Immigration Law Immigration Tips Portugal Golden Visa
Portugal Golden Visa Residency Program: An Alternative to Canadian Residency
One of the most popular immigration programs for permanent residency today is Portugal’s Golden Visa Residence Program. This program provides foreign nationals with an easy path to residency in one of Europe’s top destinations. For those considering living outside of Canada, Portugal offers a great alternative with its flexible visa options, tax benefits, and high quality of life.
Canada Residency vs. Portugal Residency
Canada is a popular choice for immigrants due to its living standards and multicultural population, however, the country’s weather and rising housing costs can make it less appealing for some. Canada offers various immigration pathways such as Express Entry, Provincial Nominee Programs (PNPs), and the Investor Visa. Although Express Entry grants permanent residency, it can take years and requires meeting strict criteria in a competitive pool of applicants. Given these factors, the process of becoming a permanent resident in Canada can be expensive, lengthy, and complex.
In contrast, the Portugal Golden Visa Residency Program is known for its speedy processing times and program flexibility. Established in 2012, it allows non-EU citizens to obtain residency by making a qualifying investment in Portugal. Qualifying investment options include either making a capital transfer of at least €500,000 to Portugal, investing €500,000 or more in a business that creates 10 new jobs in a high population density area (8 new jobs for low density population area), or donating €500,000 to support scientific research, development, or education in Portugal.
A major benefit of the program is that the applicant can include their immediate family in their application, and they can all apply together which further simplifies and expedites the process. Once approved, the Golden Visa allows individuals to live, work, and study in Portugal, as well as travel freely within the Schengen area, which includes 29 European countries. This path to residency is faster and more flexible than many Canadian immigration programs.
Contact Canadim for more information on Portugal or Canada residencyComparing Portugal Golden visa and Canada Residency Programs
In Canada, application processing times can take up to 1-3 years, and in some cases, it may take even longer for certain immigration programs. In comparison, Portugal’s Golden Visa approval can take around 6 months.
The minimum stay requirements for maintaining your residency in Canada and Portugal are very different. Canada requires you to live in the country for 3 years within a 5-year period to maintain permanent residency, while Portugal only requires you to stay in the country for 7 days per year for the first 5 years.
When it comes to investment requirements, Canada’s residency by investment can cost upwards of $800,000 for any Canadian province excluding Quebec, or $1.2 million if applying for residency as an investor in Quebec. In contrast, Portugal’s Golden Visa starts at €500,000 with minimal obligations after the initial investment.
Regarding family inclusion, Canada allows spouses and children to apply for residency, but the process can be lengthy. In Portugal, you can apply for immediate family members (spouse, children, and parents) all at once, speeding up the process.
For citizenship following residency, Canada allows applicants to apply after 3 years of residency but requires proof of language skills and knowledge about the country. In Portugal, you can apply for citizenship after 5 years of residency, with no language requirement if you hold a Golden Visa.
Canada has higher taxes, particularly in provinces like Ontario and British Columbia. Portugal has a tax system in place called the Non-Habitual Resident (NHR) program, which gives foreign nationals a reduced 20% tax rate on Portugal-based employment income for the first 10 years of their residence.
Both countries offer a good quality of life, with Canada providing excellent healthcare, education, and infrastructure. However, the higher cost of living and weather in Canada, may make Portugal’s Golden Visa a more viable option for some.
Why Choose Portugal?
- Portugal’s Golden Visa has fast approval and an easier path to permanent residency than Canada’s immigration programs.
- The financial commitment for Portugal’s residency is lower, and the cost of living in Portugal is more affordable than in Canada.
- Portugal’s Golden Visa requires only 7 days per year in the country to maintain residency, compared to Canada’s 3-year minimum stay requirement.
- Portugal is part of the European Union, offering access to 27 countries for travel, business, and investment opportunities.
Portugal offers a flexible and swift path to residency with unmatched tax benefits. If you are considering applying for the Portugal Golden Visa or would like to learn more about it, contact us at Canadim to explore your eligibility and begin your immigration journey!
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