Working Abroad: Why Many British Businesspeople Choose to Relocate to Lisbon
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Leaving the familiar is always a challenge and when that change involves your livelihood there is even more at stake, but according to the New Financial think tank report, 7,400 U.K. jobs have relocated to Europe since Brexit and entrepreneurs are increasingly choosing European destinations in which to launch their start-ups. In recent years Lisbon has become a European property hotspot and the regeneration of this fine city, which has resulted from massive foreign investment, has attracted tech nomads and start-ups from around the globe as well a host of tech giants. Here are just some of the reasons why British business-people are choosing to relocate to Lisbon.
A pool of skilled labour
In Lisbon, an impressive 53% of people between the ages of 20 and 30 are STEM graduates. The attractions of life in Lisbon have also acted as a magnet to tech talent from around the world, particularly Brazil. The payoff for the employer is that these skilled workers can hired for half the cost of other European capitals.
Affordable accommodation
The average cost of prime U.K. office space is in the region of 1500 euros per square metre per year, In Lisbon that figure is 300 euros and as a result of the pandemic, rental prices have fallen by a further 20%. Although Lisbon is the most expensive area of Portugal, it still offers some of the cheapest inner city living accommodation in Europe.
A desirable place in which to live and work
There are a whole range of factors which make Lisbon one of the most attractive cities in Europe in which to live. High on the list must be Lisbon’s outstanding climate, over 300 days of sunshine a year and short, mild winters. The capital, at the mouth of the Tagus and built on seven hills is one of great charm and beauty, combining centuries worth of grand architecture, shopping to rival that of Paris, a thriving arts scene and world class wining and dining. Portugal is also one of the safest countries in the world, has excellent health and education services and enjoys one of the lowest costs of living in Europe, around 34% lower than the U.K.
Supportive and welcoming to start-ups
Lisbon has a wide range of start-up hubs and is continuing to develop new ones such as the Belato Creative hub which is being built on the banks of the Tagus and is already attracting big name clients such as Mercedes. There are also well established, English speaking, business networks to help you settle in. The Portuguese government has worked hard to ensure that setting up or relocating a business is as easy as possible: freelancers can use the ‘fiscal portal’ to issue invoices directly, whilst small firms can use ‘invoice express’. Foreign workers can benefit from the ‘non-habitual tax resident’ status, which for ten years, allows foreign workers to be taxed at a flat rate of 20% without any tax on income earned abroad.
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