will not accept the "Exit Tax" that reset it to new values. I have been paying SARS R10k pm as the tax is R58k.

 I eventually sold all but as Portugal is not accepting the above they have billed me for R200K odd. This differs to my previous posts due to FX rates. I probably would have got off without paying the exit tax but I chose to do so due to the large diffs in tax between the countries.

A flat rate of 28% in Portugal for Capital gains is severe compared to SA where it is about 13%.

The reason why I am not getting anywhere with the IRS here is that they keep sending me letters to provide proof to my local tax office and when I do go there they do not even look at the docs and cannot speak a single word of English so resort to waving of hands and shouting of what sounds like profanities and I leave there with no knowledge with what to do but wait for the next letter.

You will now ask why my accountant does not do it for me. The answer is simple. She lives in Lisbon and that is a long way from here. There are no local accountants that speak English that could accompany me to my local IRS. I live in a city but it is in the far north so not a tourist area so not many locals have exposure to the English language as they do in the south.

As to my stocks.... down about 30%. A catastrophe seems to be playing out but we will prevail. 

 



 

Title: Re: My retirement blog.
Post by: Orca on April 24, 2018, 09:04:03 pm
Just got back from Wales. Snow and more snow.
Title: Re: My retirement blog.
Post by: Orca on April 24, 2018, 09:08:31 pm
My daughters home on the first pic and her walking to work on the next. The following one was a mistake but I will leave it there.
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 26, 2018, 07:27:55 pm
Cheers for the update Orca. Will also be visiting family in the Uk in the next couple of months - I am not expecting snow, but being the UK, who knows!

On your move to Portugal ( now with added hindsight), what would you have done differently?

BTW - my portfolio also hasn't been great - but am slowing regigging it to be anchored by ETFs
Title: Re: My retirement blog.
Post by: Orca on April 27, 2018, 10:06:06 am
I did research for many months before I chose Portugal and the area in it to live so I was pretty much prepared.
What I should have done is arrive in winter and not mid summer. Finding long term rentals in summer is almost impossible. All available long term rentals become holiday rentals as the tourists pour in and grab whatever is available for 4 times more than long term rentals. The landlords greed wanes in winter and will often offer long term rentals.
 
Title: Re: My retirement blog.
Post by: Patrick on April 30, 2018, 08:29:10 am
Have you thought of doing an ebook on the whole process Orca? I know a few people making fairly good money selling them on a variety of topics. I imagine something like "How to move to Portugal and escape tax for 10 years" or something like that could do quite well.
Title: Re: My retirement blog.
Post by: Orca on April 30, 2018, 10:47:47 am
That's a very good idea. I will start looking into it. Thanks P.
Title: Re: My retirement blog.
Post by: Orca on May 21, 2018, 07:32:35 pm
No one seems to be working in SA anymore. Things have slowly deteriorated since we left 4 years ago.

Requested a money transfer from my broker account to my FNB account. Money left but 10 days later still not showing up in my FNB account. After a squabble between my broker and FNB the money eventually showed up. Not sure what happened but I did smell a con.

My SA accountant sent me an inflated bill for filing my Exit Tax. I did all the calculations and she only had to enter the "Purchase and Sale" amounts. Two figures for her bill of around R14k!!! The SARS system auto calculates the CGT. The only thing that seems to work well.

I then query the fact that she never sent me a bill with the VAT and other itemized figures on her company letterhead. Just a plain email with the amount. She never replied and does not answer my emails anymore. I have not paid her and it has been about 4 months. I smelt a rat when I saw her religious signature on her emails.

This accountant had an agent from SARS assigned to me and he corresponded with me as to the Exit Tax. He gave FNB a reference number for payments. The payments were made and the money disappeared from my FNB account.

Then lo and behold. All the emails from the SARS agent disappeared or self destructed from my email account. Now the SARS website shows no payments were made and nothing owing.  :wtf:

Two weeks ago I requested a money transfer from FNB to me in Portugal but nothing kept happening. I then resent the request with nothing happening again. Each time I got an automated response.

Posted on hellopeter and got a response and a reference number ON A SATURDAY. Today the manager at the nonres center sent me an email saying that no requests for the money transfers were made.

I forwarded her the 2 auto responses that proved the requests were made. Now it is being escalated.

WTF is going on here? 
Title: Re: My retirement blog.
Post by: BussoV6 on May 22, 2018, 08:37:10 am

The reason why I am not getting anywhere with the IRS here is that they keep sending me letters to provide proof to my local tax office and when I do go there they do not even look at the docs and cannot speak a single word of English so resort to waving of hands and shouting of what sounds like profanities and I leave there with no knowledge with what to do but wait for the next letter.

You will now ask why my accountant does not do it for me. The answer is simple. She lives in Lisbon and that is a long way from here. There are no local accountants that speak English that could accompany me to my local IRS. I live in a city but it is in the far north so not a tourist area so not many locals have exposure to the English language as they do in the south.

Why can't you arrange with your Lisbon accountant to be available by phone for when you visit the local tax office? Then just hand the phone over to the shouting tax staff. 
Title: Re: My retirement blog.
Post by: Orca on May 22, 2018, 09:56:45 am
That's exactly what we did. Had it on speaker phone and the 2 of them had a 40 minute shouting match. Nothing came of it.
Title: Re: My retirement blog.
Post by: Orca on May 24, 2018, 08:10:54 pm
What spurred me on was this SA guy that I have been following for years. Only wish I had done so when I was younger.
https://www.youtube.com/watch?v=7GbqkgmSgh0&list=WL&index=7
Title: Re: My retirement blog.
Post by: yozzi on August 14, 2018, 11:32:31 am
Hi Orca,

Hope all is well with you as we haven't heard from you for a long time on your blog? How are you or how have you coped with the heatwave there? Can't imagine how hot it must have been because my family in the UK said it was unbearable there at times this summer so Portugal must have been hell!

I'm looking to do an initial 3 month stay in Spain/Portugal next year and slowly make it a 6 month residency in years to come as I hit retirement age later this year so planning this now but it could be a disaster if it is as hot again! Would think coastal areas would be better in this regard rather than inland.

Anyway, let us know how it's going and that life is still treating you well in Portugal!
Title: Re: My retirement blog.
Post by: Orca on August 14, 2018, 10:41:03 pm
Thanks for asking yozzi. Thought there was an "ignore" button here.

Yes. It was rather hot here and all time records were broken especially down in the Algarve. I pity the firemen with all the fires there.

We are more lucky up here in the north and on the coast so the 35 C was not too bad compared to the 47 C down south. I am used to Fish Hoek that is typically 10 C lower than CT center.

I am still having tax issues here and cannot find any help as to language. No tax assistant has any knowledge of English here. This is not the Algarve. I will have to wait for the tax court or tribunal. At least then they would have to appoint a translator for me.

The last time I went to see them I experience the following.

There was this really BIG guy before me that banged his fist on the desk so hard that the computer leapt a foot into the air and started shouting at the scrawny little bookkeeper who's eyes were as wide as saucers. His thunderous voice must have echoed across the whole town and he carried on for what felt like a full 5 minutes. He then stormed out slamming the doors while still shouting and could still be heard streets away.
This scrawny guy's day was ruined and I was his next client so he took it out on me knowing I could not shout at him in Portuguese.

So that is as far as I got in 5 years.Maybe I they should learn Americanish.
https://www.youtube.com/watch?v=VgAEQ4ZqtjY&t=15s


 


 
Title: Re: My retirement blog.
Post by: yozzi on August 21, 2018, 01:11:00 pm
Good to hear Orca and looks like you'll have to do the same as that guy did but shout in Afrikaans that would totally bamboozle them!

Have a look at this site - expatforum.com and use the Portugal tab and/or South Africa tab as all sorts of queries are asked daily although most are related to UK expats living in foreign countries but if you post a tax query you just might have a solution on your doorstep you never know or at least someone may point you in the right direction with an English speaking tax consultant that you could correspond with? Even if they were based in the Algarve may be worth the phone call?

Also, living where you are and if you want UK TV try tvmucho.com even if you don't buy a subscription which is around 4euros/month they give you one hour per day free for life! I've watched plenty of UK series on it here in SA. All you need is a decent internet connection.

Are you still living in the Porto area? I've been watching a UK mini series on the '10k Holiday home' where a woman presenter bought a fixer upper in Portugal think it was near Castello Branco but very much inland in a small village but quite interesting. Shows that it can be done and might be an option going forward?
Title: Re: My retirement blog.
Post by: Orca on August 21, 2018, 05:59:13 pm
Ha ha. Shouting in Afrikaans or English would baffle them.

I still live north of Porto in Viana do Castelo. I love Porto as it is vibey and pretty with super fast metro trains every 8 minutes that take you to corners of the city. No car needed. Cost about € 1,25 for 20 km.
AND most people speak good English.
I was going to move there but the rent is about € 100,00 more than in Viana for the same type of flat. Yes, 90% of Porras live in flats. I lived there for 2 months only.

As to TV here. We have a TV box with over 200 channels and it also has Nat Geo, Sky TV, Discovery, Euro news and many more English channels.

Portugal is really trying to get citizens to learn English. Cinema movies are no longer dubbed to Portuguese but subtitled. In schools English has become a compulsory second language here 2 years earlier since 2016.

I often read that forum but see that the few people that answer tax questions get it all wrong and this infuriates me. I have learned so much on UK and Portugal tax plus cross border tax over the past 4 years but I cannot answer them as I am still a rookie here from a shithole country.  :)

Title: Re: My retirement blog.
Post by: Oversix on August 22, 2018, 07:56:19 pm
Well it just shows you that there is money to be made :money: if you into tax laws and speak their language
Title: Re: My retirement blog.
Post by: yozzi on August 24, 2018, 12:46:02 pm
Orca, are there any websites that you used re Portuguese residency, visas, etc that were really helpful? Will access to Portugal change much after Brexit next March as I have a UK passport so could be an idea to get any applications sorted now before all this kicks in.

As I said we hope to travel there next year and see and weigh up all the options and stay for a short period of time extending this further the following year and then who knows we could make it a permanent move if things work out
Title: Re: My retirement blog.
Post by: Orca on August 24, 2018, 06:49:13 pm
Aha Jozzi. You expedited your move here after reading my latest post in the Shout Box.  :D

I am a member of an expat group here that sends monthly bulletins out on the latest news and advice on various matters. So I get most of my info there plus the 2 forums where one can ask questions.

BREXIT:  So far what has been concluded is that any EU member in the UK at May 31/2019 will get Settled Status. Any EU member entering the UK after this date until May 31/2021 with the intention to stay will be given Indefinite Leave to Remain that will lead to Settled status and PR.

The reason I mention that is because Portugal is reliant on UK immigrants and their money. They will reciprocate with the above at minimum but the consensus is that they will not have a cut off date.

Why do you ask about a visa? You don't need one but if you have a non EU member wife then she can get a 12 month visa from the Portuguese embassy. If you do require a visa first ask me here (not PM) as I can give you info on how to fast track it for free. The embassy will not tell you this. 
Title: Re: My retirement blog.
Post by: Orca on August 24, 2018, 06:52:06 pm
Forgot the forums if you need assistance. My preferred one is: https://britishexpats.com/forum/portugal-89/

Or here. https://www.expatforum.com/expats/portugal-expat-forum-expats-living-portugal/
Title: Re: My retirement blog.
Post by: yozzi on September 07, 2018, 10:42:55 am
Hi Orca sorry for the late reply had issues with my laptop! No I didn't see your blog on another site but have followed your diary here and I want to have a look at various options in Europe like Spain or Portugal and who knows maybe do a permanent move in the near future.

My Brexit query was on assumption that my UK passport will be somewhat nullified once they leave the EU next March but I agree there may be a grace period for UK passport holders to move around the EU without too much hassle.
Thanks, I've used those websites before and they're pretty useful and another one I like is www.spanishpropertyinsight. com although it's obviously about Spain but very informative
Title: Re: My retirement blog.
Post by: Orca on September 20, 2018, 08:17:23 pm
Another big move ahead. Our kids have decided that we can no longer stay in a city where people our age do not speak English and will never have friends. This is very true and frustrating for us.

We are to relocate to Wales where rent is cheaper. UK rentals are ridiculously high compared to Portugal but they have a plan.

They will look at rent to buy properties and we will purchase 50% and they will pay the remaining rent costs.

This is a win win situation where they can buy more shares in the property over time and end with 100% shares. We pay utility bills and council tax only.

I have always stated that I do not want the shackles of property ownership to keep me stuck in one area as I like to explore countries. I have done that now and wish to settle down in my old age and plant some herbs and veggies and pickle them for a hobby. Some rollmops and pickled fish will be great to experiment on. It will keep me occupied.

Our plan is to leave around April next year after our internet and TV contracts have expired and my wife has completed her short term scans for recurring cancer.

This will be a start of a whole new ball game of red tape and bureaucracy to get settled status in the UK for me as an EU citizen and my wife as a third country citizen. I will post our experience here for those who may follow. 
Title: Re: My retirement blog.
Post by: Mr_Dividend on September 20, 2018, 10:03:50 pm
will be interested to hear about your experience. Spent a few weeks in the UK a couple of months back and liked everything about it - my wife though is still more interested in Portugal.  If we do the UK though, we would probably have to have part-time jobs - which I think could be fun.
Title: Re: My retirement blog.
Post by: Patrick on September 21, 2018, 07:23:53 pm
Orca I love seeing your updates. So many people just talk about the what if's but you really do put things to the test!

I've been watching "How to live mortgage free" on Netflix lately. There's some great ingenuity there from people to save a fortune on living costs, while having quiet decent homes. Well worth a view.

While I'm all for the nomadic life at the moment, I can see a point in time when I'll want to settle somewhere, and my wife wants a farm, or at least so she says. What she describes is actually a personal petting zoo.

In the meantime I'm learning Portuguese so I can get the passport one day. I'm probably at 3 year old level at the moment so I still have some way to go!

Do you think the integration would have been better if the family was able to speak the language there?
Title: Re: My retirement blog.
Post by: Orca on September 21, 2018, 08:58:06 pm
My stocks have not been doing well over the past 2 and a half years. They have actually been negative and we have been withdrawing our living costs from them. Not in dire straights yet but have to watch our budget.

Getting menial jobs in the UK is easy as most locals do not want to do them. My wife has already organised a school cleaning job that will pay £ 500 pm for 3 hours per day and she will be paid during the 3 month shutdown. One of my daughters is doing that as a second job.

The £ 500 would pay for a drab one bed flat. But then again most residential flats are a drab face brick building that all look alike but the people live inside where it can be very modern.

We go to Wales every year to visit our kids and love the greenery, hills and quaint farms. Even the road signs look like someone threw alphabet soup at them. How on earth they manage to pronounce the words is beyond me.

We love Viana do Castelo as it is very picturesque and busy but we will never learn the language at our age but if we did then we would stay put as it is so cheap to live here. Going down south to Lisbon or the Algarve will be far too expensive but English is understood by all.



Title: Re: My retirement blog.
Post by: Orca on September 22, 2018, 06:51:11 pm
Here is proof that alphabet soup was chucked at the signs.

Title: Re: My retirement blog.
Post by: Nivek on September 23, 2018, 10:46:59 pm
 ??? ??? ??? :wtf:
Title: Re: My retirement blog.
Post by: yozzi on September 24, 2018, 12:56:23 pm
Orca, I've often thought about going back to live in the UK for the summer months and then living in Spain or similar for the winter months in an area where the climate was decent all year round but I wouldn't want to live in the UK during winter as the cold would really get to me. I know properties are geared up for the cold with central heating but it's still bloody cold and gets to extremes at times.

We have moved here to Hermanus and people still complain about the cold weather but I tell them they haven't even seen a winter until they've lived in Northern Europe!

Where you are in Portugal is there not an expat community in the area as I've always found that the Brits get everywhere and it's very unusual not to find them even in your part of the world. 
Title: Re: My retirement blog.
Post by: Orca on September 24, 2018, 08:51:05 pm
No Brits or any tourists here pal. We up in the very north near the Spanish border. On the very odd occasion I get to hear English spoken and like a drug I would approach them just to be able to converse in English.

The summer months here are so hot and humid comparable to Natal north coast. It is even worse but drier down south in the Algarve but the Brits love it.

We spend Christmas in the UK most years and I love the feeling of the ice cold air on my face. It is like I have returned home where I belong as a European. A dega vioux perhaps as I was born in icy Finland.

This is just my personal thing so don't judge me on this and I respect your love of SA and I too love SA and that is why I am still invested in SA.

Title: Re: My retirement blog.
Post by: Yman on October 15, 2018, 03:12:23 pm
Orca
Nice to read that you wife is well again, well enough to take up a job, very nice.
What is the name of the medical aid you are with?
You are still invested in SA, with which broker?
Title: Re: My retirement blog.
Post by: Orca on October 15, 2018, 06:00:07 pm
Thanks Yman. Wife goes for her final ENT oncology appointments next month and then it will be a yearly PET scan for possible recurrence.

Our medical insurance was with Allianz via Medal brokers. The only medical insurance that keeps clients on after age 65. Our payment was about R1 200 pm for both of us. We dropped them when we saw the excellent state health care available to all residents for free other than a measly €2,50 per visit and almost free chronic medication.

My broker in SA is Momentum SP Reid and I have been with them for many years so I get 50% discount on brokerage fees.

I will post the real reasons as to why we are relocating to the UK later.

   
Title: Re: My retirement blog.
Post by: Orca on October 15, 2018, 07:17:37 pm
It is now later and this topic will be ongoing.

We have decided to relocate to the UK due to the following:

Hardly anyone our age here understands English so we cannot make friends and learn Portuguese. The elders here had French as a second language in their school days. Now it is English.
You might say "use Babble" to learn. I did but it is not European Portuguese. Yesterday I went to buy sugar and came home with a bag of flour.

I have had a battle with the IRS about the exit tax paid to SARS since 2016 as the Lisbon HQ will not recognise the tax. My accountant was fighting with Lisbon but they insisted that I had to do so locally.

Not one tax official could understand a word of English here but I got the gist that I must find a local accountant to accompany me to their office. I found plenty here but not one could understand English. This leaves me with only one option and that is to flee the country. R220k tax burden that should be a tax loss is not good in my books.

Next episode later.

 
Title: Re: My retirement blog.
Post by: Orca on October 15, 2018, 09:15:46 pm
Next episode.

The amounts quoted are in Euros when I'm talking Portugal and GBP when in the UK. All converted to ZAR.

We live in an upmarket 2 bed flat on the coast that is almost fully furnished. We pay R6 200 pm and have been paying this amount for over 4 years with no increase. Cheap....yes. The entrance looks like a marbled hotel foyer with luscius plants and elevators with mahogany wood.

Sounds great and cheap but it gets lonely.  Our kids have been to visit so many times that they have now tired of this beautiful city.

So now we have decided to assist our daughter to purchase a home on the "Rent to Purchase" scheme that the UK has and has a great discount, The discount is R337k on any purchase.

The home is valued at R4.6M after the discount and she only buys 30% and rents the rest. It is a 2 double BR with a garden and outhouses.

The rent will be R 4 300 pm and the mortgage will be R 6 600 pm. Total is R 10 900.
This seems high but considering that my daughter pays R 8 900 pm for a dingy one bed flat.

So we pay the rent and my daughter pays the mortgage. R 6 200  is what we pay now compared to R 4 300.

This is a win win situation,

Next will be immigration law at this stage of Brexit.

Title: Re: My retirement blog.
Post by: Orca on October 19, 2018, 09:55:16 pm
I am now so frustrated with the new UK rules that prevents us from joining our kids there. The UK has become the most difficult country in the world to migrate to by far.

This is even true for mainland European people. The rules have been changing on a daily basis as Theresa May struggles with no direction against Angela Merkel who by far outclasses her.

Boris Johnson noticed this and even though he resigned from government he now bobs his head in gov circles and the word is out that this Brexiteer is about to oust her.

This further frustrates my efforts to join my kids.

We now have to have Comprehensive Medical Insurance from day one to the end of the 5 year period when we can get permanent residency. Only then can we get NHS for free.

Now the bombshell. I had been paying R 1300.00 pm for medical insurance in Portugal for the 2 of us.

In the UK we would have to cough up R 8 000.00 pm and this is the cheapest I could find.

 
Title: Re: My retirement blog.
Post by: erwintwr on October 20, 2018, 02:54:47 pm
ouch!!! that is half a bar, depending on your greatest enemy, GBP/ZAR exchange rate i assume?
Title: Re: My retirement blog.
Post by: Orca on October 20, 2018, 10:27:28 pm
I think I have sorted myself out and I have a 50% chance of succeeding.

There are 2 rules in the EU for immigration.

1. If you or your spouse are not members of an EU country but have succeeded in getting employment in an EU country then EU regulations will not apply to you.
You will enter under the domestic immigration laws.

In the UK this will be applying for Temporary Residence on arrival. After 5 years you can request your Indefinite Leave to Remain certificate. It is your right and not a privilege. 

2. If you or your spouse is a member of any EU state then you may enter the UK and apply for a Residency Card like you would in any other EU country.
After 5 years you can request a Permanent Residency Card.

This is how it works in mainland Europe but not in the UK.

You can enter the UK using EU law and register for Temp Residence but before the 5 year term is up, the UK will no longer be a member of the EU and your application for residency will no longer apply as per the EU regulations. It will now be domestic law only.

If you have not had Comprehensive Medical Insurance then you are good as it is not required under domestic immigration laws.
 
Title: Re: My retirement blog.
Post by: Orca on October 26, 2018, 07:35:47 pm
Two good news out today.

The mortgage on the UK property has been accepted. It is in what is known as The Garden of England. The Cotswold. Prince Charles has his farm and shop there. A very picturesque county with luscious greenery filled hills and dales. No wonder it has a price tag of R4.3 M for a 2 bed semi detached.

The Secretary of State has said he will waive the requirement for compulsory Comprehensive Sickness Insurance (CSI) soon. He has to as EU workers are frustrated and leaving in droves with the abounding rumours and fake news of arrests and deportations.

Many of these workers are in key posts such as nursing and hospitality has been particularly hard hit as locals are not inclined to do minimal salary jobs. Unemployment benefits are better.

So now we have to wait for my wife's eye surgery appointment and then we off once again. Hopefully we won't get deported as it is still a slight gamble.
I cannot go back to SA as my residency permit has expired. It expires automatically after an absence of 2 years.

We cannot go back to Portugal as our residency will expire next year. They will have to deport my wife back to SA and me to Finland. We will have to then have a Skype Marriage.  :LHST:   

 
Title: Re: My retirement blog.
Post by: andre on October 29, 2018, 09:17:36 am
arguably the best type of marriage  ;D
Title: Re: My retirement blog.
Post by: Moneypenny on October 29, 2018, 10:38:31 am
I cannot go back to SA as my residency permit has expired. It expires automatically after an absence of 2 years.

We cannot go back to Portugal as our residency will expire next year. They will have to deport my wife back to SA and me to Finland. We will have to then have a Skype Marriage.  :LHST:

 ???
Title: Re: My retirement blog.
Post by: Yman on November 07, 2018, 06:34:41 am
Orca
Why will  your Portugal residency expire next year?
Title: Re: My retirement blog.
Post by: Orca on November 07, 2018, 04:10:13 pm
In most EU countries you will get temporary residence for 5 years and if you renew it you will get permanent residency.
We have been here just over 4 years and if we relocate to the UK then we would not be able to renew our Portugal residency.
Also, residency expires after 2 years of absence if you have not become a citizen.
Title: Re: My retirement blog.
Post by: gcr on November 08, 2018, 10:19:31 am
In most EU countries you will get temporary residence for 5 years and if you renew it you will get permanent residency.
We have been here just over 4 years and if we relocate to the UK then we would not be able to renew our Portugal residency.
Also, residency expires after 2 years of absence if you have not become a citizen.
Hi Orca - surely the move to the UK is going to be a problem for your family from a medical point of view i.e. moving countries would preclude you from availing yourselves of any free medical assistance and you would undoubtedly have to sit out a waiting period before getting benefits from the UK national health.
I imaging if this is the case you have trying times ahead of your family
Hoping that the move is fairly painless
Title: Re: My retirement blog.
Post by: Orca on November 08, 2018, 03:34:37 pm
Yes it is a major concern of mine especially as my wife is a cancer survivor and must have 1 PET scan per year and 1 ENT Oncologist exam.

Nobody seems to know how the UK NHS will work after Brexit or even now for EU nationals. I suspect we will need a private sickness cover as we will not be working.

Working EU nationals would not need private insurance. Non EU members that will work need to pay a surcharge of £ 400.00 when applying for the visa.
A 5 year visa for a family of 4 non EU members will now pay £ 8 000.00 for the visa and it will include the surcharge.

UK immigration laws change so fast as negotiations advance so what I said yesterday may not apply tomorrow.

The home loan has been secured so there is no turning back. The present tenants have until end of January to move out.
Title: Re: My retirement blog.
Post by: Orca on January 03, 2019, 11:27:11 pm
The latest news on Brexit is the following:

EU nationals and their non EU spouses can enter and live in the UK but can only register on the new online system from 29 March. They have until 30 June 2021 to enter and apply. Cost is €65 per applicant. No financial details will be asked and private medical insurance will apply. Once you have received pre settled status you will have access to state healthcare and social benefits.

Should the Brexit deal fail then you would have to enter before 29 March to get the above and the cutoff date will be 30 December 2020 to register.

Now that is only for EU citizens as the UK must still apply EU immigration regulations until the Brexit Transition Period ends on 30 June 2021 or 30 December 2020.

If you are a British national then it is a different kettle of fish. The UK government seems to dislike their citizens to import foreign spouses. Rightfully so as most are imported by settled Asians and north Africans that import all their relatives as dependants.

This applies to natural UK citizens too. No discrimination. UK citizens cannot apply the more lenient EU immigration regulations when resident in the UK or returning. The draconian domestic immigration laws will apply.

A UK citizen wishing to import a foreign spouse will have to earn at least £18 600.00 pa and if the application is from outside of the UK then the finances of the spouse will not be considered.

However, the spouse can enter the UK with a cheaper visit visa and apply from within the UK. Then both incomes and savings/investments will be considered.

The visa will cost about £1 400.00 (citation needed) and the surcharge on healthcare will be £400.00 per year for 5 years.

Sucks for British citizens.
Title: Re: My retirement blog.
Post by: Mr_Dividend on January 04, 2019, 08:51:32 am
Just to add. If one is a brit citizen and spouse is not,  you can also get in with savings of £62500 - no retirement funds, pretty much cash only. Spouse will also have to do an English test (R3700) and TB test (R1800). Then you have to jump through a few hoops proving your marriage, where you staying ect.

If they deny you the visa - no reasons are given, you must reapply at a cost of £1500 a pop. We planning to use a specialist at an extra R8000 - want to get it right first time.

Can understand where they are coming from - but the cost seems exorbitant on not giving reasons for a declined visa is just wrong.
Title: Re: My retirement blog.
Post by: Orca on January 04, 2019, 11:07:40 am
Yes. If it is only you and your spouse applying for Leave to Enter and you only have savings or liquid stocks then the formula would be £16 000 + (18 600 x 2,5) = £62 500.

The best and latest news can be found on this website. https://www.freemovement.org.uk/appendix-fm-financial-requirements/

I must add that Customs and Immigration have been briefed to no longer look for reasons to deny status but to look for reason to give status. By "status" I mean "Leave to Enter" and "Leave to Remain".

The new system is online and automated to work like our efiling system whereby pages will be generated according to what boxes you tick. This will ensure you get the correct electronic forms. The old paper system lets you pick the forms yourself without help and if you took the wrong one's then your request will be denied without explanation.
If you still happen to make a mistake then an official will now point the mistake to you and give you time to correct it. If it is denied then they must tell you the reason should you wish to appeal. You can also now appeal from within the UK. 

No English test is required if your home language is English or you live in an English speaking Commonwealth country.
Title: Re: My retirement blog.
Post by: Mr_Dividend on January 05, 2019, 10:33:57 am
Cheers for the site had not seen it, but wife had. SA is not on the english speaking countries list - we could jump through a few hoops to say, my wifes, B Tech diploma was taught in english, but might just be easier to do the test.

Anyway, will just take it easy and knock off the points one by one - try not to get stressed about it
Title: Re: My retirement blog.
Post by: Orca on January 05, 2019, 07:43:35 pm
My wife will not be asked to do the language test as English is her first language and home language. SA will not be listed as there are too many native languages.
Title: Re: My retirement blog.
Post by: rond on January 15, 2019, 12:03:56 pm
Hi there and thanks for all the info .  I've been reading your earlier blog stuff but have not reviewed much lately . Suffice to say I see you're bidding Portugal goodbye for Tax & language reasons ... Sad, sorry to hear this .....   Ever thought about moving to Algarve where English is spoken>?

Sorry , .... getting off the reason for my correspondence.  We are currently resident in Spain ( one year now)but due to TAX and one or two other complications ( Drivers licence) we wish to move to Portugal and apply for the Non Habitual Tax  Resident so that we get the 10 year Tax window??>>> . We have not emigrated and hence have part of our investment in SA on JSE and in property.

I'm hoping you can offer some insight regarding the complications of applying for such etc. My wife is a UK passport holder but I am South African ( Green Mamba Passport) .. it bites.

Looking forward to chatting further , so until later, .  have a great day out there.

Rond
Title: Re: My retirement blog.
Post by: Orca on January 15, 2019, 08:59:20 pm
Hi Rond. I will be pleased to help where I can. You need not officially emigrate if you do not have RA's and possible future inheritances coming your way.

You will however have problems later if you decide to sell your investments as capital gains taxes are residency based and in Portugal you will be regarded as a resident from the day you sign a rental lease or purchase primary property. This is a flat rate of 28% and is not added to your other income. Having Non Habitual Residency status does not cover the sale of movable property (shares) so you will not be tax exempt in Portugal.

The sale of your fixed property will only be taxed by SA. All other foreign income will be exempt from tax in Portugal whether you paid tax on it or not in the foreign state.

You may have read about my EXIT TAX problems. The SARS website and SAIT (SA Institute of Tax Professionals) both state that when you become a non resident in SA then all your movable assets will be deemed as sold and you must pay exit tax on the gains to reset your Base Cost to zero gains in your new country. You may have a good fight with that as I have had and still ongoing.

As to why I don't relocate to the Algarve. We love the seaside so I'm only mentioning coastal areas.

1. Too hot and arid for us. Inland can be greener and cooler.
2. Most of the Algarve beaches are below cliffs and one needs to repel down to them or use a boat to get to them. Some have trams or small busses to get you down.
3. A large part of the Algarve has a large lagoon running parallel to the beach and to reach the beach you would need a boat. Most people just use the lagoon as a beach without waves.

The beaches are great in photos you see in tourist websites but a shlep to get to.

Lagos is said to have the best beaches.



 
Title: Re: My retirement blog.
Post by: Patrick on January 16, 2019, 07:58:44 am
Lagos is said to have the best beaches.
I was there in October, they are ridiculously beautiful. Worth climbing those steps :)
Title: Re: My retirement blog.
Post by: Mr_Dividend on February 10, 2019, 07:03:58 am
On 29 March 2019, 23h00 (WET), the United Kingdom (UK) will cease to be a European Union (EU) Member State. The Withdrawal Agreement1 will ensure the status and rights of EU citizens living in the UK and of UK nationals living in EU Member States. The Agreement also establishes a transition period from the withdrawal date until 31 December 2020.
Under the term of the Agreement, UK nationals and their family members who already are permanent residents in Portugal will be able to maintain that right. And all those who arrive before the end of the transition period (31 December 2020) will be able to acquire permanent residence status after completing a five-year residence period.
The Portuguese Government wants to reassure UK nationals and their family members living in Portugal that they are welcome to stay.

Will be interested to see if a deal is made as ::

IN CASE OF A NO-DEAL SCENARIO
As there would be no agreed implementation period, the guarantee to acquire the right of permanent residence would only apply to UK nationals who are resident in Portugal by 29 March 2019; all those UK nationals and their family members who are already in Portugal by that date would have until 31 December 2020 to apply for a registration certificate.

Obviously works the other way round as well - application in yet Orca?
Title: Re: My retirement blog.
Post by: Orca on February 10, 2019, 11:50:16 am
You are almost correct Mr Div. It is highly unlikely that the deal will be accepted so there will be no free movement after 29 March 2019 for EU nationals in the UK and UK nationals in the EU.

All immigrants in the EU must apply for residency after 3 months. Your last paragraph should be what happens to EU nationals in the UK in a No Deal scenario and not what Portugal has stated will happen to UK nationals. The 3 month rule is binding in EU countries but the UK has extended it to a cutoff date at 31 Dec 2020 only due to the sheer numbers of EU nationals in the UK. It would take 18 months to process over 3 million applications. The whole of the mainland EU has less than 1 million Brit expats.

UK nationals already resident in the EU have been given the right to remain in the EU countries but they as non EU nationals will have no protection under EU laws. They will fall under the domestic laws of the specific country and this is a difficult situation as the immigration laws only allow non EU country nationals residency under circumstances such as wealth and scarce skills. No country has yet compiled new immigration laws specifically aimed at UK nationals.

We aim to fly over on 21 March and have been advised to keep proof of the date of entry and not to register too soon as the new online application system that comes into operation on 30 March will be under strain as many of the 3 million EU nationals rush to apply for status.
Title: Re: My retirement blog.
Post by: Orca on February 10, 2019, 12:28:33 pm
Here is the latest news from the Home Office in an email I subscribe to.
QUOTE:
This is the latest information on the EU Settlement Scheme for EU citizens in the UK. You are receiving this because you have requested email updates from the UK government.

The Secretary of State for Exiting the European Union today set out information for EU citizens and their family members in the UK in the event of a no deal exit from the EU.

The UK Government:

Confirms that if there is no deal, the EU Settlement Scheme will continue to be implemented, enabling EU citizens and their family members living in the UK by 29 March 2019 to secure their status and continue to be able to work, study, and access benefits and services in the UK on the same basis after we exit the EU as they do now. The scheme will be fully open by 30 March 2019 as planned.
 
Confirms that the Home Office will continue to look to grant status rather than refuse and in line with the UK commitment to be more generous in certain respects than the draft Withdrawal Agreement, a person will not be refused status under the EU Settlement Scheme because, for example, they are not economically active or they do not hold comprehensive sickness insurance.
There would be some changes to the EU Settlement Scheme if the UK leaves the EU without a deal, and further details are set out in the policy document.  In particular, as there will be no agreed implementation period, the application deadline will be brought forward to 31 December 2020.

You do not need to do anything for now. The EU Settlement Scheme will be fully open by 30 March 2019.

Further information about the scheme can be found on GOV.UK - END QUOTE.
Title: Re: My retirement blog.
Post by: yozzi on February 11, 2019, 03:27:51 pm
Hi there and thanks for all the info .  I've been reading your earlier blog stuff but have not reviewed much lately . Suffice to say I see you're bidding Portugal goodbye for Tax & language reasons ... Sad, sorry to hear this .....   Ever thought about moving to Algarve where English is spoken>?

Sorry , .... getting off the reason for my correspondence.  We are currently resident in Spain ( one year now)but due to TAX and one or two other complications ( Drivers licence) we wish to move to Portugal and apply for the Non Habitual Tax  Resident so that we get the 10 year Tax window??>>> . We have not emigrated and hence have part of our investment in SA on JSE and in property.

I'm hoping you can offer some insight regarding the complications of applying for such etc. My wife is a UK passport holder but I am South African ( Green Mamba Passport) .. it bites.

Looking forward to chatting further , so until later, .  have a great day out there.

Rond

Hi Rond,

Read your post above re your intended move to Portugal and I'm currently looking at a move to Spain in the next year or so as I know the country very well from my many holiday trips there when I lived in the UK. I am a UK passport holder and currently resident in SA.

Where in Spain do you live? I'm looking at options with a good all year round climate with mild winters not bothered with the summer heat as I will probably go to the UK during July/Aug when it's very hot. It looks like the eastern areas of Spain are best climate wise from Almeria up to Alicante so any recommendations would be appreciated.

Have you had problems with tax in Spain and is it unsolvable? I'm retired here in SA and same as you I still own property here which I'm trying to sell at the moment but with the market being down at present it's taking longer than expected. 

Like wise, any guidance or helpful tips on moving to Spain would be brilliant as although it seems easy to do sometimes others who've been there before know all the shortcuts and ways to avoid potential pitfalls.
Title: Re: My retirement blog.
Post by: Orca on February 11, 2019, 07:35:39 pm
Yo yo Yozzi. Your UK passport will be as good as a SA one after 29 March 2019 for immigration purposes. In the EU it will be classed as a third country passport and you will have no free movement.

Most EU countries will place reciprocal regulations in line with the UK for immigration. In a no deal situation you may have to be in Spain before that date to be resident. So start packing. We have.
Title: Re: My retirement blog.
Post by: yozzi on February 13, 2019, 10:47:27 am
Yo yo Yozzi. Your UK passport will be as good as a SA one after 29 March 2019 for immigration purposes. In the EU it will be classed as a third country passport and you will have no free movement.

Most EU countries will place reciprocal regulations in line with the UK for immigration. In a no deal situation you may have to be in Spain before that date to be resident. So start packing. We have.

Hi Orca, yes that's the way it looks at the moment and there's no way I'm going to be over there before March 29th but I still think there will be a delay or some sort of amnesty for UK passport holders to move to Spain and there is no way at all that the Spanish economy can do without a dramatic decrease of British tourists pumping millions into their coffers year on year and the moves that the Portugese government has made in light of the same scenario bears this out and Spain would be downright stupid to not follow suit.
Title: Re: My retirement blog.
Post by: [email protected] on February 16, 2019, 11:31:37 pm
You may have read about my EXIT TAX problems. The SARS website and SAIT (SA Institute of Tax Professionals) both state that when you become a non resident in SA then all your movable assets will be deemed as sold and you must pay exit tax on the gains to reset your Base Cost to zero gains in your new country. You may have a good fight with that as I have had and still ongoing.



Correct in respect of change of tax residence (which for completeness, is a different concept to financial immigration), triggering a deemed capital gain in South Africa.
Not necessarily correct that change of tax residency resets you base cost in your new country......
Title: Re: My retirement blog.
Post by: Orca on February 17, 2019, 08:44:39 pm
@XXXXX. I assume by the cryptic nature of your post that you are a tax adviser as they tend to not explain anything without payment and will not share information for free.

The paid for telephonic advice I received from a tax lawyer in Portugal was this:

I was ordinarily resident in the RSA for the previous 6 years without a break so that makes me domiciled in SA when the deemed sale of the securities took place. This reset the base cost on the day before exit.

When I left SA the deemed repurchase of the same securities took place at the same price. This new base cost will apply in my new country due to the fact that the deemed sale was done while I was ordinarily resident in SA. The DTA did not apply at the time.

The DTA rules came to effect when I arrived here and it clearly states that CGT on the sale of securities are only payable to the country of which the seller is resident. I was not ordinarily resident in Portugal when it took place so the tax is only payable to SARS and not Portugal.

Should the deemed sale not be accepted by Portugal then it will be an infringement of the DTA rules as I will be taxed twice when an actual sale takes place.

The opposite is also true according to SARS website. When an immigrant to SA takes up residency in SA then his securities will be reset to the value on the date of entry. It however does not state that this will happen if the exit tax was paid or not in his country.

 

 

Title: Re: My retirement blog.
Post by: [email protected] on February 18, 2019, 09:32:16 am
 :D

South African income tax legislation (as modified by a DTA), dictates on how capital gains are taxed in South Africa.  Unfortunately the legislation is not necessarily reciprocal and you would have to refer to local (in your case) Portuguese legislation (as modified by any DTA) in order to assess the tax implications on your side.....

For example, and not relevant to your case, but para 12(4) of the 8th Schedule of the South African Income tax act dictates how a incoming immigrant Base cost is reset on becoming a South African resident.  There is no modification in the DTA necessary.  For completeness, the relevant income tax legislation reads as follows.
4) A person who commences to be a resident must, subject to paragraph 24, be treated as having
disposed of each of that person's assets, other than assets in the Republic listed in paragraph 2 (1) (b) (i) and (ii), and as having acquired each of those assets at a cost equal to the market value of each of those assets, which cost must be treated as an amount of expenditure actually incurred and paid for the purposes of paragraph 20 (1) (a).


Incidently, you'll note that there is no mention of "exit tax" (which is a misnomer anyway).  So irrespective if "exit tax" was paid, South Africa regards the base cost as being "reset".

In your case, the key to unlocking the puzzle is to understand what Portuguese legislation say's, and if you're in luck, it may have a similar provision to the above....... 

Tax legislation, and in particular international tax implications are not alway's logical and I strongly advise you once again to seek appropriate expert tax advice (not from myself).  Don't just assume because "South Africa do it this way, Portugal must treat you the same"

Title: Re: My retirement blog.
Post by: [email protected] on February 18, 2019, 09:41:42 am
forgot to mention, it is practice in multiple countries, including South Africa that in certain circumstances, should you income be subject to a tax in another jurisdiction, you may be entitled to a tax credit/rebate on the tax paid (or notionally paid) in the other jurisdiction.  Intention of this is a further effort to eliminate double taxation.

Once again, you need to refer to local Portuguese legislation and once again I encourage you to seek the appropriate tax advice.
Title: Re: My retirement blog.
Post by: Orca on February 18, 2019, 10:03:25 pm
forgot to mention, it is practice in multiple countries, including South Africa that in certain circumstances, should you income be subject to a tax in another jurisdiction, you may be entitled to a tax credit/rebate on the tax paid (or notionally paid) in the other jurisdiction.  Intention of this is a further effort to eliminate double taxation.

Once again, you need to refer to local Portuguese legislation and once again I encourage you to seek the appropriate tax advice.

Mr vz. Remember me from the other forum where I am known as "Shampoo"? That's me pretending to be my wife as she is not pc literate. Anyway, you go. The best tax CA in this business.
Title: Re: My retirement blog.
Post by: [email protected] on February 19, 2019, 08:55:58 am
lots of incorrect assumptions in that post....... :))
Title: Re: My retirement blog.
Post by: Orca on March 05, 2019, 10:46:41 pm
The stress has started once again. Moving countries twice in just over 4 years is taxing and the first one was severe enough.

We sold all our SA belongings to come to Portugal and had to re equip our home here only to sell it all again at rock bottom prices.

Finding movers was stressful as they charge from € 720 to € 2 000.00 for the same amount of stuff. We eventually found it cheaper to sell our appliances and not use Home Movers. Baggage Forwarding is so much cheaper at € 40 per 40 kg door to door. Not much more than baggage on flights but then it is not door to door and has a 23 to 30 kg weight restriction.

We are now packed for the pickup. No TV. No appliances so camping out here waiting for our flight out. Two weeks to go. Luckily we have not had winter this year so no heating is needed.
 

 
Title: Re: My retirement blog.
Post by: bw on March 06, 2019, 10:06:04 am
Orca, may your move and especially your adjustment to the new environment go well. 10 out of 10 for your willingness to adapt
Title: Re: My retirement blog.
Post by: Captaindura on March 27, 2019, 07:59:05 pm
Great idea. I personally long to venture full-time into the stock market when I  retire, so this retirement blog is quite an inspiration. Keep it on even in your travels and other endeavors, for the sake of newbies and your other fans like myself. I like following your progress
Title: Re: My retirement blog.
Post by: Orca on March 27, 2019, 10:51:59 pm
Thanks captain for the heads up. We eventually abandoned our appliances and furnishings in Portugal and left for the UK. The landlord's wife came to check and was very happy to accept the apartment as is.

EasyJet staff at Porto airport almost refused my wife to board the flight as she had no visa and it took me 45 minutes of arguing before they phoned the UK head office and let us through customs. EasyJet is just a glorified taxi service with no idea of immigration regulations with staff on minimum wage.

Arrival in Bristol was just as bad. The black clad customs official reminded me of the Nazi SS Gestapo who also would not allow her in. Took me another 30 minutes of arguing until he went to his superiors to hopefully confirm his decision but came back only to say "Enjoy your stay".  :))

Now we are in Monmouth Wales with our eldest daughter waiting for our home purchase in Cirencester to finalise. It has been 5 full months so far and seems never ending. Our 2 large suitcases have been delivered to our other daughter in Cirencester at last after some sweat.

Our kids have clubbed in and bought us a beautiful bedroom suite with bedding, curtains and all one would need in a bedroom. So sweet of them.

Our investments are bad but not yet in dire straights but should SA be downgraded we will certainly feel the pinch and no more nightly tipples and restaurants for us. The UK is very expensive as it is compared to Portugal. We will prevail no matter what.

The red tape will begin soon once again.



 
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 01, 2019, 11:12:39 am
Am I understanding this right - your wife (on an SA passport) was let in with no visa at all? On the basis of your EU passport?
Title: Re: My retirement blog.
Post by: Orca on April 01, 2019, 07:14:30 pm
No Mr Divi. My SA wife was issued with an Article 10 Residency Card in Portugal due to my Finnish citizenship and the card can be used in lieu of a visa for any EU member state.

Check if you need a visa. https://www.gov.uk/check-uk-visa/y/south-africa

No matter if you choose "tourism" or "long stay" it says that she does not need a visa. EasyJet and UK customs and immigration did not know this. This makes it impossible for my wife to get a visa as the website will not allow it yet the staff knew better.

It is important to know that an Article 10 RC is issued under EU regulations and only applies to the spouse of an EU country citizen when settling in an EU country of which the citizen is not a national of.

For instance, if you are a Portuguese citizen and bring your wife to Portugal then she will be issued with a Residency Permit under the Portuguese Domestic Law and not an EU regulated Residency Card. The Permit is only valid within Portugal.

Should you relocate to Spain then she would be issued with the Article 10 Residency Card under EU Law.
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 01, 2019, 09:06:45 pm
Very interesting - had been doing a bit of research and had not heard of that before. House should be going on the market in a couple of weeks - then 6 months (or longer) of traveling around SE Asia before deciding where to settle for a bit - either Portugal or UK - but might look elsewhere and BREXIT depending.
Title: Re: My retirement blog.
Post by: Orca on April 02, 2019, 08:41:17 am
Here is an email I received from HO yesterday:

HOME OFFICE

1 April 2019

 
To over 3.5 million EU citizens who have made the UK their home: you are our friends, our neighbours and our colleagues, and our country is all the better for it.

Whilst our future relationship with the EU is uncertain and I understand the anxiety this may cause, I want you to know how much we want you to stay regardless of whether the UK leaves the EU with or without a deal.

EU Settlement Scheme fully open

The EU Settlement Scheme is now officially open. This means that the rights you and your family currently have, including access to employment, healthcare, benefits and pensions, are protected – so you can continue to live your lives as you do now. After a successful launch on Saturday, more than 50,000 applications were made over the weekend. This brings the total number of applications to over 280,000.

Applying to the EU Settlement Scheme is completely free, and the Home Office’s aim is to make it as simple and straightforward as possible. All you need to do is complete a three-step application with a laptop, tablet or mobile device to prove your identity, confirm you live in the UK and declare any criminal convictions.

Let me be clear, we are looking for reasons to grant people status and we want everyone to get the status they are eligible to receive.

Support for everyone

As Home Secretary, I’m determined that no-one is left behind. That is why up to £9m has been made available for supporting more vulnerable people, whether they are homeless, elderly, disabled or unaware of the Scheme so far, to make an application. For those without access to a computer, or lacking the skills or confidence to use one, there will be assistance available in Assisted Digital locations across the country.

The Scheme has already been thoroughly tested. Nearly four out of five of those who have applied did not need to provide any additional evidence or send in their documents for checking.

There are now multiple routes for providing an identity document. For example, you can use the ID Document Check app from the comfort of your own home, post your document to us, or visit one of the many locations where documents can be scanned and verified. We have 1,500 specially trained staff on hand to assess your application.

ID check app on Apple devices

I know many of you will have read that it is currently not possible to use the ID document check app to verify identity on Apple devices. I’ve had numerous conversations with Apple at the highest levels to ensure everyone can use the app. Together we’ve been working hard to find a solution that will allow the app to work on their devices. I’m pleased to confirm that Apple will be making the necessary changes and the app will be working on their mobile and tablet devices by the end of the year.

We’re committed to ensuring that people in every corner of the UK know what they need to do to secure their status. A £3.75m nationwide marketing campaign is encouraging people to apply now, and you may have already seen the adverts in your local area.

We have worked hard to ensure this Scheme provides EU citizens with the certainty they want, and we are confident that it will be a success.

Please do make sure your EU citizen friends and family know about the Scheme. To find out more go to GOV.UK.
 

Yours sincerely,

Rt Hon Sajid Javid
Title: Re: My retirement blog.
Post by: Orca on April 07, 2019, 01:02:01 pm
Just some feedback from my daughter's application for Settled Status. She has been in the UK for 10 years.

She downloaded the "EU EXIT" app from Google Play Store to her phone. The instructions are very simple to follow and even has pictures. It took less than 10 minutes to upload her passport and other documents were not required as the system picked up her presence over the years on the NHS and tax history.

It then directed her to the "Application" website that can be done on the same phone or a laptop. After answering a few questions, she posted it. It is free of charge and no questions are asked about finances or medical insurance.

Two days later an email arrived to state that she was granted Settled Status. The email in itself is not proof of status but a link provided shows her status on the GOV.UK website. Employers and government officials use this link to check for status.

Bear in mind that this is only available to EU members and their non EU family. Non EU applicants must use the UK domestic immigration laws that are so frustrating and expensive.
Title: Re: My retirement blog.
Post by: Orca on April 19, 2019, 10:31:39 pm
Preparing to relocate to foreign shores is exiting. New country. Foreign language, strange food and new custom is something to look forward to albeit with some uncertainty.

Arrival and setting up a new home was just as exiting but the next few months of red tape was frustrating. When this was done the new journey began. Exploring the new location, country and food puts one on a high of sorts and is rejuvenating. We found our utopia at last. Or so we thought.

It soon wore off as we could not communicate with people our age as they spoke no English. The food got boring and we missed good old baked beans, fish n chips, ox tail stew, chutney and sweet chilli sauce.

Long story short. We upped and relocated to the UK and living in Wales. We have been here for a month as our home in the Cotswold is not yet ready.

From the day we landed here we felt that we have arrived at home. This is where we belong. This quaint village of Wyesham is nestled in the valley of Forest of Dean. Luscious green hills and dales lined with forests and sheep farms with Hobbit homes. A Harry Potter scene.

Our neighbours speak English to us and we can go to the library at long last. We can understand what food we are buying.

I knew I had made the right decision when I saw my wife staring out the window at the pretty snow clad hills and she had a continuous smile on her face. 

 

Title: Re: My retirement blog.
Post by: Mr_Dividend on April 20, 2019, 03:17:57 pm
I always think the English downplay how gorgeous much of their countryside is, not sure if they just being polite or they hoping to keep immigrants out! Photos from my trip last year around the South.
BTW you were not tempted to reenter your old friend, CML, at R40 or so?
Title: Re: My retirement blog.
Post by: Patrick on April 20, 2019, 08:13:14 pm
So many beautiful places in the world, I think it's great that you're exploring another.
Title: Re: My retirement blog.
Post by: Orca on April 20, 2019, 08:25:01 pm
Waiting for confirmation that CML will respond to the BB and specifically to the middle 20 SMA.

Yes. The scenery in the UK is very similar to the best of Europe. The cost of housing is another story altogether. Let me explain.

I have attached a pic of the type of housing I am referring to. They are not council houses but in a category just above them. Developers normally build new builds here and put them on the market for sale. The state or council will buy some cheaper houses and offer them to families on benefits at low rentals. They in turn can buy them from the council. They can be recognised by the unkempt gardens and car wrecks in the yards. We have them here too and the houses look good but the yards are filthy.

This is a rental home of 3 bedrooms.
Rental £ 750.00 pm 
Utilities £ 150.00 pm
Council Tax £ 195.00 pm
Total £ 1 095.00

That is about R 20 000.00 pm if you earn Rands as I do. That is just above entry class homes.

This pic was taken a few minutes ago from our little garden.

Title: Re: My retirement blog.
Post by: Mr_Dividend on April 23, 2019, 07:35:11 am
Our ideal place to live would be on the south coast - but all pretty expensive to buy. But rentals not too bad in Eastbourne and Margate. But closer to you, Stoke-on-Trent has some very cheap houses (mainly terraced) but have no clue what the area is like, would have to rent for a bit and see what it was like. We actually planning to travel around the UK for the first 6 months or so just to get a feel for certain areas - airbnb to airbnb.
Title: Re: My retirement blog.
Post by: gcr on April 23, 2019, 11:52:34 am
Mr D - why would you not consider a camper. Would not travelling and airbnb not prove more expensive?
With a camper at least you could go where you wanted to go - in search of an ideal location, also once you have finished your travels with the camper you can always sell it. I understand the camping sites are quite well run/maintained not at all like the American Trailer Parks :LHST:
Title: Re: My retirement blog.
Post by: Orca on April 23, 2019, 12:40:33 pm
Caravaning and camping is exceptionally popular in the UK especially so in Wales. We were looking to buy a sited static caravan to live permanently in but unfortunately getting a bank loan is not the same as a mortgage but rather a car or boat. Ten percent deposit and payments over 5 or so years.

They are double glazed and fully furnished with 2 or 3 bedrooms and central heating. Most are located on beachfront property or river parks. The ground is not yours though. http://www.cardiganbay.co.uk/static-caravans-for-sale-wales.asp 
Title: Re: My retirement blog.
Post by: Mr_Dividend on April 23, 2019, 07:00:43 pm
Hi GCR - have looked into camper vans - look like a lot of fun and definitely want to give it a try sometime. Also looked at the static caravans - site fees are often a fair amount though.  Still a ways to go - finished painting, now getting rid of stuff - going to car boot sales.
Title: Re: My retirement blog.
Post by: Orca on May 12, 2019, 10:47:48 pm
Relocating from Portugal to the UK just got better tax wise.

Dividends
Dividends withholding tax in SA is 20%. The tax treaty with Portugal caps it at 15%. This was the percentage I paid while resident in Portugal.

The tax treaty with the UK caps the SA withholding tax on dividends at 10%. This means that my dividends withholding tax in SA will be cut by half so I score 10%. This is a big saving over time.

Interest
Tax on interest according to the DTA Portugal-SA is payable to either country but capped at 10%. I paid this to SA only.

The tax treaty with UK states that only the UK can tax this interest and as the UK does not tax interest I score here as well.

Capital Gains
This remains a residential tax in both DTA's. Portugal has a fixed 28% tax on CG with no exclusion.
The UK has an exemption (exclusion) amount of £12k or R228k pa and a 10% tax on the rest. My gains would never get near this amount so no CGT payable.  :money:


Title: Re: My retirement blog.
Post by: gcr on May 12, 2019, 11:14:19 pm
Sounds like a winning solution you have there Orca.
Just a pity you had to find this all out only after you moved overseas - would have been beneficial if you had known all of this ahead of relocating.
I would suspect that your "school fees" have been quite substantial

Title: Re: My retirement blog.
Post by: Patrick on May 13, 2019, 04:18:11 pm
Capital Gains
This remains a residential tax in both DTA's. Portugal has a fixed 28% tax on CG with no exclusion.
The UK has an exemption (exclusion) amount of £12k or R228k pa and a 10% tax on the rest. My gains would never get near this amount so no CGT payable.  :money:
Any idea if Portugal applies the same exit tax regime as South Africa? In that breaking tax residency requires you to pay CGT on everything as if you'd sold?

Asking for a friend who may want to take advantage of the 10 year non-habitual tax break in Portugal and still escape the CGT  :whistle:
Title: Re: My retirement blog.
Post by: Orca on May 13, 2019, 06:22:10 pm
I did look into this but found nothing and the language problem restricts research. I doubt any EU country has exit tax due to the freedom of movement.

The 10 year tax break under the NHR regime only applies to income that can be taxed in the country of source by the DTA rules whether it is taxed there or not. CGT is a residential tax and therefore only taxed in Portugal as per the DTA rules. So the 10 year tax break for CGT does not apply.
Title: Re: My retirement blog.
Post by: Mr_Dividend on May 14, 2019, 11:26:18 am
Have you looked at the ISA allowance? £20,000 - FOR THE YEAR! And you can hold single stocks unlike our TFSA
On top of that there is also £2000 dividend tax free allowance

With UK share also down and the FTSE100 paying out over 4% in divis, why keep your money in SA?

btw, great read, magazine comes out every thursday - but lots of back issues here. https://www.sharesmagazine.co.uk/
Title: Re: My retirement blog.
Post by: Orca on May 14, 2019, 06:07:53 pm
Two of my daughters are saving to buy property with an ISA. They have a "Help you buy" scheme where if you save £200 pm then the government adds £50 pm to it. Now that is 25% pa tax free bonus from the government. Where else would one get this?

At this stage I am a bit wary of Brexit with investing in the UK so I will stay in SA for some time still. Hopefully Ramaphosa will keep to his promise and turn things around for the SA economy in 2020.
Title: Re: My retirement blog.
Post by: [email protected] on May 15, 2019, 11:55:25 am

Any idea if Portugal applies the same exit tax regime as South Africa? In that breaking tax residency requires you to pay CGT on everything as if you'd sold?

Asking for a friend who may want to take advantage of the 10 year non-habitual tax break in Portugal and still escape the CGT  :whistle:
[/quote]

My understanding is that Portugal does not have a "exit" tax for individuals..... There is a risk however that in certain circumstances and that should you relocate to certain countries (I have seen it referred to as "blacklisted" countries, and is actually rather lengthly, include the likes of Cayman Island, Hong Kong, Monaco etc) , Portugal may still regard you as a Portuguese tax resident for tax purposes.     How this interacts with the 10 year NHR visa, I'm not sure.
Title: Re: My retirement blog.
Post by: Johnny on May 22, 2019, 12:08:28 pm
Went shopping with the wife today. Geez. Meat prices have gone up by R20 per kilo overnight. Chops are R99.99 per kilo. Not even Best End.  :wtf: Pork chops are R89.99. Lean mince is R79.99. Last time I looked, Beef and Pork fillets were at these prices. Now they are R140.
How can pensioners survive at these prices? Getting worried now.
Hordes of shoppers were just staring at the meat and nobody buying. One woman was telling a packer off at the high prices as if it was his fault.
Walked away with some mince and chicken pieces.

What are the meat prices like in Portugal these days?

I'm on zerocarb in Pretoria, daily eating 700g T-bone (R92/kg), 500g Lamb Rib Chops (R140/kg) and 500g Lamb Shoulder Chops (R140/kg). Could I survive in Portugal with such food price demands?
Title: Re: My retirement blog.
Post by: Orca on May 22, 2019, 05:14:37 pm
The Portuguese are not big on beef and lamb at all. Most are imported from Argentina and Chile so are very expensive. Most meat are boneless and fat free. The few chops I did see are pork chops cut so thin you can see through them. Most people eat pork, chicken, rabbit, turkey and fish and fish and some fish.

I don't live in Portugal any longer.
Title: Re: My retirement blog.
Post by: Mr_Dividend on October 23, 2019, 03:26:34 pm
Time for an update Orca?

How are you finding things over there? We've accepted an offer on our house, unfortunately, dependent on them selling their house. But hopefully, move in a few months. Looking at Derby now, the South is just too expensive for slightly better weather.
Title: Re: My retirement blog.
Post by: Moonraker on October 23, 2019, 04:15:27 pm
I had this a few times but inserted this clause to enable me to continue marketing the house ..

72 hour Clause
   
Pending fulfillment of the suspensive conditions contained in this agreement, the SELLER may continue to market the PROPERTY hereby sold .  Should he prior to fulfillment of the said condition receive a further "bona fide" written offer to purchase the PROPERTY, the following provisions shall apply;
    (a) a copy of the said offer shall be delivered to the PURCHASER, who shall be given an opportunity of 72-hours from such delivery to waive in writing all of the above provisions and present guarantees for the full purchase price acceptable to the Seller or his agent; and
    (b) should the PURCHASER not timeously avail himself to the opportunity as aforesaid, the SELLER may accept the said further offer whereupon this agreement between the SELLER and the PURCHASER shall immediately lapse and be of no further force or effect.  In such event all amounts paid by the PURCHASER (excluding occupational interest) shall be refunded to him together with interest that has accrued thereon.
Title: Re: My retirement blog.
Post by: Mr_Dividend on October 23, 2019, 06:44:38 pm
Yeah, we pretty much have that - can accept cash offers, they have 72 hrs to raise a mortgage. Or bank approved mortgages. TBF we want these guys to get the house as they would be great for our 80+year-old neighbor. Looked at the house they have for sale, great price. TBF, if we were planning to stay in SA, would be tempted to swap...
Title: Re: My retirement blog.
Post by: yozzi on January 24, 2020, 02:30:35 pm
Orca, Happy NY to you and hope all is well what's happening in the UK are you still there and surviving?
Title: Re: My retirement blog.
Post by: Mr_Dividend on June 20, 2020, 06:35:55 am
Thought we would be on our way! But with a couple of offers falling through, then covid - our house sale was put on the back burner. Until this week, week - where we had 2 offers in two days signed one yesterday, and oddly, have some other keen buyers looking over the house today. So with two (possibly 3 buyers), maybe this time one will stick and we can get out of here...

But to where?

Very torn between UK and Portugal - one minute I am pro one, seconds later and the other looks more attractive.
Title: Re: My retirement blog.
Post by: gcr on June 20, 2020, 09:52:10 pm
Mr Div - without being mercenary it may be a good time to buy in either of these countries as a result of covid 19. I was looking to buy in France but with this virus knocking my local portfolio by about 25% it is not possible to sell off now and still make up my losses on a small portfolio balance
Title: Re: My retirement blog.
Post by: Orca on June 23, 2020, 11:39:04 am
Long time no post.

We are still here in Tetbury Gloucestershire but on the verge of relocating to Gloucester.

Much has happened since our arrival that I will post on later.
Portugal is now a distant memory and on hindsite we should have just holidayed there. Cost of living was great but the lack of human interaction due to language was a slow torture.
My pension savings has all but gone after this pandemic. Lost about 60% so far with exchange rates.

My daughter is buying a house in Gloucester and it has 5 bedrooms. They have no children so me and wife will live on the ground floor that has 1 bedroom, lounge  WC and utility room with kitchenette.

I will do garden and house maintenance and my wife will do cleaning and washing.
We will only pay for utilities, wifi and council tax that is about £220.00 pm.

Our son in law is a chef and he insists on doing all the cooking at home and he is a phenomenal cook.😁

Till later.

Title: Re: My retirement blog.
Post by: bw on June 23, 2020, 12:47:35 pm
you back!

Great to hear from you Orca.
Title: Re: My retirement blog.
Post by: Mr_Dividend on June 23, 2020, 02:06:08 pm
Hi Orca - like you, have been hit hard. Will be happy to get what little cash I have left out SA. Will probably have to try find a bit of work, nothing serious, maybe part time. Looking at buying a narrowboat, live onboard and see the countryside for a couple of years.

House is now sold, so need to start packing! Going to kill me selling these shares at such a massive loss. But new country, good time to start rebuilding. Maybe I've learnt a little about putting together a share portfolio and might not make the same mistakes.
Title: Re: My retirement blog.
Post by: Orca on June 23, 2020, 07:39:48 pm
I have also looked at buying a narrowboat but missus not biting. Looks like a cool lifestyle according to the youtube videos I'v been watching.
I am keeping all my money in SA as I think we will see a good recovery on the developing markets. Good luck with your new investments. My portfolio has more than halved but then we have been living off it for about 8 years now so I can't complain.

Houses are so expensive here with the average 2 bed going for £212 000.00. Wales is much cheaper than England though. My daughter was lucky as the property she bought was on sale for £229k and the Carona virus dropped it to £200k.

Title: Re: My retirement blog.
Post by: Mr_Dividend on June 23, 2020, 09:18:40 pm
house prices are so dependent on the region! We did research Derby - in a decent area a small 2 bed can be picked up for £120,000 or so. Looks like a nice town with a few things going for it.

But a couple of years on a narrowboat look like it could be fun and a bit of adventure - £40 - £50k seems to get you a decent one that shouldn't sink in the first mile or so. Winters though might be a bit tough, will probably be in a Marina, at least for the first one.