Canadian PR’s can benefit from an EU passport
By Vince Lalonde | March 7, 2019
Many Canadian permanent residents are discovering that a European Passport can be an effective solution to some of the challenges faced by new Canadian permanent residents (PR’s).
Some of the most frequent problems experienced by Canadian PR’s are:
- Problems maintaining Canadian permanent residence due to frequent travel abroad;
- Wealth management and tax issues due to Canada’s high tax rate; or
- Problems travelling in Europe or elsewhere on a non-Canadian passport.
There are many tools available to deal with these 3 issues, and Pace can help you craft a strategy based on your situation. One strategy that can help you deal with all 3 of these problems at the same time is obtaining a European Passport.
Relatively speaking, Cyprus passport is very easy to obtain. The main requirement is a real estate purchase.
Cyprus passport can help you deal with all three of these issues that I mentioned above:
- Buying a house automatically qualifies you for Cyprus citizenship, unlike Canada you don’t need to hold permanent residence for a number of years first;
- Cyprus is considered a tax haven, but it is also part of the EU, so it’s a very safe place from which to manage your wealth;
- Cyprus is a full EU member with visa free travel to over 140 countries worldwide, so Cyprus passport makes travel very easy, and you are legally able to reside anywhere in Europe.
BENEFITS OF THE PROGRAM
- Citizenship within approximately 6 months.
- No language requirements.
- Low tax rate and free trade within the EU.
- Unrestricted right to live, work, and study anywhere in Europe.
- Excellent education system.