This conversation discusses why Americans have become the top applicants for Portugal’s Golden Visa, linking the trend to long-term “hedging” with an EU option and the end of Portugal’s NHR regime, which has led some to face double taxation.  Veronica - the original 'American in Portugal' - and Carl note the residency tax threshold of spending more than half the year in Portugal, and that U.S. citizens are taxed by the U.S. regardless, with possible tax credits if operating a business in Portugal.  They mention delays and lack of streamlining in immigration processes, contrasting passport mobility (e.g., German/Irish) with difficulties faced by South Africans, and reflect on extended citizenship qualification timelines, motivations tied to family and safety, and real estate cycles, including Americans leaving after NHR ends and Chinese investment behaviour treating property as assets, sometimes creating “ghost” communities. 00:00 Americans Lead Golden Visa 01:13 Tax Residency and NHR Fallout 01:43 Long Term Hedge for Families 02:34 A Decade in Portugal Cycles 03:07 Real Estate Wins and NHR Expiry 04:24 Chinese Investor Asset Play 05:05 Ghost Communities and Housing Risks 05:50 Wrap Up and Where to Follow