http://www.northwoodfamilyoffice.com/wp-content/uploads/2011/12/Canadian_Citizenship.pdf
Wealthy global families are becoming increasingly aware of their need for a well
thought-out citizenship and residency strategy to protect their wealth and to
safeguard their freedom of movement. In the uncertain world facing us today,
prudent families understand the importance of keeping their options open and
having multiple passport choices. Canada provides a safe and surprisingly tax efficient
alternative to many of the more well-known citizenships that the
wealthy can consider acquiring. Canada also has a world-class professional
services and financial infrastructure, making it an ideal location for their family
office, particularly in the new ‘post-bank secrecy’ world.
Even if you’re not wealthy, there are still plenty of benefits that come from acquiring Canadian residency in comparison to residing in the USA. Better governance and less crime being two such reasons.
Heck, why stay in a country where people are clearly miserable and losing hope, and thanks to the police state apparatus, to always feeling like being one stray comment away from having your ass kicked and shipped off to one of those private prisons? Or, when you get seriously ill, to worry about both getting better, and the prospect of being ruined financially?
Yes, protecting your finances is obviously important, but so is your health, and, not least of all, so is your liberty, too.
I would love to jump on a Canadian Passport however want to get the Swiss first.
Canada, and holding a Canadian Passport, does have its risks:
– Extremely heavy reliance on trade with the US (if the US goes belly up, Canada will find itself with it’s pants down).
– Vulnerable to the US military if relations plummet for whatever reason, including the need to seize natural resources (very easy to occupy and control, with virtually nobody daring to come to the rescue).
Switzerland on the other hand has a much more diversified commercial relationship with the world and hasn’t been involved in any external war in any way, shape or form and hasn’t had foreign troops in it’s soil under any circumstances since 1815. Having been able to deter aggressors in both World Wars (including the fact when it was fully surrounded by Axis powers from 1940 until 1944), the country has proven it’s stability and impregnability.
@CHF Forever makes a good point. A Canadian passport is certainly of interest, but Canada’s strong ties to America make it a bit less attractive. I’d favor Ecuador.
Actually, I see only one advantage of holding a Canadian Passport: TN (Trade NAFTA) status.
Per NAFTA, Canadians can request TN status at a US border crossing (Americans can similarly do the same at Canadian border crossings) by presenting a letter of employment by a US employer (and any education / professional credentials to back it up) and receive immediate non-immigrant work and residency authorization which can be renewed indefinitely.
Of course such individuals will be subject to US taxes while residing and working in the US, but upon departure from the US employer, the TN status is terminated and the Canadian no longer has any tax obligations whatsoever afterwards as he moves back to Canada.
TN status is pretty much a de facto Green Card which can be requested and cancelled at will and none of these expatriation tax procedures apply.
They should market this point also :).
Attracting wealthy citizens has always been a smart move for a country and its economy. But now many countries are upset that people can be so mobile and take advantage of such benefits elsewhere.
@CHF Forever
Yes. Trade dependence on the US is the one bad thing.
The relative merits of Canadian vs. Swiss passport will be apparent to all when Canada “finalizes” decision whether to implement, or not, an IGA with US.
Wanna bet on the outcome?
My friend who bought property in the Palm Springs area just yesterday recounted their last trip over the US border with me. As their truck was laden with furniture for their new home, the border agent asked them to prove that they weren’t moving to the US permanently. After a lot of discussion and the border agent searching their recent year’s border crossings determined that they we’re likely going to overstay their visit, my friend joking asked why she would want to move to the US when she lives in Canada. I guess this made sense to the agent and they were then let through. They will now however travel with a 8840 – Closer Connection Exemption Statement for Aliens.
I suspect the marketing of other nations as citizenship destinations is on the rise. Swisspinoy just posted this on another thread:
http://www.thehindubusinessline.com/features/taxation-and-accounts/who-wants-to-give-up-us-citizenship/article4912283.ece
Having something the USA wants (WATER for instance) is definitely a negative for living in Canada. Sometimes I feel like we are that lamb chop tucked away in the freezer that the US will just reach in and devour when it can’t get fresh road kill from other countries around the globe. We are ever so handy too. They don’t have to go far to get what they want when they want it. They don’t have to worry too much about resistance either because our government (Harper) admires the American way and most Canadians are oblivious to what is actually lurking south of the 49th. If I had my druthers, which I don’t, I’d prefer to live where there is nothing of interest to the USA and a great distance away. Maybe it should be really cold there too because warm sunny beaches alone might draw attention. (I know that wasn’t the sole reason they stole Hawaii but it was probably a factor.) Actually, a vast distance across the vacuum of space would be ideal. Beam me up Scotty! Please!
All the more reason for us as a middle power to be trading with other partners, and lessen our trade dependence on the US. If America does implode, we’ll have to do it anyway, and in a hurry.
@Em
Doesn’t this picture say it all? The US eyes Canada while those who stand on guard for thee sleep.
(Note: Click on the picture to get a larger image — the picture is worth ‘a thousand words.’)
@ bubblebustin
My goodness, that predates LBP’s flag. Makes you wanna shout “Wake up!”
I laughed at bubblebustin’s photo. How true that is… ~shakes head~. If only more people would wake up.
Like all sales brochures this one needs to be taken with a grain of salt, i.e. it doesn’t mention (or brushes over) the negative.
Weather: Except for the Vancouver area, Canada has long extremely cold winters which are made even more depressing by the much shorter days (because of being far north.)
And the Vancouver area is extremely expensive. In summer, many areas have mosquitos, lots of them.
Health care: problem with availablility, long wait for many things. But then again the US is heading that way too.
Estate tax: In the US only on very large estates but you get a stepped up basis. In Canada you pay capital gains tax on unrealized gains. Which is better depends on individual circumstances. (Also some US states have inheritance tax.)
Resources: Much fresh produce needs to be imported from the US, Mexico or elsewhere.
Cost of living: not as low as it used to be several years ago, because 1) the Canadian dollar has increased in value vis a vis the USD, and real estate prices have risen significantly.
Obtaining Canadian citizenship then emigrating from Canada: There has been talk of naturalized citizens losing their citizenship if they leave permanently for a number of years. This may become a reality.
@DT
“There has been talk of naturalized citizens losing their citizenship if they leave permanently for a number of years.”
I think that might just be a rumour. I cannot find any credible information regarding that, unless Google is failing me. :^/
Another advantage of having a Swiss Passport over a Canadian Passport:
Swiss Gold Reserves: 1,040 tonnes, 6th largest reserves in the world and largest reserves per capita in the world. 70% of the reserves are physically within Swiss borders (hence safe).
Canadian Gold Reserves: Zero (http://www.youtube.com/watch?v=JqGZdES2DPw)