Portugal just killed the most popular ‘golden visa’ in Europe. Here’s where wealthy Americans are flocking instead

For wealthy Americans looking for an expat lifestyle, Portugal—with its pristine beaches, low cost-of-living, and easy access to the U.S.—has long been the top destination. The southern European country has also been enticing because of rules that made it relatively easy to buy residency and and gain citizenship: For 500,000 euros, Americans could nab a so-called golden visa, and with it one of the most desirable status symbols for the world's ultra rich. Lately, though, Portugal's golden visa has lost some luster.

In 2024, a growing backlash from locals prompted the Portuguese government to narrow its visa program. That backlash came as the influx of wealthy foreigners contributed to a housing crisis,