Are you a Canadian investor looking to explore the European market? Then the Portugal Golden Visa for Canadians is an excellent option for you.
This residency-by-investment program is designed to fast-track your European access, benefiting you from Portugal’s thriving commercial and start-up scene. By making a qualifying minimum investment in the country, you gain residency and position yourself in a dynamic market with plenty of growth potential.
In addition to business opportunities, the Portugal Golden Visa offers a chance to enjoy Portugal’s favorable living costs and high quality of life. It’s an attractive option for Canadians seeking a new adventure in a beautiful country known for its warm climate and welcoming atmosphere.
In this article, we’ll cover everything you need to know about the Portugal Golden Visa for Canadians, including:
- The key benefits of the Portugal Golden Visa for Canadians
- Portuguese Golden Visa requirements and application criteria
- An overview of the Portugal Golden Visa application process
- The advantages of living in Portugal and more
Portugal Golden Visa for Canadians: An Overview
The Portugal Golden Visa is a residency-by-investment program introduced by the Portuguese government in 2012 to attract international capital and boost the Portuguese economy.
Since its inception, over 20,000 Golden Visas have been granted to families worldwide, raising more than €4 billion in funds.
Also known as the Residence Permit program, the Portuguese Golden Visa scheme allows non-EU citizens to obtain a residence permit in Portugal by making a significant investment in the country.
While real estate acquisition and certain types of capital transfers no longer qualify for the Portugal Golden Visa program, other options remain available. These include investing in artistic production, setting up companies, and contributing to investment funds.
The Golden Visa investment program also supports family reunification, enabling qualifying investors and family members to live, work, and study in Portugal.
Why is the demand for the Portugal Golden Visa by Canadians so high?
Several factors contribute to the strong demand for the Portugal Golden Visa program.
One of the main attractions of the Golden Visa is that it provides a pathway for foreign nationals to establish residency in a European Union country. Obtaining Portuguese residency through the Golden Visa program allows individuals and their families to live, work, and enjoy visa free access to the 27 countries in the Schengen Area.
Portugal boasts a high quality of life, characterized by its pleasant climate, stunning landscapes, and rich cultural heritage. Many Canadians are drawn to its relaxed lifestyle and lower cost of living compared to some Canadian cities.
Additionally, Portugal’s political stability and safety further enhance its appeal. The country has a long history of stable democratic governance, creating a trustworthy and predictable environment for residents and investors. Low crime rates, a robust healthcare system, and a generally peaceful society contribute to Portugal’s overall quality of life.
The Benefits of the Portugal Golden Visa for Canadians
While we’ve discussed a few of the pros of the Portugal Golden Visa for Canadians, additional benefits make the Golden Visa program attractive for foreign investors looking to settle in Portugal, and these are:
Family reunification
Your Portugal Golden Visa application extends to your family members. This includes your spouse and children under 18. Children over 18 who are full-time students or financially dependent on you are also eligible.
Visa-free travel
As a Portugal Golden Visa holder, you can enter and travel within the Schengen Area’s 27 countries without an additional visa. This facilitates easy exploration of European cities and cultures within the Schengen Zone.
Live, work, and study in Portugal
With a Portugal Golden Visa for Canadians, you and your family can work and study in Portugal. Many educational opportunities exist in Portugal, whether you opt for public, private, or international schools.
EU citizenship
The Portugal Golden Visa program allows holders to apply for citizenship after five years while retaining Canadian citizenship, as Portugal permits dual citizenship. Initially, the program provides a temporary residency permit valid for two years.
Minimum stay requirement
The program requires Golden Visa holders to stay in Portugal for at least 14 days (two weeks) every two years as part of the Golden Visa process. This makes it easy for investors to move in and out of the country and retain their visas.
Affordable of living
According to Numbeo-sourced data, consumer prices in Lisbon are approximately 36% lower than in Ottawa, Canada, excluding rent. Including rent, Lisbon’s rental prices are 21% lower, and groceries are 46% cheaper. As a Canadian citizen, you can enjoy a lower cost of living and a high quality of life in Portugal.
High quality of life
Global Citizen Solutions’ new Global Passport Index ranks the Portuguese passport 12th based on the Quality of Life Index. Portugal’s appeal includes its relaxed lifestyle, Mediterranean cuisine, excellent healthcare, stunning landscapes, and friendly locals.
Appealing investment opportunities
The Golden Visa offers various attractive investment options for profitable returns. While property investment no longer qualifies as a Portugal Golden Visa investment route, other attractive pathways are available. These include investing in venture capital funds, contributing to scientific research in Portugal, and investing in existing Portuguese businesses.
Attractive tax benefits
Golden Visa holders in Portugal can apply for the Non-Habitual Resident (NHR) tax regime if their applications were submitted by December 31, 2023, and they are tax residents with no prior tax contributions before the regime was officially phased out. Those who qualify may benefit from attractive tax exemptions for up to ten years.
As of January 2024, the NHR program is no longer available for new applicants but has been replaced by NHR 2.0, which offers advantages for Golden Visa holders in targeted sectors like education and technology. NHR 2.0 features a competitive 20 percent flat tax rate on income generated in Portugal and potential exemptions on foreign income, with benefits lasting up to ten years. Despite these changes, the Non-Habitual Resident status remains a valuable opportunity for leveraging Portugal’s favorable tax environment.
Take a look at our Portugal Golden Visa Guide by local experts
The required investment must be made before the application can be filed for a Portuguese residence permit.How to Get the Golden Visa as a Canadian
Portugal Golden Visa required documents
- Portuguese Golden Visa application form
- Copy of a valid passport and travel documents
- Deed or contract of the purchased property or signed Promissory Contract with proof of the deposit payment
- Declaration from your bank in Portugal confirming the transfer of funds
- Proof of private health insurance in Portugal (only required if the investor resides in Portugal)
- A certified copy of the clear criminal record or a police clearance letter from your country of origin
- A completed form authorizing AIMA to get an extract of your Portuguese criminal records
- Declaration from you confirming compliance with the investment requirements
- Documents showing good standing with the Portuguese Tax and Customs Authority and Social Security system can be issued 45 days before your online application.
- A receipt showing that you already paid the application processing fee
- Proof of your relationship with any accompanying family members (such as birth certificates for children and a marriage certificate for a spouse)
Note that the certificates of criminal records or police clearance letters must have been issued no more than 90 days before your Portugal Golden Visa application submission. All other certificates are 180 days.
Portugal Golden Visa program application process
Golden Visa applicants must follow the steps outlined below:
- Gather the necessary documents
- Decide on which investment you will move forward with
- Acquiring a Portugal tax identification number (NIF)
- Opening a Portuguese bank account and transferring funds to it.
- Completing your fund investment
- With your qualifying investment made and your paperwork ready, you will submit your pre-application online.
- After analyzing your pre-application, AIMA (formerly SEF) will provide you with dates for the biometrics appointment.
- After your biometrics, your investment visa takes around six months to be approved.
- You are granted your temporary residency permit, valid for two years.
Portugal Golden Visa Processing Time for Canadians
Year 0
The Golden Visa application and supporting documents are submitted online to AIMA. Once you receive your Golden Visa approval, you must attend an in-person interview. You and your dependents can book AIMA appointments simultaneously as the principal applicant. You’ll then need to wait until your residence permit is issued. Once granted, the initial residence permit is valid for two years.
Year 2
The residence permit must be renewed after two years. The second permit is valid for two more years.
Year 4
The residence permit expires at the end of year four and can be renewed for another two years.
Year 5
If you meet the requirements, you can apply for Portuguese citizenship or Portuguese permanent residence at the end of year five. If you gain Portuguese citizenship, you will be issued a Portuguese passport.
Cost of Portugal Golden Visa for Canadians
For planning purposes, it’s important to note that the Portuguese Golden Visa cost is more than just your investment funds as it doesn’t include the application and permit issuance processing fees, which are €773.74 and €7,730.10, respectively.
However, there are additional costs associated with the Portugal Golden Visa Process. It includes lawyer fees, secondary family members, and processing fees. Therefore, opening a Portuguese bank account is better to avoid high transaction fees.
Application | Permit Issuance | Per Renewal *Expect to renew twice in a five-year period | Total Over 5 Years | |
Single Applicant | €605.10 | €6,045.20 | €3,023.20 | €12,696.70 |
Couple | €1,210.20 | €12,090.40 | €6,046.40 | €24,393.40 |
Family of Four | €2,420.40 | €24,180.80 | €12,092.80 | €50,786.80 |
Can Canadians quality for Portuguese citizenship through the Golden Visa program?
Yes, the Portugal Golden Visa allows Canadian citizens to apply for permanent residency and/or Portuguese citizenship.
Canadians interested in the Portugal Golden Visa don’t have to relinquish their Canadian citizenship since both countries allow dual citizenship. This implies you don’t have to give up your Canadian citizenship to become a Portuguese citizen. However, you will only be eligible for Portuguese citizenship after five years if you get a Portugal Golden Visa. The program will initially provide you with a temporary residency permit that will be valid for two years.
Once your temporary and permanent residency requirements are met, you must take a Portuguese language test (level A2) to become a Portuguese citizen.
Best Cities in Portugal for Canadians
Portugal boasts diverse and picturesque cities that appeal to Canadians. Here are some of the top Portuguese cities popular among Canadian expats:
Lisbon
Lisbon, the Portuguese capital, is known for its vibrant culture, historic architecture, and beautiful views of the Tagus River. The city offers traditional and modern living, with popular neighborhoods like Chiado, Baixa, and Bairro Alto attracting expats.
Lisbon’s Portuguese cuisine ranges from traditional seafood taverns to trendy cafes and Michelin-starred restaurants. With a thriving arts scene and mild Mediterranean climate, residents can enjoy waterfront walks, cultural attractions like historic landmarks, including Belém Tower, and stunning views from the city’s miradouros.
Porto
Located in northern Portugal, Porto is known for its rich history, port wine cellars, and picturesque riverfront. The city features a relaxed pace of life compared to Lisbon, with a vibrant culinary scene offering traditional Portuguese eateries and international cuisine for residents.
Ribeira’s colorful buildings and cobblestone streets create a charming ambiance, attracting expats. In contrast, Foz do Douro offers an upscale atmosphere with elegant waterfront properties and stunning coastal views, ideal for those seeking a tranquil seaside lifestyle in Portugal.
Cascais
Cascais, a charming coastal town near Lisbon, is popular with expatriates and Canadian citizens looking for a seaside getaway. Known for its beautiful beaches and relaxed vibe, it offers residents a peaceful lifestyle.
The coastline features golden sands and clear waters, perfect for sunbathing and fun activities. Residents can enjoy water sports or take walks along the promenade. Cascais also has great dining options and golf courses, making it a nice balance of calm living and easy access to Lisbon’s lively cultural scene.
Algarve
In Portugal’s sunny Algarve, many Canadians and expatriates are drawn to the stunning coastline and golf resorts for a relaxed lifestyle.
The area has beautiful beaches with golden sands and clear waters, perfect for swimming and relaxing. Residents love the coastal vibe and breathtaking sunsets.
With great golf courses and a warm climate, the Algarve also offers delicious seafood cuisine and a lively cultural scene, making it a wonderful place to enjoy life.
Coimbra
Coimbra, a historic city in Portugal, is home to one of the country’s oldest universities, creating a lively atmosphere for residents. Its rich cultural heritage and active student community make it a great place for those looking for a vibrant urban lifestyle.
The university adds to the city’s energy and promotes intellectual growth. Coimbra mixes historic sites with modern amenities, offering plenty of shopping, nightlife, and cultural attractions.
With its central location, residents can easily explore the beautiful countryside and nearby villages. Whether attending cultural events or enjoying outdoor activities, life in Coimbra offers a high quality of life enriched by its unique offerings in Portugal.
Braga
Braga, in northern Portugal, is known for its rich cultural heritage and beautiful historic architecture, making it an appealing choice for Canadians moving to Portugal. Surrounded by rolling hills, it provides residents with a peaceful break from city life.
The city’s many churches and festivals help create a strong sense of community among residents. With its historic sites and charming streets, Braga offers plenty to explore. Life here is slower, allowing residents to enjoy local cafes, cultural events, and lovely surroundings, all contributing to a high quality of life.
Ultimately, the best city in Portugal for Canadians or any expat depends on their personal preferences, lifestyle, and priorities.
Securing Your Golden Visa: How We Can Help
Global Citizen Solutions is a boutique residency and citizenship by investment consultancy focused on finding the perfect investment, citizenship, or residency program for individuals worldwide. We work solely on behalf of our clients throughout the process for an easy and hassle-free journey to your desired route.
The Portugal Golden Visa program for Canadians is an excellent option for securing EU residency. Get in touch today to see how we can understand your objectives and help you move towards becoming a global citizen.
Frequently Asked Questions about the Golden Visa for Canadians
What are Portugal Golden Visa requirements for Canada?
The Portugal Golden Visa program is a residency-by-investment scheme open to any non-EU, non-EEA, and non-Swiss citizen. To apply for the Portugal Golden Visa, you must be over 18 and show proof of a clean criminal record. You must also make a qualifying investment in Portugal.
What are the benefits of Portugal residence for Canadian citizens?
The Golden Visa program offers many benefits for Canadian citizens, including access to the 27 countries in the EU, visa-free travel to 172 countries, and a short stay requirement. After five years as a Golden Visa holder, you can also apply for Portuguese citizenship, provided you fulfill all the criteria.
How long does it take to get a Portugal Golden Visa for Canadian citizens?
The Portugal Golden Visa program processing time is usually at least 18 months for approval and issuance of your residence card. Once your Golden Visa is issued, your residence card is valid for two years.
Can I live in Portugal with a Canadian passport?
As a Canadian planning to stay in Portugal for over 90 days and establish permanent residency, you will need a residence permit. If you prefer not to make a significant investment under the Portugal Golden Visa program, consider applying for the D7 Visa.
Does Canada allow dual citizenship with Portugal?
Canada allows dual citizenship. This implies you don’t have to give up your Canadian citizenship to become a Portuguese citizen. However, you will only be eligible for Portuguese citizenship after five years if you get a Portugal Golden Visa.
The program will initially provide you with a temporary residency permit that will be valid for two years
Who can apply for the Golden Visa in Portugal?
To apply for the Portugal Golden Visa, you must be over 18 and a non-EU/EEA citizen. It would help if you also made a qualifying investment in Portugal using funds from abroad. After getting the visa, you must hold the investment for a minimum of 5 years after the issue of a residence permit to apply for permanent residency and ultimately, Portuguese citizenship.
How long can a Canadian stay in Portugal?
Canadian citizens can stay in Portugal for up to 90 days within a 180-day period without needing a visa for tourism or business purposes. For longer stays or other purposes like work or study, Canadians may need to apply for the appropriate visa or permit before traveling to Portugal.
Can a Canadian move to Portugal?
Yes, Canadians can move to Portugal through schemes such as the Portugal Golden Visa Program, which offers a pathway to residency and eventual citizenship by making qualifying investments in the country.
What legal support do Canadians need to apply for the Portugal Golden Visa?
While Canadians don’t necessarily need legal representation to apply for the Portugal Golden Visa, it’s strongly advised. An immigration lawyer or immigration law firm with expertise in Portuguese immigration law can ensure your investment meets program requirements, navigate complex legalities in the application process, and increase your chance of a successful application.
What are the tax implications for Canadians with a Portugal Golden Visa?
Canadians with a Portugal Golden Visa may face tax implications depending on their residency status. Without the NHR program, foreign nationals will pay taxes on worldwide income if they become Portuguese tax residents.
Portugal’s tax rates can be lower than Canada’s, but you should consult a tax professional familiar with Canada-Portugal tax treaties to understand if you’ll pay taxes on your pension or capital gains.
Are there any specific requirements for Canadian investors in the Portuguese Golden Visa program?
Canadian investors in the Portugal Golden Visa program face the same requirements as other non-EU/EEA/Swiss applicants. These include a minimum investment of €250,000, a clean criminal record, proof of sufficient funds, and maintaining residency by spending at least 14 days in Portugal every two years.
Can a Canadian citizen get permanent residence in Portugal through the Golden Visa program?
Yes, Canadian citizens can obtain Portuguese permanent residency through the Golden Visa program. The Golden Visa grants a temporary residence permit, convertible to a permanent resident permit after five years.
Requirements include maintaining your investment, spending at least seven days per year in Portugal, and having no criminal record. Consulting immigration professionals for detailed guidance on the residency application process is recommended.
Can a Canadian national apply for a Portuguese Golden Visa with a real estate investment?
No, you can no longer qualify for the Portugal Golden Visa or gain legal residency through real estate investment or capital transfer, as these options were discontinued in October 2023. The main current route is investing in a qualifying fund, such as a venture capital or private equity fund.
This pathway offers legal residency and allows for a hands-off investment managed by a fund manager, potentially providing good returns.
