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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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We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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