More Americans are seeking information about moving abroad after Trump’s victory. An article from CNN International highlights the best destinations, describing their pros and cons. See what they say about Portugal and how it compares to destinations like Spain, France, Italy, the Netherlands, Germany, Mexico, Costa Rica, Panama, and Singapore.
Regardless of whether moving abroad is politically motivated or not, the rise of remote work, new visa programs, and tax incentives attracting digital nomads, investors, retirees, and families have recently provided additional options for those considering an international move. For those who have the option, choosing the country for their new home is an important decision that requires thorough research and planning. Moving abroad involves a deep dive into tax implications, work visas, healthcare, and quality of life comparisons.
A useful resource is the annual Expat Insider survey from InterNations, a community of over 5.4 million expats. The survey, which has been conducted for more than a decade, reflects the opinions of over 12,500 expats representing 175 nationalities in 174 countries or territories. It reveals their level of satisfaction with various aspects of expat life, based on factors such as quality of life, ease of settling in, working abroad, personal finances, housing, and language. Additionally, retirees can benefit from resources like "Live and Invest Overseas," whose annual index ranks the top 10 overseas retirement destinations. In the 2024 index, Valencia, Spain, tops the list, followed by Braga, Portugal, and Mazatlán, Mexico.
The popularity of Portugal among expats has exploded since the country introduced the Golden Visa program in 2012. It became the most successful of its kind, inspiring other countries to launch their own plans to attract foreign investment. However, in the spring of 2023, Portugal introduced significant changes to the program, effectively ending the real estate investment option. "Portugal is a bit more difficult to immigrate to if you want the flexibility of a Golden Visa," says Ingrim to CNN Travel. "It’s not as attractive from a tax jurisdiction perspective. And frankly, we’ve seen many people lose interest in Portugal and start planning for other jurisdictions in Europe."
Advantage:Portugal is hard to beat for its affordability, quality of life, year-round mild climate, and high-quality healthcare system. The cost of living is generally more affordable than in most European countries (though this has been changing recently, especially in popular cities like Lisbon and Porto). According to Numbeo, the world's largest quality-of-life database, the cost of living in Portugal is 35.5% lower than in the United States. Moreover, Portugal is the seventh safest country in the world.
Disadvantage: As with Mexico and other countries with large expat communities, there is growing backlash against the influx of foreigners, especially Americans, particularly in Lisbon. Critics argue that the resulting increase in rents and real estate prices has forced long-term residents to leave the city and altered the fabric of certain neighborhoods.
The Golden Visa program is still in place, although the country has eliminated the real estate investment option. As Ingrim notes, Americans still interested in obtaining residency through this route "need to be very aware of how this affects their financial planning, how it impacts their U.S. tax obligations, and whether it remains the best option for them in the future."