Due to recent political changes and uncertainties, there has been a rise in the number of Americans seeking EU citizenship, especially in Portugal. The reasons vary, but it’s largely because of the affordability and flexibility of the program, making it an irresistible offer.
The Rise of U.S. Interest in the Golden Visa Program
Since the U.S. election in November, there has been considerably more interest for Portugal’s golden visa program from U.S. citizens.
This “spike” was mainly driven by the presidential election. U.S. residents, investors, retirees, etc., were starting to consider a “Plan B”.
After the election, the storm cleared. However, when Trump became president in January, another, much higher search trend appeared.
The actual number of new U.S applicants in 2025 is unclear. The AIMA or SEF won’t release this data for a few years. However, between 2022 and 2023, there’s been a clear increase in granted Golden Visas to U.S. citizens.
By putting two and two together, we can only assume that U.S. citizens have much more interest in seeking EU citizenship status via the Portugal golden visa.
What’s Driving U.S. Interest?
1. Political and Economic Uncertainty
Since Trump took office on the 20th of January 2025, the global market has shown some general uncertainty, resulting in an 8% decrease in the S&P in March.
This “uncertainty” is centred around the newly imposed tariffs. It’s created what some people call a “trade war”, causing nations to retaliate against the U.S.
While it’s highly likely that Trump and his administration are following a broader strategy, the current instability is pushing some U.S. citizens to consider a “Plan B”.
2. Flexibility of the Golden Visa
Compared to other EU golden visas, Portugal’s program is remarkably flexible and achievable for U.S. retirees, business owners, or high-net-worth individuals.
For many, the minimal physical presence requirement is the attraction. Golden Visa holders only need to spend seven days per year in Portugal (7 the first year and 14 days every two years thereafter).
This flexibility allows Americans to maintain their commitments in the U.S while securing European residency, making it the optimal choice for many.
3. Investment Opportunities
Back in 2023, Portugal phased out their popular real estate option as a qualifying investment route. This was a shame for many. However, there are plenty of other options to choose between.
Nowadays, many Americans opt for Investment Funds. This involves purchasing units in private equity or venture capital funds. Other options include Cultural Heritage Preservation, Scientific Research, Business Investment, and Company Set-Up.
Due to Portugal offering so many options, it grants Americans the ability to choose a residency-by-investment method they feel comfortable with.
4. Pathway to Citizenship
With the golden visa program, the route to citizenship is extremely straightforward. After just five years, golden visa holders can apply for Portuguese citizenship.
The benefits of citizenship can be exponential. One massive advantage is visa-free travel across the Schengen Area, allowing for full EU mobility.
5. Quality of Life
When comparing Lisbon, Portugal, with Washington, DC, United States, in terms of the Quality of Life Index, Lisbon wins six out of the eight categories.
Because of this, U.S citizens, especially retirees, are applying for Portugal’s golden visa program.
Who Are the U.S Applicants?
The interest in the golden visa is from a range of American demographics. However, there are a few groups that stand out:
- Retirees and Pre-retirees
- Digital Nomads and Remote Professionals
- Families Seeking Safety and Opportunities
- High-Net-Work Investors and Entrepreneurs
Each group has its reasons for being interested.
Retirees and pre-retirees, for example, consider the climate, quality of life, cost of living, etc. That’s why it’s regarded as the best place to retire.
However, other groups, like high-net-worth investors and entrepreneurs, will likely be more interested in the diversification of assets and the available citizenship option.
Why Portugal Over Other EU Countries?
The main reasons individuals choose Portugal over countries like Spain and Greece is because of its affordability, flexibility, and long-term benefits.
Investment requirements in Portugal, for example, start at €250,000 for cultural heritage projects. Greece’s minimum investment is €250,000 for specialised real estate, but rises to €400,000–€800,000 in urban areas. Although Spain abolished their program, it was €500,000 for real estate.
Alongside this, you can apply for residency or citizenship in Portugal after holding a golden visa for five years. Spain, on the other hand, required ten years, and Greece requires seven years.
Plus, the Portuguese golden visa is somewhat stable. Though they eliminated real estate investments in 2023, Spain ended their golden visa program, and Greece massively increased its minimum investment threshold in 2025.
Is Now the Time to Apply?
Yes. There hasn’t been a better time to apply, mainly because of the recent collapse of the Portuguese government.
There’s a lot of uncertainty about what might happen to the program. It could be positively or negatively affected, depending on the elected party.
Applying sooner rather than later may lock you into the current golden visa rules. Portugal is well-known for its grandfather clauses, so current applicants won’t be affected if any major changes occur.
