Where do the world’s wealthiest citizens prefer to live and invest? Not surprisingly, at the top of the list are London, New York, Paris, and Toronto, which makes a respectable showing at No. 9. These cities are home to some of the most vibrant economies in the world. They are also magnets for newcomers, who bring with them a wealth of talent and energy. In addition to being great places to live and work, these cities offer a wide range of cultural and recreational activities. As a result, it is no wonder that they are so popular with the world’s wealthiest citizens.
Wealthy families from around the world are applying for second passports or new citizenship in Canada. And the reasons are quality of life, investment opportunities, safety, tax considerations, ease of travel, better education and great health care. All that is accordingly to the international property firm’s Wealth Report Attitudes Survey.
Why Canada?
For the fifth year in a row, people from around the world named -Canada- the top country for quality of life. Among the reasons that wealthy families from around the world are applying for second passports or new citizenship in Canada are the quality of life, investment opportunities, safety, tax considerations, ease of travel, better education, and great health care, according to the international property firm’s Wealth Report Attitudes Survey. Not surprisingly, at the top of the list is Toronto, which makes a respectable showing at No. 9.
It’s no wonder that Canada is one of the most desirable countries to live in. The country has a stable political system, solid financial-services industry. Not to mention an excellent infrastructure and culture for diversity’s sake!
High-net-worth newcomers
Canada is seeing an increase in the number wealthy people due to immigration, according Henley & Partners’ Wealth Migration Dashboard. Over five years from 2011-2017 there was 22% growth, which continued into 2020 with another 5%.
A huge factor for this is our country’s policies on taxes and investing opportunities that are geared towards high net worth individuals.
Projection
Canada is projected to see an increase in the number of high-net worth individuals over next 10 years, with 30% growth expected. This places us at fourth highest among all countries globally that have populations above USD 100 million.
What Federal Government Offers to newcomers
According to recent data, Canada welcomed more than 405,000 new permanent residents in 2021. The significant increase is due in part to the federal government’s Start-Up Visa program, which provides a pathway to permanent resident status for business immigrants. The program is designed to help entrepreneurs start businesses and settle in Canada. To support newcomers, the government offers a range of services. These services help newcomers to overcome barriers and successfully establish themselves in Canada. With the right support, newcomers can thrive and make a positive contribution to the Canadian economy.
