American Retirees Flock to Europe Amid Rising U.S. Costs

Polls from Monmouth University and Gallup reveal that 17 % of Americans aged 55 and older now consider leaving the United States—more than four times the 1974 level. The trend accelerated after 2017, driven by concerns over affordability and stability. Current estimates show over 20,000 U.S. citizens residing in Portugal, 14,676 in Italy, and 11,135 in Greece, many of whom already receive Social Security benefits.

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A single-person monthly cost of living (excluding rent) is ? $592 in Portugal versus ? $1,166 in the United States. Portuguese rents are 40-50 % lower than the U.S. average, while Italy’s overall cost of living is ? 27 % below the American benchmark. Health-care expenses are modest: Italian public health care costs only a few thousand dollars per year for retirees. These savings are amplified by double-taxation treaties that many European states have signed with the United States.

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Golden-visa schemes in Portugal, Greece, and Italy allow residency without full-time physical presence. Investment-fund returns in Portugal have historically ranged from 4 % to 12 %, while Greek real-estate and Italian qualifying-company investments typically yield 3 %-4 %. Demand for Italy’s golden-visa rose 27 % in Q1 2026, spurred by entry thresholds as low as €250,000 and a growing interest in company-investment routes. Greece reported a 14 % increase in golden-visa applications, also centered on €250,000 conversion investments in Athens.

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The United States maintains double-taxation treaties with Portugal, Italy, Greece, and France, preventing U.S.-sourced income from being taxed twice. In France, a three-month residency period unlocks access to the national health system. Italy offers a 7 % flat annual tax on foreign-retiree income for those settling in smaller towns, adding a fiscal incentive for relocation.

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Recent reforms to Portugal’s nationality act now require ten years of residency—up from five—before citizenship eligibility, and the country removed real-estate from its golden-visa roster, prompting some retirees to look elsewhere. Zaid Aldayriyeh, founder of Citizenship Bay, describes French bureaucracy as “legendary and sometimes feels insurmountable,” though he notes that cultural attractions often outweigh administrative hurdles. Moreover, U.S. citizens remain subject to federal taxation regardless of residence, complicating cross-border financial planning.

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The figure of 14,676 American retirees in Italy appears duplicated across source excerpts, raising uncertainty about precise counts. All source material carries a modest reliability rating (40.58), and no official U.S. migration statistics are cited, leaving gaps in the full scope of the trend.

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• “Polling from Monmouth University and Gallup shows that the percentage of people aged 55 and older who want to leave the country is now 17%, more than four times the level in 1974.” — Monmouth University poll

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• “a structured approach to retirement planning, geographic diversification and long-term lifestyle security across multiple jurisdictions.” — Zaid Aldayriyeh, founder, Citizenship Bay

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• “The bureaucracy is legendary and sometimes feels insurmountable, but the culture, the life, the people and the language make it worthwhile.” — Zaid Aldayriyeh, founder, Citizenship Bay

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• “Demand for Italy’s Golden Visa jumped 27% in Q1 2026 year-on-year, driven by lower entry points starting at €250,000 and increased interest in the company investment route.” — Bloomberg report

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• “Greece , which welcomes 11,135 American retirees and is also seeing strong momentum, with a 14% increase in demand, particularly through €250,000 conversion investments in Athens.” — Forbes analysis

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As U.S. living costs rise and geopolitical uncertainty persists, Europe’s blend of affordability, tax advantages, and diverse residency pathways positions it as an increasingly attractive retirement destination. Continued monitoring of policy changes—especially around citizenship eligibility and visa requirements—will be essential for prospective retirees evaluating long-term security across the Atlantic.

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