Portugal is unlike many other countries in Europe and in recent years, it’s been steadily attracting more and more expats. In fact, the number of foreigners living in Portugal has now risen to over 700 000. And there are no signs of them stopping any time soon. But why is this? And what attracts all these millennials to Portugal?
A second chance
Many millennials, whether they are from the US, UK, or many parts of Western Europe have grown disappointed over the past few years. The pandemic dashed away the last remaining bits of hope that the economy might revive and many people found themselves not just being unable to save up for a house or a mortgage but struggling to even pay rent. And this is often with jobs that have comfortably paid for a middle-class lifestyle just a few decades ago.
But beyond the economic frustration, there is also the burnout and stress that the pandemic brought. For many, the pressures and challenges of their home countries were simply too much and they felt like they needed a place to start anew.
Portugal is perfect for second chances. Thanks to its relatively low cost of living, better work-life balance, more laid-back culture, high English proficiency, and beautiful weather (some compare it to California) it has become a place where people go to heal. There is also a lot of safety. The Global Peace Index has ranked Portugal as the fourth safest country in the world. Compare it with the US, for example, which came in 122nd place. Whether you’re exhausted, feeling constantly swamped, or just in need of change, Portugal has become one of the best places to go.
A place to realise your dreams
Portugal is full to the brim with opportunities and new ones are springing up every day. Especially in larger cities like Lisbon or Porto, business, as well as creative opportunities, are hard to miss. While some expats come to Portugal to rest, others are investing in local businesses or starting their own. This is, in part, because of the ease with which one can start a business in Portugal as well as the friendliness of local laws towards start-ups.
Creatively, you can draw inspiration from a truly unique culture. The melancholic fado music mixes well with the dazzling tilework and centuries of paintings, sculptures and dance. Its colonial history has also brought connections with many other places in the world, making a unique mixture that will be impossible to miss out on. All this in a culture that is ready for great music, daring art, and great writing. If you’re creative, don’t miss out.
Ease of access
Portugal, unlike some countries in Europe, is welcoming to expats. Its D7 visa is especially popular due to the relative eligibility of most expats (one must show a monthly income of at least the minimum wage of Portugal, currently around €700) and thanks to the fairly few bureaucratic hurdles it takes to receive it.
Another popular way to get into the country is the Golden Visa. This one requires expats to invest in the local economy in some significant way, usually investing somewhere between €200 000 and €1,5 million into real estate, arts, charity, funds, or other options. Portugal used to be seen as a place where people go to retire, but now it’s a second chance and a new business opportunity for hundreds of thousands of expats.
Important update on the Golden Visa program:
Portugal announced in early 2023 that it'll discontinue the Golden Visa program, which grants EU passports to non-EU citizens in exchange for investments, including in real estate.
To learn more about this development, read this blog post:
