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If you have Canadian citizenship, should you invest in a second passport?
On this channel, we often talk about how useful is to have a plan b or even a plan c. However, this doesn’t mean having unnecessary expenses and going for things you may not need.
Determining what’s best for your particular case is an important part of global strategy, and sometimes even if something sounds good, it may not be necessary for you.
Canada, luckily, doesn’t have citizenship-based taxation. Once you cease to become a tax resident of Canada, you don’t need to pay their taxes anymore. You only have obligations to your new country of residence.
This is VERY different than having a US passport. If you have an American passport you will be paying American taxes no matter where in the world you are! Unless you give up your American citizenship you have to pay US taxes.
So, if you have Canadian citizenship you have a GREAT passport, one of the best in the world actually, without having tax obligations if you live abroad.
This makes it an amazing asset for you.
So, do you need another travel document – passport? Not really! Canadian passport gives you pretty good access to the world. Unless you really want to invest into another citizenship, this is not something that I’d recommend as a part of strategy for my Canadian clients.
When it comes to residencies, that’s a whole other story! I’d always suggest getting a second residency, so you can freely move between places. Getting a residency is cheaper and faster than getting a passport, and it gives you optionality.
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Author: Michael Rosmer
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Great video, I appreciate the honesty of not needing a 2nd passport as a Canadian (at least for now). Great idea to keep the Canadian Citizenship and still get the offshore benefits. I'd love to see more Canada-based videos from you as the situation evolves in the country.
On a side note, is Turkey really the easiest 2nd passport for Canadians to get? I heard Argentina is also easy, but it requires you to be on the ground for a couple of years.
Covid has changed the value proposition of a Canadian pp, eg no vax no travel, so to a lot of people the value of a Cdn pp is approximately 0. Even for all the rest of us citizens would be barred from re-entry if they were c19 pos, effectively saying your Cdn citizenship means nothing. Agree that a Mexican Temporale is a great option, leading to Permanente, and eventually a Mexico pp. Cdn residents will almost certainly be faced with some form of global taxation in the near future. Governments are desperate for money and the expat population is an easy target. Leaving the Canadian tax net is one of the best things you can do, but avoid the EU. Europe is in for years of hard times as energy and food skyrockets in cost as Russia pivots to its Asian neighbours.
Next question: should Koreans also get a second passport?
A:Although Korean passports got the 2nd best visa free access to 190 countries the second and multiple passports are the necessities to gain more visa free access and guarantee free movement of rights world-widely
I was able to get a second passport (Portugal – EU) thanks to my Dad's side of the family. I will tell you that having a second passport does open quite a few doors. I don't think I'll live in Europe for the meantime because of the "war" going on in Ukraine.
You Tube pulled the Freeland comments down 4 hours later
Freeland stated Your bank account is canadas bank account your RSP is canadas RSP. You took that interveiw down in 4 hours. These people are very very scary.
Mexico is not easy anymore. The latest financial requirements to Mexico is out off reach of many Canadians.
There's a lot more to consider than taxation. The tentacles of CBDC and the social credit /carbon credit/vax requirements etc systems will be global. We will still be dependent on the Canadian gov for our passport… a requirement to reside in another country.
Glad to hear your opinion on worldwide cdn taxation. Heard the rumours and wondered where it started. I am visiting Panama right now. Great beaches and infrastructure (wifi speed).
Off topic, but I assume O.C. has seen the news story about the cocaine being found in an apartment. I'd hate to make an enemy in UAE, as it sounds pretty easy to set a person up for a fall. How risky is UAE?
Another great video from the master on this topic. Thanks for sharing. I already have dual citizenship (Cdn birth, UK descent) and I also have a few residencies in Central America … all to be used as my "If The SHTF" scenario. You're much better than most of your competition on YT, like NC, which seems to be only interested in taking a much more "fear-mongering" approach to drum up business. Personally, I think I'd rather do business with you even if I was a deca-millionaire+ … which, unfortunately, I'm not 🙁
Do you know anything about Paraguay?
Would love to learn about what tax friendly countries someone can live in and aquire a citizenship by being there.
If that's clear?
Can you turn up the volume.
What's the best way to invest in stocks after becoming a non resident of Canada? Are there countries that offer something similar to a TFSA or RRSP if you obtain residency/citizenship?
Nice to see main advice is to get Turkish citizenship. Excellent advice. It is by far the best deal on the market and if you already have a tier one passport there is no real advantage to buying a caricom passport other than if someone really needed visa free access to China as far as I can see.
Canadian citizens and citizens of the Compact of Free Association are the only ones that can travel to the USA truly Visa free (without ESTA), it's very exclusive
Also Canadian citizens are eligible for TN status and also E1/E2
And some work holiday visas
Are there any other things Canadian citizens have privileged access to? (Outside of Canada, of course)
Thanks a lot for being honest about that stuff Michael. Back in the days I was watching every single video from Nomad Capitalist and today it's almost exclusively yours. The difference is that Nomad Capitalist today only sell FUD to push people to pay for his services and get a second citizenship while you on the other hand stays honest on the state of things. Hopefully we'll continue to see great content from you for a long time, keep up the good work 🙂
Can a Canadian be a non-dom living in Ireland and a non-resident of Canada? If I understand correctly, you can be resident in Ireland without being domiciled (so getting favourable Irish tax treatment) by demonstrating an intention to return to your home country eventually. However, would CRA treat such an intention as a failure to "sever ties" with Canada and therefore evidence of continuing tax residency in Canada?
JUST UAE PASSPORT 🇦🇪
5:21 you're right. The French congressman who led hat was Mr Coquerel. He is a far left as you can be. The report he wrote essentially said "at best we can renegotiate 1 to 2 treaties a year, so if we are to do something we should identify a handful of countries." ie Belgium and the UAE.
This is dead on arrival. French diplomacy is really strong but they are not willing to do this.
In addition, it is against the French constitution because treaties are above French law.
Hi Michael – thanks for your channel, great info – simple question. I am CDN but also have a UK Passport (father born there) I have 1 natural child and adopted 2 others 22 yrs ago. Do all three children have the option to obtain a UK Passport by descent because I have one? or just the 1 natural child, due to her grandfather being born in the UK….? appreciate your answer.
Meanwhile Andrew Henderson screams to the high heavens that Canadian citizenship by taxation is coming and prepare for the doomsday scenario 😆. I find it unlikely as well, it's only one MP, if there are more people calling for it, I'll pay attention.
Canada is too expensive, too cold, and has a bit too much US fascist-envy. I don't know why anyone would want to stay there. Health care? Poutine? Quebec? F*&k all CDN little-hitler border guard goons who seem to be in competition with the US pigs to see who can be the most despicable and useless parasites on the planet.
My father was Canadian… I was born in US – It is not about the "direction" Canada is going it is what they are doing to its citizens.
Always appreciate your realistic perspective and practical approach Mike. 👍
Canada has been ruined by Turdeau
second passport and perhaps even a good solid second residency?
Absolutely Yes, do get a second citizenship if you can. If bank accounts have been frozen for donating $20 to a protest against the government and mandates, if people who choose not to be vaccinated are forbidden from flying in Canada, who is to say they won't cancel your passport for any reason and then you will be stuck, trapped in.
This, especially more so since the agreement between liberals and communists to keep power till 2025 will bring likely some crazy legislations and government powers.
I just subscribed yesterday, really enjoying your content while I brainstorm/formulate my plan.
Where do you see Canada in 20 years?
Like life for the average household?