Designed to attract international investors to the Portuguese economy, the Portugal Golden Visa program has become increasingly popular. The program offers residency in exchange for investment and provides a pathway to European citizenship through naturalization after five years.
The Portugal Golden Visa for Canadians is an excellent option for citizens looking to explore Portugal’s warm climate, affordable cost of living, and visa-free access to the European Union.
This article covers everything you need to know about Portugal’s Golden Visa program for Canadian applicants. Read on to learn about:
- The key benefits of the Portugal Golden Visa for Canadian citizens
- The Portuguese Golden Visa requirements and eligibility criteria
- An overview of the Portugal Golden Visa process
- The benefits 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 the program’s creation, over 20,000 Golden Visas have been granted to families worldwide, and over €4 billion in funds have been raised.
Also called 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 routes are available. These include investing in artistic production, company set-ups, and investment funds.
The Golden Visa investment program also caters to family reunification, allowing 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 high demand for the Portugal Golden Visa program.
One of the primary attractions of the Golden Visa is that it offers 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 offers a high quality of life with 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.
Portugal’s high quality of life is supported by its political stability and safety. Its long history of stable democratic governance creates a trustworthy and predictable environment for residents and investors. Low crime rates, a robust healthcare system, and a generally peaceful society enhance its appeal.
While there are several pros and cons of living in Portugal, this blend of stability and safety makes Portugal an attractive option for those seeking a secure and tranquil living environment.
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 whether you opt for public, private, or international schools in Portugal.
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.
Low cost of living
According to Numbeo data from August 2022, consumer prices in Lisbon are about 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 people.
Appealing investment opportunities
The Golden Visa offers various attractive investment options for profitable returns. While property investment no longer qualifies as a Portuagal Golden Visa investment route, there are other attractive pathways 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 are submitted by 31 December 2023 and they are tax residents with no prior tax contributions before the regime was officially phased out. Applicants may benefit from attractive tax exemptions for ten years when becoming non-habitual residents.
Important Note: As of January 2024, the Non-Habitual Resident (NHR) is no longer available for new applicants. However, the scheme was replaced by a new tax regime. Read more here: NHR 2024: A Guide to the NHR 2.0
Take a look at our Portugal Golden Visa Guide by local experts
Here is a summary of the Golden Visa investment options: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:
- Gathering 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. Here’s a guide on how to open a bank account in Portugal to help you with this process.
- 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, the Portuguese Immigration and Border Service) will provide you with available 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 interview in person. 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, processing fees, etc. 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 |
Obtaining Portuguese Citizenship Through the Golden Visa Program
You might wonder if it’s possible for those with Canadian citizenship to get Portuguese citizenship under the Portugal Golden Visa program. The answer is yes! The Portugal Golden Visa allows Canadian citizens to apply for permanent residency and Portuguese citizenship.
Canadians interested in the Portugal Golden Visa don’t have to relinquish their Canadian citizenship since both countries allow dual citizenship.
It’s possible to obtain Portuguese citizenship after five years of being a legal resident in Portugal.
Once your temporary and permanent residency requirements are met, you must take a Portuguese language test (level A2) after five years 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 stunning views of the Tagus River. It offers a mix of traditional and modern living, a wide range of dining options, cultural attractions, and a mild Mediterranean climate. Chiado, Baixa, and Bairro Alto neighborhoods are popular among expats.
Renowned for its culinary scene, Lisbon boasts an array of dining options, from traditional Portuguese taverns serving mouthwatering seafood dishes to trendy cafes and Michelin-starred restaurants. The city’s thriving arts and music scene, with museums, galleries, and theatres, provides ample cultural exploration and entertainment opportunities.
Lisbon’s mild Mediterranean climate, with its warm summers and mild winters, makes it a great place to live year-round. When living in Lisbon, you can stroll along the waterfront promenade, explore historic landmarks like the Belém Tower and Jerónimos Monastery, or simply soak in the panoramic views from one of the city’s many miradouros (viewpoints).
Porto
Located in the north of Portugal, Porto is known for its rich history, port wine cellars, and picturesque riverfront. The city offers a more relaxed pace of life compared to Lisbon. The city’s culinary scene is another highlight, with abundant traditional eateries serving delicious Portuguese fare alongside international cuisine. From cozy taverns in the historic Ribeira district to upscale restaurants in Foz do Douro, residents can indulge in diverse dining experiences.
The Ribeira district, with its colorful buildings and cobblestone streets lining the Douro River, exudes a charming old-world ambiance. It is popular among ex-pats seeking a historic yet vibrant neighbourhood to settle in. Similarly, Foz do Douro, where the river meets the Atlantic Ocean, offers a more upscale and residential atmosphere, with elegant waterfront properties and picturesque coastal views, making it an attractive option for those desiring a tranquil seaside lifestyle.
Cascais
Cascais, a charming coastal town just a short distance from Lisbon, has long been a preferred choice among expatriates seeking a picturesque seaside retreat. Renowned for its pristine beaches, world-class golf courses, and laid-back atmosphere, Cascais offers residents a serene and idyllic lifestyle away from the hustle and bustle of city life.
One of the primary draws of Cascais is its stunning coastline, adorned with golden sands and crystal-clear waters, providing ample opportunities for relaxation and recreation. Whether soaking up the sun on the beach, partaking in water sports, or simply enjoying strolls along the waterfront promenade, residents of Cascais can embrace a truly coastal way of life.
In addition to its natural beauty, Cascais boasts excellent golfing facilities. Several championship courses nestled amidst lush green landscapes cater to golf enthusiasts of all skill levels. This, coupled with the town’s mild climate and year-round sunshine, makes it an ideal destination for those passionate about the sport.
Cascais strikes a perfect balance between its proximity to the bustling capital of Lisbon and the tranquility of a coastal haven. While residents can easily access Lisbon’s vibrant cultural scene, dining options, and amenities, they can also retreat to the peaceful ambiance of Cascais, where charming cobblestone streets, quaint cafes, and picturesque marinas await.
Algarve
In Portugal’s sunny southern region, the Algarve is renowned for its breathtaking coastline, world-class golf resorts, and abundant sunshine. These make it an enticing haven for retirees and expatriates seeking a relaxed lifestyle.
One of the most compelling features of the Algarve is its stunning beaches, characterized by golden sands, crystal-clear waters, and dramatic cliffs. These offer residents the perfect backdrop for leisurely seaside days and memorable sunsets. Whether swimming, surfing or simply unwinding on the shore, the Algarve’s coastline provides endless opportunities for recreation and relaxation.
In addition to its natural beauty, the Algarve has numerous golf resorts and courses, attracting enthusiasts from around the globe with its impeccably manicured fairways and scenic views. Golfing communities in cities like Faro, Lagos, and Albufeira offer residents the chance to enjoy the sport year-round amidst the region’s picturesque landscapes.
Beyond its recreational offerings, the Algarve’s warm climate and laid-back atmosphere make it a desirable destination for those seeking a slower pace of life. Whether exploring historic towns, indulging in fresh seafood cuisine, or simply soaking in the Mediterranean ambiance, residents of the Algarve can embrace a lifestyle that prioritizes relaxation and enjoyment.
Cities like Faro, with its charming old town and bustling marina, Lagos, with its vibrant cultural scene and stunning coastline, and Albufeira, renowned for its lively nightlife and beautiful beaches, offer expatriates a diverse array of living options, each with its unique charm and amenities.
Coimbra
Coimbra, a city steeped in history and renowned for being home to one of Portugal’s oldest universities, offers residents a vibrant and intellectually stimulating environment. With its rich cultural heritage and lively student population, Coimbra exudes a unique charm that appeals to academics and those seeking a dynamic urban lifestyle.
At the heart of Coimbra’s appeal is its prestigious university, which has shaped the city’s identity for centuries and continues to foster a culture of learning and innovation. The presence of students from diverse backgrounds infuses the city with energy and creativity, creating a lively atmosphere that permeates its streets, cafes, and cultural venues.
Despite its deep-rooted history, Coimbra embraces modernity, offering residents a mix of historic landmarks and contemporary amenities. The city blends the old with the new, from quaint medieval alleys to bustling shopping districts and vibrant nightlife, providing its inhabitants with a rich tapestry of experiences.
Coimbra’s central location within Portugal also makes it an ideal base for exploring the surrounding region, with easy access to picturesque countryside, charming villages, and cultural attractions. Whether it’s attending cultural events, enjoying outdoor activities, or simply soaking in the city’s ambiance, residents of Coimbra can enjoy a high quality of life enriched by its intellectual, cultural, and natural offerings.
Braga
Braga, nestled in the northern region of Portugal, is revered for its rich religious heritage and captivating historic architecture, making it an alluring choice for those seeking a tranquil and culturally rich place to reside. Embraced by rolling hills and lush green landscapes, Braga offers residents a serene retreat from the hustle and bustle of urban life, where time seems to slow down, allowing for a more meaningful connection with the community and surroundings.
At the heart of Braga’s allure is its profound religious significance, evidenced by its numerous churches, cathedrals, and religious festivals that reflect centuries of spiritual devotion. This spiritual ambiance lends a sense of tranquility to the city, fostering a strong sense of community among its residents who come together to celebrate their shared heritage and traditions.
Braga’s historic architecture, from Roman ruins to ornate Baroque churches, is a testament to its storied past, offering residents a glimpse into the city’s rich cultural tapestry. Strolling through its charming streets, adorned with quaint squares and picturesque gardens, residents can immerse themselves in the city’s timeless beauty and ambiance.
Despite its deep-rooted history, Braga embraces a slower pace of life, allowing residents to savor each moment and cultivate meaningful connections with neighbors and fellow community members. Whether it’s gathering at local cafes, attending cultural events, or simply enjoying the natural surroundings, residents of Braga can relish a quality of life characterized by a strong sense of belonging and camaraderie.
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.
