This serene western coast of Europe offers ocean breezes, clear mountain views, warm winter days, palm-tree-lined seafronts with stunning sunsets and could be your answer in finding a wonderful affordable resemblance of American Eastern and Western coasts.
In this past quarter of 2022, the U.S.A has become the number one nationality choosing to invest in Portugal. As shared by the Portuguese Service of Foreign Immigration, Americans investing in Portugal has more than tripled compared to 2021, estimating an expenditure of a total of 25.1M euros in 2022 to date.
Rising living and housing costs, violent wildfires and floods, a declining sense of security, a crippling healthcare system and an increasingly polarised political ideology, are some of the reasons why Americans have seemed to move their lives across the Atlantic, particularly to Portugal.
The interest in moving to Portugal is deeply rooted in finding a similar lifestyle to that of which buyers have in their home country. The similarities are many between Portugal’s lengthy coast and both of the U.S.A’s infamous shorelines.
In the north of Portugal the climate is typically colder and overcast, similar to that of San Francisco and San José, where buyers usually choose to invest around the Porto area. A short 30 minute drive away, the Douro Valley area perfectly resembles the Napa Valley region.
As you travel south towards the capital, Lisbon, the weather gets warmer and the sun peaks out for more days of the year. The surfing days are perfect in Ericeira and Nazare, with some of the world’s biggest waves and a large community of digital nomads. Entering Lisbon through the famous “25 de Abril” bridge, is a great resemblance to the Golden Gate bridge in California, where it is said the same shade of red was used.
Surrounding areas to the capital have become very popular for buyers looking for the Golden Visa, due to changes made to the scheme in 2021. Cascais, Oeiras, Troia and Comporta are beautiful areas and can be greatly compared to Santa Barbara and Palm Springs. With stunning marinas, mountainous areas and endless fields of unspoiled pasture.
The southern coast of Portugal, the Algarve, is a dream for all beach and luxury lifestyle loving buyers. With great similarity to Laguna Beach. Jaw-dropping cliffs and coves with never ending sea views, award winning golf courses, long and serene beaches and a reputable flora and fauna.
Your Real Estate Purchase in Portugal: How The USD to EUR Currency Exchange Could Be Of Benefit
For the first time in two decades a parity has maintained between both currencies, making euro purchases extremely beneficial to Americans in all aspects.
With comparatively more affordable housing, lower cost of living and similar lifestyles offered all over Europe, the second quarter of 2022 has seen a surge of dollar investment in the Western side of the continent.
Choosing Between The Golden Visa And The D7 Passive Income Visa
Introduced in 2012, The Golden Visa scheme has, according to a national government analysis, granted an estimate of $6 Billion worth of real estate investment in Portugal.
Following a detrimental Great Recession in 2009, Portugal’s economy seriously suffered and this Visa scheme was proposed to facilitate immigration laws when inviting international investment into the country. Since put in place, a great investment was noted from Chinese investors, however since January 2022, the application for these residence permits has been surpassed by Americans. Find more on The Golden Visa.
The D7 Passive Income Visa was initiated in 2007, granting ease of travel in the Schengen Area alongside a temporary residence in Portugal, with proof of a regular passive income above €8,460 per year and having to spend a minimum of 16 months in the country in the first two years. Learn more about the D7 Visa.
Portugal also became, in 2019, a haven for cryptocurrency enthusiasts in Europe, when the tax authorities announced that any selling or buying of the digital currency would be tax free, with direct exemption to VAT or personal income tax. Over the years Portugal has become a great refuge for digital nomads and experts alike, hosting the Web Summit for over 7 years and creating a bustling community of startups.
Keep All Of America’s Good Traits When Moving To Portugal Permanently
With so many similarities to be found between the coastal areas of Portugal and America an international move could seem like the perfect idea. As a luxury real estate agency based in the Algarve area, our 35+ years of experience in the industry has granted us the opportunity to help clients from all over the world find their home away from home in this beautiful corner of Europe. We would love to help you find yours and invite you to get in contact with our expert sales team.