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Why are American expats moving to Portugal?
Over the past few years, an increasing number of American expats have been moving to Portugal. This trend has been driven by a number of factors, including the country's low cost of living, high quality of life, and favorable tax regime. In this article, we will take a closer look at why American expats are choosing to move to Portugal, and what they can expect when they get there.
Why Move to Portugal?
There are many reasons why American expats are choosing to move to Portugal. One of the primary reasons is the country's low cost of living. Portugal is one of the most affordable countries in Europe, with prices for food, housing, and transportation that are significantly lower than in many other European countries.
Another factor driving the trend of American expats moving to Portugal is the country's high quality of life. Portugal is known for its excellent healthcare, education, and infrastructure, as well as its warm climate and beautiful scenery. The country also has a rich cultural heritage, with a wealth of historic sites, museums, and art galleries.
In addition, Portugal has a favorable tax regime for non-habitual residents. Under this regime, foreign residents who become tax residents in Portugal can benefit from a low tax rate of 20% on their income, including income generated outside of Portugal. This has made the country an attractive destination for American retirees and entrepreneurs looking to minimize their tax burden.
What to Expect When Moving to Portugal
If you are an American expat considering a move to Portugal, there are a few things you should be aware of. First and foremost, you will need to obtain a visa or residency permit to live and work in the country. Depending on your circumstances, you may be eligible for a Golden Visa, which is a residency-by-investment scheme that allows non-EU citizens to obtain a Portuguese residence permit by investing in the country.
Once you have obtained your visa or residency permit, you will need to find a place to live. Housing in Portugal is generally affordable, but it can be difficult to find a rental property in popular areas, such as Lisbon and Porto. If you are planning to buy a property, it is important to work with a reputable real estate agent who can help you navigate the buying process.
You should also be prepared for some cultural differences when moving to Portugal. Portuguese culture is known for its relaxed and friendly atmosphere, but it can take some time to adjust to the pace of life and the local customs. Learning some basic Portuguese can also be helpful, especially if you plan to live outside of the major cities.
Moving to Portugal can be an exciting adventure for American expats looking for a new way of life. With its low cost of living, high quality of life, and favorable tax regime, Portugal is an increasingly popular destination for retirees, entrepreneurs, and families. If you are considering a move to Portugal, be sure to do your research and work with experienced professionals to make the transition as smooth as possible.