Since the Portugal Golden Visa program was introduced in 2012, the program has moved from strength to strength. The purpose of the Golden Visa scheme is to encourage international investors to place their money in Portugal in exchange for residency in the country, providing the opportunity to obtain European citizenship through naturalization after five years.
The Portugal Golden Visa for Canadians is also a top choice if you seek a warm climate, affordable cost of living, and a central location from which you can easily travel across Europe.
In this article, we’ll explain everything you need about Portugal’s Golden Visa program if you apply from Canada.
Read this guide to learn about:
- The key benefits of the Golden Visa for Canadian citizens
- The Portuguese Golden Visa requirements and eligibility criteria
- An overview of the application process
- The benefits of living in Portugal and more
IMPORTANT UPDATE: PORTUGAL GOLDEN VISA 2023
The Portugal Golden Visa program has recently undergone substantial changes. The new legislation, which took effect in October 2023, eliminated the purchase of real estate and real-estate-related funds as qualifying investment options for the program.
However, several attractive investment routes still maintain their eligibility for the program. To learn more, please refer to our comprehensive guide: Portugal Golden Visa
For more information, including continuous updates on this visa category, please refer to our articles: Portugal Golden Visa Ending: Everything We Know So Far and Golden Visa Changes.
Portugal Golden Visa for Canadians: An Overview
About the Portuguese Golden Visa program
The Portugal Golden Visa is a residency-by-investment program introduced by the Portuguese government in 2012 to attract foreign investment 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 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 allows 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. Portugal is a member of the EU, and obtaining Portuguese residency through this program allows individuals and their families to live, work, and enjoy visa-free access to the 27 countries in the Schengen Area.
In addition, Portugal is known for its high quality of life, pleasant climate, beautiful landscapes, and rich cultural heritage. Many Canadians are attracted to the idea of living in a country with a relaxed lifestyle and a lower cost of living compared to some Canadian cities.
Portugal’s high quality of life is fueled by political stability and safety. For decades, the country has maintained a stable democratic government, fostering an environment of trust and predictability for residents and investors alike. Its commitment to safety is reflected in low crime rates, a well-functioning healthcare system, and a generally peaceful society.
This combination of political stability and safety creates an attractive backdrop for individuals and families seeking a secure and peaceful living environment.
The Benefits of the Portugal Golden Visa for Canadians
We have already discussed some of the benefits of the Golden Visa in Portugal; however, here are some additional key benefits why the Golden Visa for Canadians is so popular with foreign investors.
Includes family members
Your Portugal Golden Visa application includes your family members. Your spouse and children under the age of 18 are covered. Children who are over 18 and who are full-time students or financially dependent on you also qualify.
Visa-free travel
A Portugal Golden Visa holder can freely enter and move within the Schengen Area’s 27 countries without needing an additional visa. This allows you to explore European cities and cultures quickly and easily within the Schengen Zone.
Live, work, and study in Portugal
With a Portugal Golden Visa for Canadians, you and your family members can work or receive an excellent education while living in Portugal. Whether you opt for public, private, or international schooling, there are many educational opportunities that you and your family can benefit from.
EU citizenship
The Portugal Golden Visa program allows holders to apply for citizenship after five years. However, the Golden Visa holder needs to have retained their investment for the full duration of the five years. Once you have citizenship, you are granted a Portuguese passport.
Minimum stay requirement
The program requires Golden Visa holders to stay in Portugal for a minimum of 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 still retain their visas.
Low cost of living
According to data from Numbeo, last updated in August 2022, if you compare Lisbon with Ottawa in Canada, consumer prices in Lisbon are about 36 percent lower than in Ottawa, not including rent. If you take rent into the equation, rental prices are 21 percent lower in Lisbon, and groceries are 46 percent lower. So, spend less on living, and consider an affordable yet high quality of life in Portugal.
High quality of life
Global Citizen Solutions recently launched its pioneering Global Passport Index. One indicator used to measure a passport’s rank is the Quality of Life Index. The Portuguese passport is ranked 12th. Portugal’s relaxed vibe, Mediterranean cuisine, excellent healthcare, stunning landscapes, and welcoming people make it appealing.
Appealing investment opportunities
The Golden Visa offers plenty of attractive investment options that can lead to real and profitable returns. And while property investment is no longer available, there are other appealing routes that qualify for the program. These include investing in qualifying venture capital funds, contributing to scientific research in Portugal, and investing in an existing Portuguese business.
Attractive tax benefits
Golden Visa holders in Portugal can apply for the Non-Habitual Resident (NHR) tax regime. When becoming a non-habitual resident, they’ll pay little to no tax for ten years. To learn more about Portugal’s NHR tax incentives, read A Guide to the Non-Habitual Resident (NHR) Program In Portugal.
Important Note: The Non-Habitual Resident (NHR) regime will no longer be available for new applicants in 2024. However, it will be replaced by a new tax regime. Read more here: Is The Portugal NHR Program Ending?
Take a look at our Portugal Golden Visa Guide by local experts
Here is a brief summary of the Golden Visa investment options:How to Get the Golden Visa as a Canadian
Golden Visa documents
Here’s a list of the Golden Visa Portugal 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 submitting your application. All other certificates are 180 days.
Golden Visa 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 Timeline
Year 0
The visa application and supporting documents are submitted online to AIMA. Once they approve your application, you then need to attend an interview in person. As the main applicant, you and your dependents can book AIMA appointments simultaneously. You’ll then need to wait until your residence permit is issued. Once granted, the initial permit is valid for two years.
Year 2
After the two years are up, the residence permit must be renewed. The second permit is valid for two more years.
Year 4
The residence permit will be up for renewal at the end of year four. It can be renewed for another two years.
Year 5
You can apply for Portuguese citizenship or Portuguese permanent residence at the end of year five provided you meet the requirements. If you gain Portuguese citizenship, you will be issued a Portuguese passport.
Year 0
Golden Visa issued, now valid for 2 years
Year 2
Portuguese residency permit needs to be renewed. Valid for 2 years.
Year 4
Residency permit needs to be renewed. Valid for 2 years.
Year 5
Both permanent residency and citizenship may be requested, otherwise GV will need to be renewed in year 6.
Fees for the Golden Visa Process
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 for 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 | €773.74 | €7,730.10 | €3,865.79 | €16,235.42 |
Couple | €1,547.48 | €15,460.20 | €7,731.58 | €32,470.84 |
Family of Four | €3,094.96 | €30,920.40 | €15,463.16 | €64,941.68 |
Obtaining Portuguese Citizenship through the Golden Visa
You might be wondering: “Is it possible for Canadians to get Portuguese citizenship under the Portugal Golden Visa?”
The answer is yes; the Portugal Golden Visa allows Canadian citizens to apply for 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 has a variety of beautiful cities and regions that can appeal to Canadians. Here are some of the best cities in Portugal that are 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 theaters 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. 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 and is a popular choice among expats seeking a historic yet vibrant neighborhood to settle in. Similarly, Foz do Douro, located 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 situated 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 leisurely 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
The Algarve, situated in Portugal’s sunny southern region, 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, offering 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 highly 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 own 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. From quaint medieval alleys to bustling shopping districts and vibrant nightlife, the city seamlessly blends the old with the new, 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, serves as 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. To help you decide where to live, we’ve created a comprehensive guide to the Best Portuguese Cities for Expats.
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 across the world. 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 for Canadians is an excellent option to secure EU residency. Get in touch today to see how we can understand your objectives and help you move towards becoming a global citizen.
Additional Resources
The following articles may help you on your Golden Visa journey:
- Portugal Golden Visa Statistics
- Spain vs. Portugal Golden Visa: Which Program to Pick?
- Portugal Golden Visa: 280,000 Euro Real Estate Option
- How to Invest in Portugal and Get Citizenship: The Ultimate Guide
If you are a national of Australia or New Zealand, you can see our specific guides on the Golden Visa in the following articles.
And, if you are looking to move to Portugal, but do not want to make a significant investment through the Golden Visa, then the Portugal D7 Visa is likely the best option for you. Note that if Canadians travel to Portugal, they can stay 90 days (within a 180-day period) without a visa.
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, 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, 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?
Living in Portugal as a Canadian, if you want to stay in Portugal for more than 90 days, then you will need a residency permit. You can consider applying for a D7 Visa for Portugal from Canada if you do not want to make a significant investment in the country as part of the Golden Visa program.
Does Canada allow dual citizenship with Portugal?
Yes, Canada allows dual citizenship. This means you don’t have to give up your Canadian citizenship to become a Portuguese citizen. But please note that you will only be eligible for Portuguese citizenship after five years if you get a Portugal Golden Visa. It starts with a temporary residency permit for two years, which can be renewed for more than three years. Additionally, you must visit Portugal for 14 days every two years to keep your temporary residence permit. After five years, you can apply to become a Portuguese citizen providing you have passed a basic Portuguese language exam.
Who can apply for the Golden Visa in Portugal?
To apply for the Portugal Golden Visa you must be over 18 years of age and a non-EU/EEA citizen. You also have to make 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 in order to apply for 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 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 immigraton 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. As the NHR program is no longer available for most new applicants, taxation applies to worldwide income if you become a Portuguese tax resident (spending more than 183 days a year in Portugal).
Portugal’s tax system can still be attractive, with potentially lower rates than Canada. However, consulting a tax professional familiar with Canada-Portugal tax treaties is crucial to understand the specific tax implications for your situation, such as whether you would have to pay taxes on your Canadian pension and any capital gains tax obligations you might have.
Are there any specific requirements for Canadian investors in the Portuguese Golden Visa program?
There are no special requirements for Canadian investors in the Portugal Golden Visa program compared to other non-EU/EEA/Swiss applicants. However, Canadians should be aware of the general program requirements, which include:
- Minimum investment: Meeting a minimum investment threshold, currently set at €250,000.
- Clean criminal record: Providing a background check and a clean criminal record.
- Proof of funds: Demonstrating you have sufficient funds to complete the investment.
- Residency requirement: Maintaining residency in Portugal by spending at least 14 days every two years in the country.
Can a Canadian citizen get permanent residence in Portugal through the Golden Visa program?
Yes, Canadian citizens can obtain Portuguese permanent residence through the Golden Visa investment immigration program, but it’s an indirect path.
- The Golden Visa itself grants a temporary residence permit.
- After five years of holding the permit, meeting specific requirements, and spending a minimum amount of time in Portugal each year, Canadians can apply to convert their temporary permit to a permanent resident permit.
These requirement include:
- Maintaining your investment in Portugal for the five-year period
- Complying with the minimum stay requirements (an average of seven days per year.
- Having no criminal record
It’s worth consulting immigration professionals for specific requirements and guidance on the application process for permanent residence.
Can a Canadian national apply for a Portuguese Golden Visa with a real estate investment?
No, it’s no longer possible for anyone to qualify for the Portugal Golden Visa or gain legal residency in the country via a real estate investment. The Portuguese government discontinued the real estate and capital transfer options in October 2023.
Since real estate investments were eliminated from the program, the most popular way to apply for Portugal’s Golden Visa has been by subscribing to a qualifying investment fund (such as a venture capital fund or a private equity fund).
One key advantage of this pathway is that each qualifying fund is managed by a fund manager, meaning investors can take a hands-off approach and potentially earn a good return on investment.
