Portugal Golden Visa Guide for US Citizens 2025
João Villa-Lobos
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Why US Citizens Are Choosing Portugal
In recent years, Portugal has become the number one destination for US citizens seeking residency in Europe, and the Portugal Golden Visa plays a central role in this movement.
In fact, US investors now represent nearly 20% of all Portugal Golden Visa applications, surpassing Chinese applicants for the first time since the program began in 2012.
What’s Driving the US Citizens Demand?
According to a 2024 survey by Expatsi, in which over 116,000 U.S. citizens participated, Portugal was the most frequently chosen country for relocation.
Some of the main reasons are:
- Many Americans cited a divided political landscape and the desire for more freedom, stability, and personal security as key motivators to seek life abroad
- Roughly 41% of respondents said they hoped to save money by relocating — especially when planning for retirement. Portugal offers a lower cost of living than most US cities, along with high-quality public healthcare
- Portugal is consistently ranked among the safest countries in the world, with low violent crime rates and strict gun regulations. In contrast, many Americans seek to escape the daily fear of gun violence
- Widespread English proficiency, especially in major cities and among young professionals
- Established expat communities in Lisbon, Cascais, the Algarve, and Porto
- Favorable time zone for remote work (5 hours ahead of EST)
- Access to international schools, familiar brands, and a Western lifestyle
- Similar cultural values: freedom, privacy, entrepreneurship, family
As a good path to European Union citizenship, the Portugal Golden Visa offers:
- Global mobility: Visa-free access to the Schengen Zone
- Family security: Spouses, children, and even dependent parents can be included
- EU citizenship in just 5 years: One of the shortest timelines in Europe
- Minimal stay requirement: Only 14 days every 2 years
- Dual citizenship permitted: Keep your U.S. passport while gaining an EU one
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Key Requirements for US Citizens to Apply
- Age: You must be 18 years of age or older
- Nationality: You must not be an EU/EEA/Swiss citizen
- Criminal Record: You must have a clean criminal record in both Portugal and in the US (FBI record)
- Investment: You need to make a qualifying investment under one of the approved categories
Family Eligibility for U.S. Applicants
The Portugal Golden Visa is family friendly. Eligible dependents include:
- Spouse/partner (including same-sex and de facto unions of over 2 years)
- Children under 18
- Dependent adult children (students under 26)
- Dependent parents of either spouse
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The Legal Foundation: 5 Years to Citizenship
For U.S. citizens, the biggest advantage is that your five-year citizenship clock starts at application submission, not approval. That means:
- Even if government processing is delayed, you’re already moving toward citizenship
- After 5 years, you can apply for either permanent residency or Portuguese (EU) citizenship
Current Timeline
| Step | Timing | What It Means |
|---|---|---|
| Application Submission | Month 0 | Five-year citizenship clock starts immediately |
| Biometrics Appointment | 12–24 months | In-person step for first residency card |
| First Residency Card | After biometrics | Valid for 2 years |
| Renewal: Second Residency | Year 2 | New card valid for 3 years |
| Citizenship/PR Application | Year 5 | Apply for EU citizenship or permanent residency |
Important: The government agency AIMA has pledged to reduce backlogs in 2025, but applicants should plan for extended waits, especially for biometrics.
Investment Options for US Citizens
Since 2023, real estate is no longer eligible for the Golden Visa. The most common route is now investment funds. Other than funds, applicants can opt for:
- Donations for cultural heritage or scientific research
- Opening or buying a company and creating jobs
Eligible Funds
- Investment Funds registered with CMVM (Portuguese Securities Market Commission)
- Minimum investment: €500,000
- Minimum tenor: 5 years
- Funds must allocate capital within Portugal (companies, projects, innovation)
Why Funds Are Attractive for U.S. Citizens
- Fully regulated and supervised by CMVM
- Diversified — exposure to Portuguese businesses, energy, technology, and more
- Less hassle than managing property
- Can be structured for U.S. tax compliance
U.S. Tax & Compliance Considerations
U.S. citizens face unique rules when investing abroad. Key points:
- FATCA & FBAR Reporting: Any foreign accounts or investments must be reported annually
- PFIC (Passive Foreign Investment Company) Rules: Most Portuguese funds are classified as PFICs. You will need to file Form 8621 with your U.S. tax return each year. Many reputable Portuguese funds provide a PFIC Annual Information Statement to make this easier
- Using Retirement Accounts (IRAs, 401(k)s): It is possible to invest through self-directed IRAs. This requires a careful cross-border legal and tax assessment working with a U.S. custodian familiar with the Portugal Golden Visa
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Cost of Living in Portugal vs US
According to Numbeo, the overall cost of living in Portugal, including rent, is around 32% lower than in the United States.
When comparing major cities
- Lisbon is 39% cheaper than Washington, D.C.
- Lisbon is more than 52% cheaper than New York City
More affordable in Portugal
- Education: Preschool and international primary schools are on average 46–62% less expensive
- Mobile services: Phone plans cost around 64% less
- Wine: 61% cheaper
- Rice and staples: Up to 64% cheaper
More expensive in Portugal
- Gasoline: Roughly 120% more expensive
- Cars: Up to 50% higher for the same model
- Mass-market clothing (e.g. jeans): Around 81% more expensive
Next Steps for U.S. Citizens
- Schedule a consultation with a The Blue Portugal advisor
- Choose an eligible CMVM-regulated fund that aligns with your goals
- Open a Portuguese bank account & obtain NIF (tax ID)
- Transfer funds & complete investment
- Submit Golden Visa application — your 5-year clock begins
- Attend biometrics appointment when scheduled
- Maintain residency requirement (14 days every 2 years)
- Apply for citizenship or PR at year 5
Why Work With The Blue Portugal
- Exclusively focused on Portugal (no distractions with other countries)
- Specialists in funds — Strong financial sector background by the founding partners
- Proven track record with U.S. clients: long experience in handling all the small details that make a huge difference in terms of attaining a smooth process
- End-to-end service: From NIF to citizenship, we manage the process so you can focus on your future