The 2024 US elections resulted in the victory of Donald Trump, and that situation doesn’t align with the goals of some Americans. The Google Search Trend shows that Americans are searching for Golden Visa options for relocation. The top search trends include Golden Visa, Portugal Citizenship and Portugal Golden Visa. Search terms dual nationality and second citizenship have relatively low search trends, which shows the popularity of Portugal as a Plan B among Americans.
Portugal Citizenship and Golden Visa – What Wealthy Americans Love the Most?
America is a land of opportunity for many, but there are Wealthy Americans with different opinions who seek a Plan B for relocation to Portugal avoid uncertain circumstances. The reasons include political hostility, sky-high taxes and safety concerns. Political, economic and social turbulence are key elements for Wealthy US citizens considering second citizenship.
Top Reasons Affluent Americans Prefer Portugal Residency via Golden Visa
The question arises as to why the Golden Visa of Portugal is the all-time favourite option for affluent Americans for residency leading to permanent citizenship. Here are the top reasons why Golden Visa of Portugal leading to Portugal citizenship is a top choice among Americans.
Low Cost of Living with High Living Standards
10% of the total population of Portugal includes over 1 million foreigner residents. As per statistics, living in Portugal is 36% more affordable than in the USA. The cost of living in the Capital of Portugal, Lisbon, is €800 to €1200, along with accommodation rent, transportation costs, groceries, utilities and outdoor leisure activities. Conversely, the cost of living in New York City is between €2100 to €3500. In addition, dining, groceries, and entertainment in Portugal are also much more affordable, which contributes to a more relaxed lifestyle for Americans. This situation attracts Affluent Americans to enjoy high living standard at low cost.
Shortest Pathway Towards Citizenship
Portugal Golden Visa is the leading investment program for non-EU citizens to get European permanent citizenship. This is really appealing for wealthy Americans looking for flexibility and a safe second home for themselves and family members. After 5 years of investment, you can qualify to become a Portuguese citizen and get a second passport for visa-free travel to 190 countries. Five years is the quickest timeframe in the EU to get citizenship.
Least Stay Requirements
Another astonishing factor for Americans is the minimum stay requirements to remain eligible as a Portuguese resident. You only need to stay for 7 days a year, and if you decide to reside the entire year, it’s all up to your personal choice.
Safest Country in the World Attracts American HNWIs
When it comes to relocation, one of the common factors a wealthy American investor considers is how safe the country is. Measuring the safety index involves factors like crime rates, political and economic stability, good governance, and many other factors. As per the Global Peace Index 2024 report, Portugal is the 7th most peaceful country in the world, whereas the USA is ranked 132nd among 163 countries. That is a huge difference between the two countries and is a deciding factor for many people considering relocation to Portugal.
Low Taxes Mean More Savings for American Millionaires
Portugal is a haven for Americans who consider a low tax regime as the country has the lowest tax rates in Europe. This is really attractive when compared with US tax slabs for various professions and businesses. The United States of America has a high tax system that charges around half of the income people earn. This makes American millionaires and billionaires worry about building their wealth empire. Portugal is a new land of opportunity for wealthy Americans where they can enjoy low tax rates and build their wealth empire.
Return on Investment Opportunity for Americans
Apart from getting Portugal residency, the Portuguese Golden Visa by Investment also earns a return on investment. Depending on the Golden Visa Fund, Americans can earn a 2 to 7% return on their investment.
Tourist Heaven for Americans
With a mild climate, access to beaches year around, the safest country to live in, a low cost of living and travelling and the best golf resorts in the world, Portugal is a tourist haven. As per REUTERS, 18 million visitors travel to Portugal during 2023, which is 19% higher than the previous year. Whether you love surfing, golf playing, football, or the recent hype of Paddle Tennis, Portugal is ideal for outdoor activities.
Portugal Citizenship for Affluent Americans
Another reason for Americans to search for a Golden Visa from Portugal is the quickest option for second citizenship in Europe. By residing in Portugal for 5 years and holding your investment in Golden Visa Fund, Americans can apply for Portugal citizenship by meeting the requirements.
Conclusion
As per the AIMA (Agency for Integration, Migration and Asylum), 2901 Portugal residence permits for Golden Visa Investors were authorized in September 2024. Americans were leading in numbers with a staggering 567 US citizens getting approval for Golden Visa, followed by Chinese with 306, UK with 234, Brazil with 219 and India with 199.