Portugal is already well-known as a retirement haven for Americans, with a variety of favorable attributes helping it land the No. 1 spot on International Living’s 2023 rankings as the best place in the world to retire.
Now Life Plan Resorts is looking to build on that popularity by announcing its ground-breaking project to create what it’s calling “the world’s most comprehensive retirement resort for healthy aging.”
The development will be a Life Plan Community, offering an integrated retirement plan and a sanctuary with accommodation, hospitality, fitness, wellness, and ongoing healthcare plus over 100 activities on a 36-hole golf estate.
Located just a 35-minute drive from capital city Lisbon in a rural protected cork forest in Benavente, adjacent to the Tagus Estuary Natural Reserve, one of the largest wetlands in Europe, the announcement said the LPR resort will be developed in phases to ensure a harmonious integration with the natural surroundings.
LPR’s decision to establish what it calls an “exceptional retirement resort” is bolstered by compelling demographics, with more than 500,000 foreigners from around the world living in the country already. With an increasing number of individuals seeking retirement solutions that prioritize healthy aging, security, and peace of mind, Life Plan Resorts said it recognizes the tremendous opportunity to cater to this demand.
Portugal offers a perfect environment for the LPR resort, given its favorable tax incentives and the country’s unique positioning as an ideal destination for retirees. “Adding to this the low cost of living, temperate climate and safety and security record, Portugal could become the Florida of Europe for retirees,” the announcement claims.
LPR’s model encourages active, fulfilling lifestyles for its residents. Through a carefully designed Healthy Aging Program, residents will have access to four essential components: physical health and fitness, mental and cognitive well-being, social engagement, and spiritual enrichment.
Life Plan Resorts is also committed to sustainability and responsible living. The resort will be green-certified, featuring eco-friendly initiatives such as solar power and organic gardens.
The 1,400-unit resort will offer an impressive array of services and amenities, ensuring a vibrant and enriching lifestyle for residents. From luxurious accommodation options to state-of-the-art healthcare facilities, residents can expect a range of top-notch offerings designed to cater to their unique needs and desires.
One of the highlights of the resort will be the transformation of the existing 36-hole golf estate, with nine holes being converted into an executive course tailored to senior players.
Life Plan Resorts has also developed an innovative funding model to support the realization of the project. LPR is offering three key components:
• The purchase of a Life Right (which provides security of tenure for life)
• Club Membership with a Healthy Aging Program (provides access to all amenities, activities, and the cultural and learning center)
• Bundled Monthly Services (all HOA type expenses, security, utilities, internet, and TV). This structure provides greater financial certainty with access to quality healthcare should it be needed.
The announcement also noted that LPR has identified a second property and believes there is potential to grow to 5,000 units. The project cost will exceed €1 billion ($1.12 billion) and create 1,400 permanent jobs.
The project is spearheaded by Dr. Jack Shevel, a South African primary care physician turned entrepreneur who has worked in healthcare on three continents with two successful publicly traded listings.
International Living claims a couple can live comfortably on about $2,500 to $3,000 per month in Portugal, depending on lifestyle and whether they own or rent. To settle in Lisbon, Porto or the Algarve expect to pay a bit more while inland areas cost less.
SEE ALSO:
• 11 Best Places to Retire in the World in 2023: International Living
• Disney Retirement Community Taking Shape in California
• More 2023 ‘Best & Worst’ States for Retirement: New Ranking has Surprising #1
• 10 Best and Worst States to Retire 2023: WalletHub
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.