The number of U.S. residents in Portugal climbed by 45% last year to 6,921 and has almost tripled in the past decade. Many are drawn by a low cost of living, healthcare, a sunny climate, tax incentives and because Portugal’s resident visa requires less income than many other countries in Europe.
Americans, including many retirees, millennials and remote workers, are still one of the smallest expat groups in the country of 10 million, being outnumbered by émigrés from Brazil, the U.K., Cape Verde, India and Italy last year, according to a spokesperson for the SEF, the Portuguese Immigration and Borders Service. Many cite safety as another reason to move to Portugal, ranked as the fourth-safest country in the world last year by the Institute for Economics and Peace, an Australian think tank.
“Americans have been pouring into Portugal for the past three years or so,” says Louise Hudson, co-author of “A Worldwide Guide to Retirement Destinations.” After writing the book, Ms. Hudson and co-author Simon Hudson, her husband, formerly based in South Carolina, decided to retire in Portugal themselves. In 2014, they bought a four-bedroom villa with a pool and sea view in Praia da Luz on the Algarve coast for about $230,000. Ms. Hudson estimates their home’s value has more than doubled.
Read more: Wall Street Journal