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According to the latest research, a growing number of U.S.-based CEOs, entrepreneurs and high-net-worth individuals (HNWIs) are quietly building a plan B in Europe.
There has been a huge upsurge in enquiries about relocating and gaining European citizenship in the past two years, as well as a recorded increase in emigration. Many commentators see this shift as a strategic response to rising geopolitical uncertainty and political polarization at home.
Multiple factors driving demand
While violent crime and civil unrest in the U.S. are cited as key reasons for the increasing interest in emigration, fiscal strain also plays a role. Many investors are showing increasing caution around U.S.-based investments due to perceived economic insecurity and doubts about the long-term stability of the U.S. dollar.
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Some voices have even questioned its future position as the foundation of the petrodollar system and a widely perceived current overvaluation of the U.S. stock market is also contributing to a growing lack of confidence in the U.S. economy.
In light of this instability, Europe is increasingly viewed as a viable alternative for many Americans. They see it as more politically stable and a safer place to raise a family.
Healthcare is perceived to be cheaper and more readily available, and, in a post-Covid world characterized by remote working, living there is no barrier to running a business.
While some may see the flexibility provided by dual/multiple residency and citizenship simply as the latest luxury, the lower cost of living and promise of a more relaxed lifestyle make retiring in Europe a particularly attractive proposition for many.
Providing a pathway to citizenship
While most, but not all, EU countries will allow U.S. citizens to apply for and attain dual citizenship after a period of legal residency, the options for attaining residency through investment (known as a Golden Visa) are limited. Portugal, Cyprus, Latvia, Hungary, Greece, Malta and Italy are examples that will allow foreign nationals to get legal residency in exchange for substantial investment in the local economy.
Portugal, however, has a key USP when it comes to pursuing citizenship. It’s the only one that provides a pathway to citizenship without insisting on relocation to achieve residency (although it’s still an option for those who want it). This is especially attractive to North Americans who would prefer to continue working and paying tax within their own country while pursuing residency elsewhere.
It’s important to note, however, that Portugal has just confirmed an extension of the timeline for citizenship from the previous five to, now, ten years. Although this had some impact on demand, it still makes it an attractive proposition for business leaders and HNWIs seeking to establish a workable Plan B.
Complex rules require expert advice
The evolving nature of residency/citizenship rules, like those playing out in Portugal, are just one of the reasons why it’s sensible to seek informed, professional advice before you relocate.
Portugal, for example, doesn’t have a legal framework for regulating fiduciary financial professionals, unlike the U.S. You’ll be in a far stronger position if you work with licensed finance professionals with a strong track record of dealing with the complexities of the Golden Visa system.
Advice around the tax implications, both at home and within the chosen destination, can be complex and difficult to overcome without expert advice. The same applies to any financial restructuring of pensions and investments.
You may also need help with property sourcing and purchasing, not to mention investment thresholds and minimum stay requirements that apply in different jurisdictions. HNWI relocations may also require reputational and compliance checks.
Basic Golden Visa requirements for Portugal
Establishing dual citizenship, or residency by investment, needs to be seen as a long-term journey. For example, as a minimum, applicants for Portugal’s Golden Visa will need to:
- Maintain legal residence in Portugal, which is not the same as tax residence, for a determined number of years. For a Golden Visa, legal residence requires maintaining the investment and spending an average of seven days per year in Portugal
- Have a clean criminal record
- Satisfy an A2 Portuguese language standard — equivalent to being an advanced beginner — either through completing a test called the Certificado Inicial de Portuguêse Lingua Estrangia (CIPLE), or a certified language course of 150 hours or more
Demonstrate ties to Portugal — a subjective requirement that basically asks applicants to show an interest in, or connection to, Portuguese culture.
During 2025, the U.S. likely experienced near zero net migration for the first time in decades, with more people leaving than arriving. While this trend is set to continue throughout 2026, interest is rising at a faster rate than actual relocation owing to the time, expertise and financial investment required.
For the majority, expert support from a residency and citizenship specialist will be the main driver in transforming ‘Plan B’ from a pipedream into reality.
