The Portuguese Golden Visa programme has become increasingly popular among Americans seeking European residency and dual citizenship. This residency-by-investment programme allows U.S. citizens the opportunity to invest a minimum required amount into specific areas of the country’s economy to receive Portuguese Residency and, with that, to live, work and study in Portugal. Another advantage of the Golden Visa is the possibility to travel visa-free throughout the Schengen Area, and after 5 years of holding the investment, apply for Portuguese citizenship. In this article, we discuss how the Portugal Golden Visa serves as a pathway for Americans to achieve dual citizenship and explore the numerous benefits that come with it.
Portugal Golden Visa for U.S. Citizens as a Way to Obtain Dual Citizenship
Portugal's Golden Visa programme was created in 2012 to boost the country's economy. Since then, it has attracted many Americans, offering a pathway not only to European residency but also to potential dual citizenship. Due to the excellent conditions the programme offers, such as eligibility through real estate purchase, the Golden Visa has brought over €7 billion in investments to Portugal over the years.
Since the beginning of the Golden Visa in Portugal, the U.S. has consistently ranked among the top 5 nations in the number of applications. According to data released by the former Portuguese Immigrant Agency, SEF, between October 2012 and September 2023, the Chinese led as the top nationality applying for the Portuguese Golden Visa, with 5,407 applications, followed by Brazilians with 1,256 applications. The U.S. is the third nation in terms of residency granted through the Golden Visa programme, with 781 applications.
In October 2023, the former Portuguese government discontinued the Real Estate option, creating uncertainty about the programme's future. From 2024, the Golden Visa Investment Funds option has emerged as one of the best investments for those seeking Portuguese residency and citizenship.
For U.S. citizens, the opportunity to reside in Portugal, travel freely within the Schengen Area, and eventually secure dual citizenship presents an attractive proposition.
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Golden Visa Programme in Portugal - Best Options Available to U.S. Citizens
Portugal's Golden Visa programme offers several investment options for U.S. citizens. These options allow American investors to choose the investment that best suits their financial and personal goals while pursuing dual citizenship in Portugal.
- €500,000 - Investment Funds or Venture Capital Funds
- Creation of 10 jobs
- €500,000 – Donation to Scientific Research
- €250,000 - Supporting the Arts & Culture
- €500,000 - Company Creation with 5 permanent job posts
- Real Estate Investment - Discontinued in October 2023
Benefits of the Golden Visa for U.S. Citizens
For American investors, the Portugal Golden Visa offers a range of exclusive benefits to their needs. It provides visa-free travel across 29 countries in Europe’s Schengen Area, along with the right to live, work, and study in Portugal. After 5 years of legal residency, Americans can apply for Portuguese citizenship while retaining their U.S. citizenship. The programme's minimal physical presence requirements, just seven days in the first year and 14 days in each of the following two years allow for a flexible lifestyle, making it easier to maintain ties with the U.S.
Portugal’s exceptional educational institutions, combined with its high quality of life, including exotic local cuisine, fine wines, and a mild climate, offer a welcoming environment. Additionally, residents benefit from top-tier international healthcare facilities, ensuring comprehensive medical care while enjoying Portugal’s rich cultural heritage and safety.
Dual Citizenship
One of the most significant advantages of the Golden Visa is the potential to obtain dual citizenship. This characteristic makes the programme an excellent choice for those seeking a second nationality and puts Portugal at the top of the list as one of the best countries for dual citizenship. After 5 years of maintaining your investment in Portugal and meeting residency requirements, U.S. citizens can apply for Portuguese citizenship without renouncing their American nationality. This dual citizenship allows for greater global mobility and access to the rights and privileges of both nations. It is important to mention that the Portuguese Passport is one of the strongest in the world, often ranking 3rd, while the American passport ranks 6th. Holders of a Portuguese passport will have access to live, study, and work in any of the European Union countries, such as Germany, France, and Italy.
Residency in the EU
The Golden Visa grants U.S. citizens the right to reside in Portugal and travel freely within the 29 countries of the Schengen Area. This ease of movement is a major draw for those looking to explore Europe without the hassle of visas and border controls.
Family Reunification
The Golden Visa extends its application to immediate family members, allowing U.S. citizens to bring their spouses, dependent children, and dependent parents to Portugal. This enables families to stay together while enjoying the benefits of European residency.
Healthcare
Portugal boasts a high-quality healthcare system, ranked among the best in the world. U.S. citizens residing in Portugal through the Golden Visa programme have access to universal healthcare services, both public and private, at a fraction of the cost compared to the United States. While universal healthcare in Portugal is accessible for all residents, private healthcare is also very affordable, with insurance for a 35-year-old man costing around 25 euros per month.
Education
Portugal offers excellent educational opportunities, including international schools that provide top-notch education in English. This is particularly advantageous for U.S. families moving to Portugal, ensuring their children receive qualified education in a familiar language. Although most public and private school curricula are taught exclusively in Portuguese, international schools offer a multicultural environment and an opportunity for children to learn Portuguese as a second language while maintaining their connection to their native language.
Portugal also excels in higher education. Among the 75 business schools ranked as the best in the world, 44 are in Europe. Remarkably, all four Portuguese schools are in the top 50, outperforming prestigious institutions in Germany, Canada, and the United Kingdom. This distinction underscores the excellence of Portugal's higher education system, with significantly lower tuition fees, making it a compelling choice for those seeking high-quality education at an affordable cost.
Cost of Living
Portugal is known for its affordable cost of living, especially compared to major U.S. cities. From housing to dining, U.S. citizens can enjoy a high quality of life without the hefty price tag, making it an attractive destination for retirees and young professionals alike. Portugal Homes has prepared a comprehensive guide on this topic, where expats can identify the main costs while planning to move to Portugal.
Double Taxation Agreements
Portugal has a double taxation agreement with the United States, ensuring that U.S. citizens do not pay taxes on the same income in both countries. This agreement helps to avoid the financial burden of double taxation and simplifies the tax filing process.
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Portugal Homes Coming to the USA with Golden Visa Programme
Portugal Homes, the leading real estate agency specialised in the Golden Visa programme, is coming to the U.S. in September 2024. With a dedicated team of experts, Portugal Homes will assist U.S. citizens on how to navigate the complexities of the Golden Visa application process, from selecting the right investment to managing all legal affairs. Our team will ensure support for a smooth transition for Americans looking to make Portugal their new home.
For more information on the Portugal Golden Visa and how it can facilitate dual citizenship for U.S. citizens, visit Portugal Homes. Embark on your journey towards a brighter future in Portugal with the Golden Visa programme and enjoy the multitude of benefits awaiting you and your family.
