Whilst previously, Canadian tourists would have to fly into Lisbon and make their way down to the Algarve, the direct flight has made a huge difference. The flight initially operated only during the winter months, targeting the important “snowbird” market, but demand was such that the airline later extended the route to operate year-round. Most Canadians visiting the Algarve fall largely into two groups; during the winter months, there is the longer stay market with people visiting for the maximum 90 days allowed in any 180-day period, escaping from the coldest months of the Canadian winter. The other group is the traditional tourist, visiting during the warmer months to enjoy stays of one to two weeks.
The sharp growth in the number of Canadians visiting the Algarve has also resulted in an important new market for estate agents and property developers. The Resident spoke to Algarve realtor Zoie Hawker of estate agents Fine & Country. “We have seen a marked increase over the last few years in the number of Canadians looking for property here in the Algarve”, said Zoie. “After visiting the region and enjoying our mild winters coupled with the lower cost of living, we are seeing more and more Canadians selling up back home and moving here on the D7 passive income visa. However, the majority opt to buy a property with strong rental potential, enjoying their villa or apartment themselves for a few months of winter and renting it out during the lucrative summer months. This more than covers all running costs, resulting in an excellent investment.”
Other visa options are also proving popular with Canadians. The Resident also spoke to Timothy Hnatiw and Jay Chipley, Canadian friends who upped sticks on the D2 investment visa to pursue a project to open their own restaurant in the Algarve. With Timothy’s background in hospitality and Jay’s 15 years of experience as a pit master, they identified a gap in the market. With the growing number of tourists and expats from the US and Canada in the Algarve, they noticed there was no place offering Texan barbecue. “There’s all this great food, there’s all these expats, but nobody is smoking food. So, we said, ‘let’s start a smokehouse in the Algarve, we’ll be the first to do it’,” recalls Timothy. “We had visited the Algarve initially on vacation, but fell in love with the place and realised we wanted to make it our home. Our lawyer recommended the D2 investment visa. It took a couple of years to get it done, and my visa was approved on August 20. Eight days later, I was back in the Algarve. And now I call it my home,” says Timothy, adding: “This is a very nice place. It’s safe, civilised, and clean. There are so many good things I can say about Portugal.” Specialising in brisket, ribs, and pulled pork, Timothy and Jay’s restaurant, Smokehouse 125, opened this month in the Algarve, in the town of Boliqueime.
Portugal’s Golden Visa is also attracting Canadian investors. Whilst also available via donations related to arts and culture, it typically requires an investment of €500,000 into an eligible investment fund that cannot be connected to real estate.
