|Canada– An Introduction
Canada is a country located in the northern part of North America and is the second largest country by total area and the fourth by land area. Its border with the United States of America is also the world’s longest land border. Despite its gargantuan size, Canada is relatively sparsely populated and approximately four fifths of Canada’s 35 million citizens can be found living near the southern border. This is because the northern parts of Canada are largely covered by forest, tundra and the Rocky Mountains, with a severely cold winter climate. Although cold in the winter also, the southern more inhabited parts of the country do experience more warmth in the summer periods.
Canada is one of the world’s most ethnically diverse and multicultural nations, so UHNWI looking to visit should feel welcome. It also boasts the world’s eleventh largest economy in the world, for which it attributes much of its wealth to its plentiful natural resources and highly connected international trade networks. It has the tenth highest nominal per capita income on a global scale, and ranks ninth in the Human Development Index. Canada holds firmly steadfast to principles of government transparency, civil liberties, quality of life, economic freedom, and education, making it a desirable location for UHNWI who want to invest in a culture with more liberal leanings.
Politically, Canada operates a parliamentary system with a constitutional monarchy led by Queen Elizabeth II. The current Prime Minister of Canada is Justin Trudeau whose office is one of the most powerful in government: most legislation is initiated from this office and sent to Parliament for approval. There is also a Leader of Her Majesty’s Loyal Opposition who is usually the person leading the party who gained the second most seats and they are then used to monitor and criticise the current government where necessary to keep them in check.
Economically, Canada is the world’s eleventh biggest economy and one of the world’s best ten exchanging countries, with a profoundly globalized economy. It prides itself on its generally low level of wage dissimilarity which again thinks about the rule of common freedoms and personal satisfaction it treasures. The nation’s normal family extra cash per capita is over USD 23,900 higher than the OECD normal. As far as stock trade, the Toronto Stock Exchange is the seventh biggest stock trade on the planet by showcase capitalization and records more than 1,500 organizations with an aggregate market capitalization of over US$2 trillion. Fares equalled over C$528 billion, while its foreign made products were esteemed at over $523 billion, of which roughly $349 billion started from the United States, $49 billion from the European Union, and $35 billion from China. After the subsidence in 2008, Canada has recouped well and keeps on developing consistently and safely, in spite of the fact that there is still some unpredictability with oil costs and higher than ordinary joblessness rates. Other than the USA who is its main exporter, Canada has seen an expanding measure of fares to Asia which is presently its second biggest exporter. For UHNWI who are looking to trade in both the US and Asia, Canada is a potentially great location in which to operate.
For the UHNWI with children considering a permanent relocation to Canada, they will be pleased to hear that Canada is the most educated country in the world with the highest number of adults having a tertiary education and over 50% of adults obtaining at least an undergraduate college or university degree. Canadian educational bodies are taught in both English and French.
The citizens of Canada place high importance on equality and inclusiveness for all its people and is famous for its welcoming approach to new citizens. Multiculturalism is a corner stone of the country and its people. There is also a large passionate following for ice hockey and lacrosse which are Canada’s national sports.
Canadian Citizenship by Investment
Although Canada does not offer a direct citizenship by investment program as it closed in 2014, it does offer a fast track scheme for investors who can acquire their citizenships faster through the process of naturalisation. The two programs on offer are as follows:
Canada Business Investor Fast Track Program
If you are a UHNWI operating their own business, then setting up a branch of your business in Canada can be a path toward achieving faster Canadian citizenship. Your business must be reasonably successful and therefore you setting up a branch in Canada will benefit the Canadian economy and provide new jobs for its citizens. The total cost of the move and paperwork should amount to approximately USD 130,000. If this is a possibility for you and you can see some benefit to branching your business out to Canada other than acquiring a fast track to Canadian citizenship then this is the best option available.
Quebec Immigrant Investor Program
The other alternative is the Quebec Immigrant Investor Program. In order to qualify, the UHWNI needs to have a total networth of atleast C$1,600,000 and make a donation of approximately USD 800,000 which has to be invested on fully guaranteed interest free government term deposit for 5 years. However, the payment does not have to be made up front and financing options can be considered.
Completion and acceptance from either of these programs will afford the UHNWI permanent residency in Canada. From this point, after a further two years permanent residency and one other year in total of general residency (three years total), you can apply to become a Canadian citizen via the naturalisation.