If you ask your employer to work from Lisbon as opposed to SF, you'll likely get a 3x-5x reduction in total compensation. I doubt Cloudflare (or any other) CEO's compensation will get the same readjustment for cost of living if he moves from the SF office to the Lisbon office.
For some people that seems like negotiating an agreement with your employer about changing your hairstyle, or buying a new tv.
Then find an employer who thinks the same way. If you agree to work for a company that says "your place of employment is X" then you'd better be OK with that. Anything is just rationalization.