Portugal’s American Moment

There is a renewed energy in the air when it comes to Portugal, an energy that blends opportunity, lifestyle, and strategic foresight. That sense of momentum was tangible at the recent AmCham Portugal event “Living & Investing in Portugal: The New Frontier for North Americans,” held at the Hyatt Regency Lisbon. The discussion, moderated by João Bugalho, CEO of Arrow Global and President of the Real Estate Commission at AmCham Portugal, captured not only the scale of American interest in the country but also its significance for the future of Portugal’s economy.

The numbers alone are striking. The United States has become Portugal’s third-largest source of tourism, behind only the UK and Germany, with a 7% growth rate in the first half of 2025. Even more telling is that the number of Americans officially residing in Portugal has grown by more than 300% since 2018, surpassing 11,000 residents by the end of 2024. These are not isolated figures; they signal a structural transformation in Portugal’s international profile.

Miguel Marques dos Santos, Partner and Head of Real Estate & Urban Planning at VdA Vieira de Almeida, opened the conference with a 360º view on the real estate sector — investment, regulation, and sustainability. He pointed to the predictability of Portugal’s legal and urban frameworks and its commitment to sustainability as key assets for international investors. These are precisely the qualities that global capital now seeks: safety, transparency, and long-term vision.

From my own experience in the real estate industry and participating in fairs and forums across continents, the themes discussed in Lisbon echoed what I have seen from Dubai to Miami, from London to São Paulo. Investors today are not just chasing yield; they are pursuing stability, quality of life, and ESG-aligned growth. In that sense, Portugal’s rise is not accidental; it is the result of deliberate alignment between policy, investment, and innovation.

The panel discussion that followed provided a panoramic view of the ecosystem driving this momentum.
Ágatha Bulha, Managing Partner at José Bulha International Law Firm, addressed the legal dimension of attracting and retaining American investors. She emphasized the increasing efficiency and transparency in Portugal’s residency and real estate systems, while reminding that success depends on robust legal guidance — particularly for those unfamiliar with European regulations. “Americans come to Portugal not only to invest, but to build lives,” she noted.

Bernardo Masteling Pereira, Partner in Tax at Forvis Mazars, tackled the fiscal side. While the phasing out of the Non-Habitual Resident (NHR) regime may seem like a change, Pereira highlighted that Portugal’s tax framework remains competitive when paired with the country’s stability and double taxation agreements. The real advantage now lies in clear, predictable taxation as a critical factor for serious investors.

Manuel Noronha Andrade, CEO of ECS Capital, brought an institutional perspective, describing how U.S. capital is now entering more structured vehicles such as hospitality, logistics, and sustainable real estate funds. “This is not speculative capital, it’s a strategic, long-term investment,” he emphasized.

Adding the residential lens, Patricia Barão, Partner at DILS Residential, observed that American demand is influencing urban development trends, driving quality, sustainability, and community-oriented projects. Lisbon, Cascais, and Comporta remain top choices, but secondary markets like the Algarve and Porto are increasingly attracting remote professionals and digital entrepreneurs.

What stood out throughout the event was not only the data, but the tone: pragmatic optimism. Portugal is being recognized globally as a safe haven, politically stable, economically resilient, and socially welcoming. Technology and innovation hubs, particularly in Lisbon and Porto, have reinforced this image, positioning Portugal as an entry point to Europe for overseas investors, especially from North America.

From my global perspective, this evolution mirrors patterns I have seen in other rising markets. Yet, Portugal distinguishes itself in one key aspect: it offers a rare combination of security, quality of life, and investment sophistication. While many destinations promote themselves as attractive, few deliver this blend of lifestyle and business environment underpinned by European Union standards and Atlantic accessibility.

As João Bugalho concluded at the event, this growing transatlantic connection is more than economics; it is cultural. “We’re not just welcoming investors,” he said. “We’re integrating new residents who contribute to Portugal’s social and economic dynamism.”

Indeed, Portugal’s “American moment” may well define the next chapter in its global story not as a niche destination, but as a bridge between continents, where opportunity meets quality of life and where international investors find not just a market, but a home.