If you were thinking about moving to Portugal, it just got a whole lot more expensive

• Portugal is ending a hefty tax break for foreigners in 2024 that incentivized many to move there. 
• As newcomers arrived in the country during the pandemic, it drove up the cost of living for locals.
• The announcement already has some Americans reconsidering a move to the once-affordable nation.

Portugal has long ranked high on the list for Americans looking to move abroad because of its affordability.

With its golden visa, favorable tax incentives for foreigners, and low housing costs, it became a major destination for global movers during the pandemic. But come 2024, it will be significantly more expensive to live there if you're coming from another country.