Research reveals that Portugal is quickly becoming the favourite location for Americans moving overseas to Europe, outranking the previously preferred destinations of Spain and France for the first time.
With its beautiful and varied landscape, fantastic food and welcoming locals, Portugal has always been a popular location for expats, both working and retired. However, in recent years, this popularity has surged dramatically, particularly with Americans looking to find a new home in Europe.
Research by mydolcecasa.com assessing data surrounding ‘moving to’ google searches revealed that while France and Spain were the go-to destinations for American expats over the past decade or so, Portugal has surpassed both in terms of interest from the US population. It is not only these previously favoured locations that have been overshadowed by the ‘rising star’ of Portugal, but also other popular destinations such as Germany, Switzerland and Italy.
The research into search trends concerning the phrase ‘real estate in’ suggests that a considerable proportion of these Americans looking to emigrate to Portugal are also considering committing to the purchase of property there too, in turn implying that they are intending to stay in the country long term, or even permanently. This is probably due in part to the fact that property is significantly cheaper in Portugal than the US, with the median price of a Portuguese house in 2022 working out at $138 per square foot, well below the $202 US equivalent cost.
If you are thinking about purchasing property abroad, you can read our blog on Things to Consider when Buying a Property Abroad.
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This communication is for informational purposes only, based on our understanding of current legislation and practices which is subject to change and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice form a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
If you live in Spain, or are thinking of moving to Spain for your retirement, it is essential that you seek expat financial advice in order to give you the best possible chance of successfully protecting and growing your wealth.
When you move abroad to a popular expat destination, whether that’s to France, Italy, Spain, or