Work, invest or retire:how Americans can really move to Portugal in 2026

Why Portugal is the “European sweet spot” for Americans in 2026

Bloomberg’s 2026 explainer highlighted something many US families are already feeling: higher European taxes are no longer a deal-breaker if they come with predictable rules, healthcare and a calmer political climate. Among EU destinations, Portugal stands out because it combines:

• Multiple visa tracks for workers, retirees and investors (D7, D8, D2, Golden Visa);
• Moderate living costs by Western European standards, especially outside central Lisbon;
• Strong US expat networks in Lisbon, Cascais, Porto, the Algarve and Madeira;
• Reasonable flight times to the East Coast, often under seven hours;
• Transparent, OECD-aligned rules around residency and investment.

The catch? The “easy” property-based Golden Visa days are over, and rules on tax and citizenship timing are evolving. That makes choosing the right visa strategy more important than ever.

Work & remote routes: D8, D2 and company transfers

2.1 The D8 “digital nomad” visa – live in Portugal, earn in USD

Across Europe, digital-nomad visas typically ask for proof of monthly earnings in roughly the €2,000–€3,500 range plus health insurance. Portugal’s D8 sits squarely in that bracket and is aimed at:

• US remote employees with foreign employers;
• freelancers and consultants billing clients abroad;
• founders who pay themselves from non-Portuguese entities.

The D8 is attractive if you want to actually live in Portugal, enjoy the lifestyle and still keep your US-linked income stream.

2.2 The D2 entrepreneur route – build something in Portugal

For founders, Portugal offers the D2 entrepreneur visa, which we cover in more detail in our complete 2026 guide for Americans moving to Portugal. Conceptually, it’s similar to the logic behind programs like the Dutch-American Friendship Treaty: bring a viable business plan, capitalize it properly and create value locally.

It’s more work than a passive-income visa, but for Americans in tech, consulting, hospitality or niche services, the D2 can double as both a life move and a strategic business foothold in the EU.

2.3 Intra-company moves & EU “Blue Card” style roles

If your employer already has a Lisbon office, talk to HR about an intra-company transfer. This route can be slower but often comes with visa sponsorship and relocation support baked in.

For highly skilled professionals who land offers from Portuguese or EU firms, EU “Blue Card”-type roles can eventually lead to long-term settlement – with Portugal as your first landing pad and the rest of Europe in your line of sight.

Invest: Portugal Golden Visa vs just using the D7

“A Golden Visa is not a magic passport; it’s a residency framework with capital at risk. The “return” is flexibility, not just performance.”

Across Europe, many golden-visa programs have either tightened or shut down, especially real-estate routes. Spain closed its property route in 2025, Malta’s “passport for cash” model was challenged by EU courts, and even surviving schemes emphasize vetted funds and donations over speculative condos.

Portugal is still in the game, but with a very different shape:

• No more direct real-estate option for new Golden Visa applicants;
• Fund route from €500,000 into qualifying, CMVM-regulated vehicles (often private equity or venture);
• Donation routes into culture/heritage or research starting from around €200,000–€250,000 in select cases;
• Job-creation/business routes for investors who want operating exposure rather than purely financial holdings.

For Americans, the key question is not “Can I still get a Golden Visa?” but “Does a Golden Visa add something that the classic D7 or D8 doesn’t?”

When the Golden Visa is usually worth considering

• You want minimal physical presence – roughly a few days per year in Portugal, not full-time residence;
• You’re comfortable deploying €500,000+ into illiquid funds with genuine risk;
• You primarily want a Plan B for global mobility and family security, not day-to-day life in Lisbon right away;
• You like the idea of a regulated, diversified private-equity exposure to Portugal rather than a single buy-to-let apartment.

In that scenario, partnering with an institutional manager like Explorer Investments can align your Golden Visa strategy with a serious allocation to Portuguese real-economy assets.

Retire: when the D7 beats a Golden Visa (and when it doesn’t)

If your real goal is simply to retire in one country like Portugal, a classic passive-income visa can be much cheaper and faster than a multi-hundred-thousand-euro Golden Visa investment.

D7 retirement visa – the “quiet powerhouse”

Portugal’s D7 visa is designed for retirees and passive-income holders. In 2026, most Americans use it by showing:

• Regular passive income (pensions, Social Security, investments, rentals, etc.);
• A modest but realistic monthly budget for living in Portugal;
• Health insurance and a clean background check.

It leads to residency, access to healthcare and – with time and language – the same potential path towards citizenship as other long-term visas.

When retirees still prefer the Golden Visa

Some HNW Americans choose the Golden Visa even in retirement because:

• They want to keep US or global ties and spend only a few weeks per year in Portugal for now;
• They see the fund allocation as a euro-denominated hedge within their portfolio;
• They’re planning for children and grandchildren more than their own immediate lifestyle.

Taxes, healthcare and lifestyle trade-offs for US citizens

Any move from the US to Portugal needs a sober look at taxes and healthcare:

• US tax: you keep filing a US return as long as you remain a US citizen, but double-taxation treaties usually prevent your paying full tax twice.
• Portuguese tax: if you live most of the year in Portugal, you’ll likely be tax resident there. Work with advisers who understand both systems.
• Healthcare: many US expats find Portuguese public and private care good quality and dramatically cheaper than US medical costs.
• Lifestyle: slower pace, strong family culture, milder climate – but also more bureaucracy and lower local salaries.

For many Americans, the equation is simple: higher or similar total tax burden, but in exchange for predictable rules, schools, healthcare and access to a whole continent.

Which route makes sense for which type of American?

FAQs – quick answers for 2026 planning

Whether you are exploring the Portugal Golden Visa for EU residency or you simply want to allocate capital to private equity funds in Portugal, our Investor Relations team can help. We will walk you through CMVM-regulated fund options, clarify how they work for residency and for pure investment, and coordinate with trusted immigration and tax advisers. Schedule your confidential, no-obligation strategy call today.

André Bandeira

ab@explorerinvestments.com

Maria Campos Silva

mcs@explorerinvestments.com

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