Move to Portugal in 2024: Is it Still a GOOD IDEA?
Portugal 2024: Should you (still Consider to) Move There?
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In recent years, Portugal has emerged as a shining star among expat destinations, drawing individuals from all over the world. What made this European gem particularly enticing was its D7 visa program, known for its relatively low financial requirements for non-EU citizens, making it easier for them to call Portugal home.
So how is the situation in Portugal in 2024? I will now list what aspects that have changed in Portugal, and the ones that haven’t changed so it can hopefully help you to determine whether the country is still a good option for your needs.
00:00 Intro
01:05 Cost of living in Portugal
A mere decade ago, Portugal was celebrated for being an incredibly affordable country, outshining its European counterparts in terms of cost of living. Back then, it stood as an economic haven, considerably cheaper than the likes of Italy, France, and even Spain.
So if you are moving to Portugal to save money, you should really reconsider your choices, unless you are not going to pay for rent or buy a property. Let’s say if you can live at a friend's place or in your car most of the time, you can still save money by living in Portugal.
03:20 The end of the NHR program
Portugal's Non-Habitual Residence (NHR) program has long been a magnet for individuals seeking tax advantages in Europe. This initiative, introduced a few years ago, granted substantial tax breaks to retirees and digital nomads, making Portugal a standout choice for those wanting to optimize their financial situation. However, the landscape has evolved since then.
04:30 The sort-of end of the Golden Visa program
The Golden Visa program in Portugal once stood as one of the most coveted in Europe, acclaimed for its accessibility. But now things have changed.
06:23 How to Get Portuguese Citizenship
Amidst the changes in various aspects of Portugal's immigration and residency programs, one aspect that has remained consistent is the pathway to Portuguese citizenship. You can still apply for Portuguese citizenship after residing in the country for just six years. This relatively short timeframe, compared to many other nations, continues to make Portugal an attractive option for those seeking to become full-fledged Portuguese citizens. Additionally, Portugal embraces the concept of dual citizenship, allowing individuals to hold Portuguese citizenship alongside their original nationality, provided their country of origin permits dual citizenship as well. This policy is a testament to Portugal's openness and flexibility in welcoming individuals from around the world into its diverse and culturally rich community.
07:23 For whom is Portugal still a good idea?
Retirees
Portugal continues to shine as an enticing choice for retirees, catering to both European Union residents and those from outside the EU, especially those who can leverage the D7 visa program.
Digital nomads
In 2024, Portugal may not be the ideal destination for digital nomads due to several factors.
People looking for a second citizenship and EU passport
Portugal continues to shine as an attractive option in 2024 for individuals seeking a second citizenship and the coveted European Union passport.
Alternatives to Portugal in 2024
In 2024, digital nomads and those seeking alternative options to Portugal may find compelling choices elsewhere.
