Growing number of US investors are moving to Europe
US citizens, including high-net-worth individuals, have been increasingly interested in European residency and citizenship. The most popular destinations for moving are Italy, Greece, Portugal, Spain and France. But demand is also growing in other countries, according to a Bloomberg report.
Today we are analyzing the reasons behind American emigration to Europe.
Growing number of US investors are moving to Europe
The US passport is one of the most powerful in the world. It gives the right to visit 186 countries without visas, including the Schengen states and the UK. However, more and more Americans are getting residence permits in the European Union. Some even renounce US citizenship altogether.
The noticeable outflow began in 2020 when 6,707 Americans gave up citizenship and moved abroad. This was a 237% increase year‑over‑year and also an all‑time high.
A total of 3,815 Americans officially expatriated in 2022, according to the US government’s Federal Register. This makes 2022 the sixth-largest year ever for renunciations of US citizenship statuses.
Investment migration experts also noted an increase in high‑net‑worth Americans moving to Europe and showing demand in residence permits and citizenship programs.
How many high‑net‑worth Americans renounce their citizenship?
In 2022 alone 2,872 high-net-worth individuals had already revoked their US citizenship by the end of the third quarter. For comparison, the total for 2021 was 2,426, according to the US Internal Revenue Service.
The first quarter of 2023 already saw the outflow of 383 covered expatriates. These are citizens and long‑term residents of the US whose net worth exceeds $2,000,000 or whose average annual tax bill has exceeded $178,000 over the last five years. Most of these expats renounced their US citizenship.
Why do US citizens move to other countries?
Americans value the opportunity to reduce living costs without compromising the quality of life. Those who renounce US citizenship are seeking to reduce their tax payments.
When moving to Europe from the US, expats often invest in real estate to obtain a residence permit or citizenship. In 2023, US cross-border capital investment into the European real estate market is expected to increase. This is backed by 37% of the industry experts in Statista research.
The Immigration Services of various countries confirm the demand for investment programs. For instance, the number of US participants in the Portugal residence permit program more than doubled: in the first half of 2022, 124 American investors became residents of the country.This was more than in all of 2021.
Portugal had issued 216 residence permits to American investors by the end of 2022. There are currently around 10,000 Americans living in Portugal, according to the government data.
Italy is another popular destination among affluent American expatriates. US investors submitted the most applications for the Italy Investor Visa program in 2021, receiving residence permits. Apart from that, around 54,000 expats from the US live in Italy, according to the United Nations' International Migrant Stock.
Greece is in demand among property buyers from the US. Their investments had increased by 40% in the second quarter of 2022, according to real estate agency Sotheby’s International Realty. Most of the investors bought properties to join the Greece Golden Visa Program and get residence permits.
5 main reasons for moving to Europe from the US
1. Rising property prices in the US. While currently on a path to stabilizing, US home prices rose by 18.7% in the first quarter of 2022 compared to the same period in 2021, according to the US Federal Housing Finance Agency. The EU’s cost of residential real estate grew by only 10.5% over the same period.
Real estate prices: US vs EU countries popular among expats
2. Growing inflation in the US. Inflation in the US reached its highest since 1980, increasing by 9.1% at the beginning of 2022. In the European Union, inflation, while still high, remained lower than in the US.
3. Depreciation of the euro. In July 2022, the euro fell below the dollar for the first time in 20 years. This prompted Americans to buy European real estate at a favourable rate.
4. Harsh tax laws in the US. American citizens must pay US taxes, regardless of where they live or work. Therefore, some high-net-worth Americans living in Europe give up their first citizenship in favour of countries with a more comfortable tax system. This way they cut their tax bills.
5. Problems with the social landscape. The US Supreme Court has recently issued several rulings undermining human rights protections. A glaring example is the 2022 undoing of constitutional protections for abortion.
Benefits of relocating to the EU from the US
Healthcare. Apart from universal healthcare systems, many European countries offer excellent private medical services that typically cost lower than in the US.
Education. Of the world’s top 50 universities, 15 are located in the EU, according to the Global Top 100 ranking. European higher education institutes typically have tuition-free opportunities for citizens. In other instances, education is less expensive than in the US.
Global outreach, culture, and history. European countries are rich with unique heritage and are easy to explore since EU residents can freely cross the borders. Holders of the EU passport can also travel visa-free to 63 countries and territories of the world.
Sustainability. Many EU countries are leaders in sustainable practices and policies, including renewable energy, recycling, and green living. For example, in Spain, investment in sustainability is on the rise, and related initiatives are projected to generate up to $12 billion by 2030. In Portugal, 57% of electricity comes from renewable sources.
Work-life balance. Europeans typically have more vacation time and shorter work weeks than Americans. Local culture values leisure time and family.
How to live in Europe as an American: obtaining residency
Many US expats obtain residency or citizenship by investment to live in the EU. This is the fastest way. The most popular investment option under these programs is real estate.
Portugal issues residence permits to the financially independent under the D7 visa. Applicants must confirm a passive income of at least €760 per month and buy or rent a property in Portugal.
Greece issues residence permits to those investing at least €250,000 in real estate. This is the lowest real estate investment threshold among the EU residence permit programs. Investors are allowed to rent their property out. In five years, they can get permanent residence and sell the property. In another two years, they become eligible for EU citizenship.
Cyprus gives permanent residence to investors who buy real estate for at least €300,000. Program participants can purchase one or two new residential properties or commercial properties on primary or secondary markets. After five years of living in Cyprus, investors can obtain citizenship.
Malta permanent residence can be obtained by purchasing residential property for at least €220,000. Another option is to rent one for at least €10,000 a year and for at least five years. Investors also pay a one-time administrative fee, make a state contribution and a charitable donation, and confirm a capital of at least €500,000.
Italy Investor Visa does not have a real estate option but is nevertheless popular among US expats. The minimum threshold is €250,000, and the applicants choose between investing in an innovative startup, business, philanthropic organization, or government bonds. Investors can apply for citizenship after ten years of permanent residence in Italy.
American investors also choose Caribbean citizenship for a favorable tax residency. Most Caribbean countries with investment programs do not levy dividends, interest and royalties taxes. Antigua and Barbuda and St Kitts and Nevis also have no income tax.
Vladlena Baranova,
Head of Legal & AML Compliance Department, CAMS, IMCM
High-net-worth Americans are interested not only in European but also in Caribbean passports. For investments in real estate in the Caribbean, they receive citizenship and related tax benefits.
Retirees stand out: they even renounce US citizenship to move to the Caribbean. For them, Caribbean citizenship is an opportunity to take a well-deserved rest and live in a tropical country by the sea.
All conditions for Caribbean citizenship programs are similar. There are several investment options to choose from: a non-refundable contribution to the state fund, the purchase of real estate or bonds, and opening a business on the islands. Processing times are 4—6 months.
The minimum investment threshold in the Caribbean citizenship programs is $100,000 in Antigua and Barbuda, Dominica and St Lucia. In St Kitts and Nevis and Grenada the minimum investment is $150,000.
Immigrant Invest is a licensed agent for government programs in the EU and the Caribbean. If you want to obtain a residence permit or citizenship for the purchase of real estate, please contact investment program experts for advice.
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