A European passport is the new American luxury
We’ve always heard the United States of America being referred to as the land of the free, but curiously, Americans are now taking that freedom to a whole new level. Between social uprising, compromised healthcare, the unprecedented 2020 elections and the slew of issues associated with the coronavirus pandemic, Americans are looking for a solution that allows them more freedom to travel, other career opportunities, a plan B, reconnecting with their origins or a beautiful country to enjoy their retirement. Americans are looking for a European passport and all the benefits it entails.
Freedom of movement
Travel is one of the greatest luxuries of the 21st century and a top of mind trend – we’re always planning or dreaming up our next getaway and the European lifestyle is at the top of many travelers’ lists. With the very tough restrictions triggered by the COVID-19 pandemic, Americans are seeking a second passport because they are seeking freedom of movement – now more than ever. With a European passport, Americans will not only see their options regarding travel destinations multiply, but will also have the freedom to visit, study, work, invest, retire or live in a large number of countries across Europe. Goodbye long customs lines, hello quality of life!
Plan B: a second passport
With so many uncertainties in the world and so many benefits and advantages when it comes to living in Europe, especially when compared to the USA, for some Americans having a second passport is simply the perfect plan B. It’s a plan filled with a very coveted lifestyle, a low and attractive cost of living, exciting new work, education or investment opportunities, should the need or desire arise. For example, moving to Portugal from the USA is a dream and a goal for many American citizens. Among the many attractive Portuguese hotspots is the beautiful coastal city of Cascais, which is considered Europe’s very own California. In addition, Portugal boasts a superb line-up of international schools: the Carlucci American International School of Lisbon, the International Christian School of Cascais, Oeiras International School, St. Dominic’s International School, Prime School Lisbon, Prime School Estoril, Prime School Sintra, United Lisbon International School, Sintra International Christian Academy, Prime School O Século, Vale Verde International School, TASIS Portugal and the International School of Madeira, among others.
Possessing an American passport no longer has all the prestige of yesteryears. For example, it is not sufficient for someone who is looking to invest in real estate overseas. However, some European countries have programs that welcome foreigners and their investments in exchange for permanent residency and the attribution of a second passport, among many other appealing benefits. As some Americans living in Portugal can attest, the country’s Golden Visa is a great example of an investment-for-citizenship program that presents various options ranging from transfer of capital and the creation of new jobs, to investment properties and investment in real estate.
In the last couple of years, American law has changed in what concerns taxes and this is one more huge reason why there has been a significant increase in Americans pursuing a second passport, especially a European one. Many European countries offer foreigners an array of tax benefits which include exemptions and lower taxation rates when compared to the USA. For example, according to Portugal’s Non-Habitual Resident (NHR) regime, most foreign income is exempt from taxation for ten consecutive years.
A passport to tradition and origins
Besides the opportunity to travel the world or invest in foreign markets, for some Americans acquiring a second passport also has a sentimental value, where the importance of family origins and traditions, or a certain way of life make themselves heard. Sometimes it’s about reconnecting with the past, with the country or city where parents or grandparents come from, it’s about introducing other customs and lifestyles to the next generation, it’s about preserving the past and all the wonderful memories it cherishes. It’s pretty amazing what a second passport is capable of when it comes to matters of the heart.