Home Finance Insurance Guide to pensions and insurance in Portugal
Last update on November 14, 2019

Are you relocating to Portugal? To help give you peace of mind, here’s our guide to pensions and insurance in Portugal.

Knowing which insurance policies you need when moving to Portugal can be a challenge for expats new the country – especially when it comes to the paperwork.

This article offers an introduction to insurance in Portugal for expats, including information about what the law requires. It also provides an overview of what to do with your pension.

Clements Worldwide

Clements Worldwide provides international insurance solutions to expats around the world. Their Auto, Personal Property, Income Protection, Life, and Health policies for the global community come with superior service and over 70 years’ experience. So, with Clements Worldwide you'll have the right protection wherever you are in the world.

Overseas insurance

Understanding overseas insurance is essential for expats, whether it be medical, work-related, life insurance, insuring your house or car, or taking out special insurance relevant to your lifestyle. Some countries require self-employed expats to insure themselves. Expatica’s Pensions and Insurance channel provides an overview of Pensions in Portugal and a guide to selecting insurance. The bottom line is: insure yourself, your home, car and any other valuable property. Make sure you understand the intricacies of the local insurance system, or you might find yourself out of pocket in the event of a crisis.

More guidance can be found in “Private health insurance – which policy?

Pension transfer

If you are a country-hopper, make sure you are aware of your pension rights as an expat, if you are eligible for pension transfer, if your company has a pension plan or if you need to take out a private plan. One Expatica article, ‘How changes to UK pension law can benefit expats’, looks at legislation that allows those with UK-based pensions to move their benefits overseas into a Qualified Recognised Overseas Pension Scheme (QROPS).

Pan-European company pensions

The EU is working to ensure that supplementary pension entitlements are not lost when people move within and across borders. Although the Pan-European Pension, or the IORP Directive, was signed in 2003, many companies are still not using a pan-European scheme. Expatica’s article ‘European portable pensions plans‘ looks at how the EU is trying to facilitate pension transfers.