Should Canadians Get a Second Passport?

[@Ekami67]

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 :)

[@OffshoreCitizen]

Thank you, truly appreciate your support! What type of content would you like to see in the future?

[@Ekami67]

@@OffshoreCitizen Anything related to your domain of expertise is great. I don't want to bias your judgement on that :)

[@ruckinehround6965]

The answer is yes, if you can weigh your options and become a non tax citizen in Canada you can actually afford a great retirement, just not living in Canada. Unfortunately I have only realized this after saving for retirement for 30 years as we get closer to retirement the numbers add up to becoming flexible, step one obtain residency in another country, there are many options. Planning is key. Stay well folks

[@delibato]

I was thinking that NC was the only way to go on this topic, but as a fellow Canadian you seem to have a more reasonable approach (and perhaps, a little more Canadian-specific expertise). Trying to formulate a plan that will help me transition offshore, save some tax, additional passports, etc. as I head into retirement within the next decade or so. Glad I found you guys.

[@TheHomeDesigner123]

I am Canadian by birth of Italian descent and I have never considered moving away from Canada until now. Trudeau and his cohorts the NDP have ruined the Canada that I remember and love. I am currently seeking a second passport for myself so that I can get out before I have nothing left.

[@VERTICALWisdom]

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.

[@stevemyers2092]

if the "direction" doesn't change with "NEW" leadership, when that happens, then yes it is time to look at alternatives because it will not ever revert if it doesn't happen when JT is moves out of the PM residence.

[@VERTICALWisdom]

@@stevemyers2092 Appreciate and respect your point of view. Feel that the test of how compliant the citizens have proven themselves - loss of rights, freedoms, confiscation of bank accounts. and on and on. Best and brightest MOVE while they can.

[@OffshoreCitizen]

Yeah there's a reason I left years ago. This being said there's a difference between leaving and getting a second citizenship. The later is also becoming more important IMO for Canadians

[@VERTICALWisdom]

@@OffshoreCitizen Totally agree... look forward to working on my exit from US as soon as our funding finishes

[@realismatitsfinest1]

@@stevemyers2092 The problem with waiting for "new leadership" is that it won't happen until 2025. Although Trudeau never won a majority, thanks to Singh's new Socialist Alliance with the Liberals, there is no way a new government will get elected until that time. And a lot of dangerous changes can happen in just 3 years without asking for Canadians support on those issues. For instance, the new CBDC (Central Bank Digital Currency) that Canada is rolling out is very scary. If you speak out against the govt you won't just seize your currency. They'll just make it expire. The Kwak Brothers on YT had a great talk about this in the last week or so. It's too risky to stay here anymore. Now's the time to leave. Remember you can always come back when the situation improves (i.e., when we have Poilievre ensconced at 24 Sussex Drive) ... but if you don't leave now, Adolf Trudeau might put heavy restrictions on you being to leave. And remember ... if he does this, he won't announce beforehand. He'll just do it and then you're stuck in Canada. No thanks. I have some things to do here; after that, I'm gone. (And remember, Supreme Court has already ruled that Canadians living abroad have the right to vote in elections, so, even though you're abroad, you can still cast a ballot against Trudeau. I can't wait. But, that said, I will be safely waiting abroad.

[@gemmaluescher-verseckas1243]

I have dual citizenship with Switzerland, have lived in Switzerland for the last 20 and have not used a Canadian passport for 13 years now I need to carry two passports to go home for a visit once maybe once every 5 to ten years, my Swiss pass has noted I am dual citizenship and is biometric. So why do I need my Canadian passport to go home for a visit - the process to get a Canadian passport here is ridiculous

[@FrozenSkyy]

Always appreciate your realistic perspective and practical approach Mike. 👍

[@OffshoreCitizen]

Thank you, Ayush! What do you think about today's topic?

[@jasonq4816]

If Nomad Capitalist is Fox News, this is like PBS, lol. Much more objective and fair. Thanks!

[@OffshoreCitizen]

Thank you for the support, Jason! What is your take on the topic?

[@doctorstrange69]

I just subscribed yesterday, really enjoying your content while I brainstorm/formulate my plan.

[@OffshoreCitizen]

Thank you! What is your plan? :D

[@doctorstrange69]

@@OffshoreCitizen once I prove out PoC I'll hit you up because its complicated (for me)

[@WiseFriendships]

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.

[@thegan9143]

You don't "yet" need to give up citizenship but as has been stated here, Canadians with the means are leaving and taking their money with them so it remains a possibility of tax based on citizenship. Unjust and ridiculous is the MO of the current govt. Can it hurt to have options, no. Better years early than a day late.

[@ScottPaton]

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).

[@OffshoreCitizen]

Nice! Could you see yourself living there?

[@patienceisalpha]

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.

[@Ekami67]

Very interesting. I'm always worried that someone like Melenchon if ever elected will try to push for his "impot universel" but it seems it's far from being that easy to implement. Do you have any resources on the subject? Thanks

[@patienceisalpha]

@@Ekami67 Coquerel is from La France insoumise.

[@peaceonearth8693]

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?

[@jamestewari-hh7et]

Thanks a lot Michael, I am Canadian and would like to get a second passport.

[@jamestewari-hh7et]

Please enlighten me

[@OffshoreCitizen]

You can reach out via our website or book a call and we'll see what the best path would be

[@joebloggs339]

I got UK by descent. Canada is better for travelling in the Americas, and the UK for everywhere else. UK gives you the right to reside in the whole Common Travel Area, including the crown dependency tax havens, with few barriers. It wasn't that difficult to get and it has been well worth it since I am considering moving to Jersey, which will save me 37% in capital gains taxes.

[@ericyuan9718]

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.

[@Ekami67]

Agreed, Nomad Capitalist these days is only about spreading FUD to book a consultation lol. I'm sticking to this channel instead.

[@realismatitsfinest1]

@@Ekami67 Agree.

[@realismatitsfinest1]

And that one MP is nowhere near Trudeau's Cabinet. He's an absolute nobody. That said, it would be good to try and get a second citizenship with the things that are coming down the road with WEF and TGR, BBB, BBG, etc. CBDC (Central Bank Digital Currency) is a very scary prospect indeed. I'm glad I have a second citizenship and multiple residencies abroad that I can fall back on if the SHTF here in Canada. As Robert De Niro's character, Neil McCauley says (in the movie "Heat"): “Don’t let yourself get attached to anything (e.g., Canada) you aren't willing to walk out on in 30 seconds flat if you feel the heat around the corner.”

[@chocmilkisgood]

Where do you see Canada in 20 years? Like life for the average household?

[@EnderViBrittania]

Who cares about average household? The average does nothing special in their life, they are pointless. Your question should be whether or not ambitious entrepreneurial top-achieving people can be expected to be able to rise if they choose, or will they be held back and smothered by leftist authoritarians in power? The answer to that question then determines whether people should stay or leave.

[@bennyboysanctus]

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.

[@OffshoreCitizen]

Yeah, it can be a great option. Have you obtained it?

[@bennyboysanctus]

@@OffshoreCitizen Hi yes I am a naturalised Turkish citizen but through marriage. I have Irish, UK and Turkish, enough for now 😎

[@JD-gv4uz]

You Tube pulled the Freeland comments down 4 hours later

[@realismatitsfinest1]

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 :(

[@OffshoreCitizen]

Thank you, appreciate your support! How is life in Central America?

[@jackyback3975]

Mexico is not easy anymore. The latest financial requirements to Mexico is out off reach of many Canadians.

[@OffshoreCitizen]

We can arrange it quite easily but I'm not sure what you're considering "many Canadians"

[@jackyback3975]

@@OffshoreCitizen I mean financial requirements to be eligible for resident visa to Mexico

[@GoodlifeInvestor]

second passport and perhaps even a good solid second residency?

[@25Soupy]

What's your question? I think you should listen to the video over a few times as he was clear.

[@stevemyers2092]

I worked in the USA for 15 yrs i had a green card...i did not pay CDN tax once the green card was issued = US RESIDENT...even though I came home every weekend. I was 5 days in USA 2 days in Canada/week. I saved approx 15-20% paying US Taxes, not CDN. Residency in a tax reciprocating country works. You can still visit Canada and still hold property, not sure about rental properties...ask Michael.

[@realismatitsfinest1]

Second passport: citizenship by descent is offered by many countries, but usually one down one generation, i.e., if your father or mother were born there. Therefore, if they were born in the same country you have citizenship in, but your grandparents were born in a foreign country, you will probably not get it. The only two exceptions to this rule that I know of is Italy and Ireland. Both of these passports can pass down multiple generations even if it's your great x10 grandparents. However, each birth since the time your ancestors moved to your country would have to registered with that consulate in their birth country. And if your grandparents birth was not registered, then you will not get it. For example, my great great great grandfather was Irish but my great grandmother's birth was not registered in the UK when she was born. As such, all subsequent generations since my great grandmother have, unfortunately, lost their Irish citizenship. :( Second residency: Ecuador has one I believe ... you deposit US$40,000 and you get residency. Most countries in Latin America have something similar. Uruguay is another one that is cheaper. All you have to do is prove you make at least US$1,500 per month and you can apply for their "Rentista Visa" which does eventually lead to citizenship in 3 years for married couples (same-sex couples are allowed) or 5 years for single applicants. Asia and Europe are harder to come by. However, one loophole I know of is if you're a UK citizen, you can live and work in Ireland thanks to the CTA (Common Travel Area) between the two countries. In fact, UK citizens have more rights to live and work than EU citizens do because Ireland is not part of the Schengen Area. EU citizens actually need a work visa to work in Ireland. Brits don't.

[@JD-gv4uz]

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.

[@ubonrat8653]

yes is the answer

[@R0yL33]

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.

[@OffshoreCitizen]

Where would you like to reside, ideally?

[@R0yL33]

@@OffshoreCitizen already here brother. Thailand.

[@ruiamaral7954]

definitely..... I think an exit is needed for many.

[@dr.winner2516]

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)

[@johnesmer5635]

Can you turn up the volume.

[@donovanmic]

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?

[@OffshoreCitizen]

Yes you can

[@realismatitsfinest1]

No (to the last question). However, one little side note and hint ... when you leave make sure you leave on a one-way ticket, not roundtrip, as "roundtrip" implies you are returning. Also remember to severe as many ties as possible - i.e., bank accounts, memberships, etc. When I left in 2006 for Panama I left on a one-way ticket and gave up everything in Canada except for my Drivers Lic and Passport. The more give up, the better your case will be. I would recommend keeping your DL because when you get to Ireland you can simply transfer your provincial DL for an Irish one. It will of course you are only licensed for automatic transmission unless you get an upgrade on your Irish DL. You go to the equivalent of their MOT and just hand in your provincial DL. They will take possession of it and send it back to Canada (again, thereby proving you are in fact severing ties) and they will issue you their Irish one. And if you ever return to Canada, you can simply transfer it back again. (NOTE: You can't do this with all provinces as each province has to have an agreement with the Irish govt, but I know Ontario has this agreement. You'll have to do your own research on this one.)

[@stevemyers2092]

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.

[@realismatitsfinest1]

I'm in the same boat as you - born in Canada, UK citizen by descent (through father). The answer to your question is: No. Not even your natural child can get it. The British govt changed the rules back in 2008. If you had applied for them before 2008, you would have been OK and they would have been 'grandfathered in' (pun intended!). But as it is now, they will not be able to get it. That's why I'm planning to move back to the UK with my wife (fiancée right now but that's soon to change) so that when my kids are born, they will have UK citizenship by birth and Canadian by descent. (In fact, I'm actually moving to Northern Ireland, because, if you are a British citizen and your kids are born there, Ireland also gives them Irish citizenship as well -- so my kids right from birth will have 4 citizenships: British and Irish by birth and Canadian and Uruguayan by descent. (Likewise, Canadian citizenship can only be transferred one generation.) Also to note, even if if they could get citizenship, it is usually only dependent children under the age of 18.

[@jodijaanify]

what about Bahrain?

[@OffshoreCitizen]

For residency fine, for passport mostly not an option

[@nickmusttravel]

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.

[@EnderViBrittania]

“ “war” “? Why did you put that word inside quotation marks?

[@WhyYouTrippin]

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?

[@OffshoreCitizen]

Sometimes but then again in some countries it's totally unnecessary as they don't tax capital gains or don't have tax etc. Totally depends country to country

[@adamjosephyoungdokim7667]

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

[@peaceonearth8693]

North Koreans getting a second passport seems pretty prudent..

[@adamjosephyoungdokim7667]

@@peaceonearth8693 North Korean refugees are automatically entitled to the South Korean passports when arriving in korean consulates & embassies !Yes North Koreans getting a 2nd passport is realistic if possible

[@chipyoung4396]

Do you know anything about Paraguay?

[@OffshoreCitizen]

They have a permanent residency option that could eventually lead to citizenship. Any reason you're interested in Paraguay?

[@chipyoung4396]

@@OffshoreCitizen I like the territorial tax system, that they are rarely in the news, that they have a reputation for friendliness, that many prices are low, that their energy costs through hydroelectric are self- sustaining, that a rural or semi rural lifestyle is available.

[@bojanamir1988]

JUST UAE PASSPORT 🇦🇪

[@OffshoreCitizen]

Almost impossible to get sadly but hopefully soon