Post by account_disabled on Mar 13, 2024 5:09:54 GMT -5
In the last three years, thousands of American citizens have moved to live in Portugal , attracted by cheap housing, tax advantages, the public health and education system, security and, above all, a relaxed lifestyle, driven by possibility of teleworking from anywhere in the world. Now, this trend is changing due to several reasons, including the increase in housing prices, greater bureaucratic obstacles and also the foreseeable end of residence visas , known as 'golden visa' for investment in housing.
In the last decade, Portugal has created Phone Lead mechanisms to attract new foreign residents to the country, as was the case with the 'golden visa' in 2012 or the visa for digital nomads in 2022. And the strategy has worked: the number of foreign residents in Portugal has increased around 700,000 in recent years , a record . Between 2018 and 2022, the number of residents from the US has more than tripled to 9,794 , according to Bloomberg data.
But now this trend appears to be reversing. Many expats are considering leaving the country for a variety of reasons: from rising living costs to rising housing prices (both buying and renting), as well as new taxes and the language barrier.
In addition, Portugal is losing attractiveness for foreigners who want to move to the country, since the Government has presented a proposal to end the 'golden visa' in the Mais Habitação program , in order to lower housing prices. Visas for digital nomads continue to operate, granting 930 visas in just six months, with US citizens receiving the most, Bloomberg says.
Experts and consultants point to a decrease in the number of foreigners seeking to live in Portugal. In fact, the 'Get Golden Visa' registered a 37% drop in the number of queries from Americans in the first quarter of 2023 compared to the same period last year, reflecting the drop in interest in living in the neighboring country .
In this scenario, there are US expatriates who are giving up the 'American dream' of buying a house and living in Portugal. Some are already looking towards other destinations, such as Spain and France, to rebuild their lives. Others are packing their bags to return to the United States.
In the last decade, Portugal has created Phone Lead mechanisms to attract new foreign residents to the country, as was the case with the 'golden visa' in 2012 or the visa for digital nomads in 2022. And the strategy has worked: the number of foreign residents in Portugal has increased around 700,000 in recent years , a record . Between 2018 and 2022, the number of residents from the US has more than tripled to 9,794 , according to Bloomberg data.
But now this trend appears to be reversing. Many expats are considering leaving the country for a variety of reasons: from rising living costs to rising housing prices (both buying and renting), as well as new taxes and the language barrier.
In addition, Portugal is losing attractiveness for foreigners who want to move to the country, since the Government has presented a proposal to end the 'golden visa' in the Mais Habitação program , in order to lower housing prices. Visas for digital nomads continue to operate, granting 930 visas in just six months, with US citizens receiving the most, Bloomberg says.
Experts and consultants point to a decrease in the number of foreigners seeking to live in Portugal. In fact, the 'Get Golden Visa' registered a 37% drop in the number of queries from Americans in the first quarter of 2023 compared to the same period last year, reflecting the drop in interest in living in the neighboring country .
In this scenario, there are US expatriates who are giving up the 'American dream' of buying a house and living in Portugal. Some are already looking towards other destinations, such as Spain and France, to rebuild their lives. Others are packing their bags to return to the United States.