For the first time in many years, a confluence of factors is causing many wealthy families to add Canada to the list of countries they are evaluating as part of their citizenship and residency strategy.
(PRWEB) October 20, 2010
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. Those who have begun to examine this complex subject will have found the problem is not a lack of options. Rather, it is identifying the right ones and, probably more importantly, avoiding the wrong ones.
Canada is one of the world’s best kept secrets. Canada provides a safe and surprisingly tax-efficient alternative to many of the more well-known citizenships that the wealthy can consider acquiring. It hasn’t always shown up on the list of potential countries for wealthy families looking for additional citizenships or residences. The reason is its (partly unfair) reputation as a high-tax and chilly-weather destination as well as the perception that better alternatives might be available.
But things have changed and so have the perceptions. Canada is now recognized as a much more attractive destination for wealthy families, particularly from a tax efficiency and ease of immigration perspective. At the same time, the relative attractiveness of other destinations (such as the US, UK, Switzerland, and Caribbean tax havens) has waned, for well-publicised reasons.
Mr. McCullough explains: “For the first time in many years, a confluence of factors is causing many wealthy families to add Canada to the list of countries they are evaluating as part of their citizenship and residency strategy. Canada rates at or near the top of virtually all the global ‘livability’ studies, based on the attractive culture, environment, education, healthcare and stable democratic government. A Canadian passport is at or near the top of the world passport pyramid as measured by flexibility and mobility (when it is needed most). And finally, Canada offers a surprisingly-attractive tax regime for high net worth immigrants, while housing a world-class professional services and financial infrastructure.”
Family Office Global (FOG) magazine is a quarterly publication of the Global Partnership of Family Offices. Global Partnership is a unique and focused private networking group, dedicated to delivering exclusive services and information to international single and multi-family offices.
To read the full article, visit: http://www.northwoodfamilyoffice.com/pdf/Canada_the_Switzerland_of_North_America.pdf
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