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In the world we are in, staying blindly loyal to a country is the same as putting all your money in one stock and hoping for the best. Heck, some countries and governments are more like cryptos than the SPY. Consider diversifying your passports for your and your children’s future. Heck, you may also get some sweet tax advantages. I’ll share my strategy being of Indian origin. I lived in the US pretty much the entirely of my adult life but US citizenship is onerous for people of Indian origin. I however ensured my children were born in the US giving them birthright citizenship. Simultaneously, I applied for a Canadian PR and relocated to Canada with my family. We just turned in our paperwork for citizenship. As a nice benefit, we avoided having to pay capital gains taxes on all our investments in the US over the years because of the tax treatment afforded to Canadian PRs leaving the US. Additionally, we have decided to invest in the Portuguese golden visa (as a result of a blind poll). The financial, residency requirements and the investment terms are exactly in line with what we are looking for. This will give me and my family free access to the EU. We will also be eligible for the OCI card giving us most of the rights afforded to Indian citizens. Why we are doing this - 1. Freedom to travel 2. Freedom to work and live in most of the world in our terms 3. The ability to move to safe havens if shit hits the fan (eg climate change, war, famine etc). 4. The chance to help our kids both empathize with people of different cultures as well as to benefit from the freedoms we did not have. AMA if you have any questions
Op I also have Canada PR and yet to move permanently, I have the same exact plan as you, cheers my friend. Wow, But I was not aware of the tax treaty, I will DM you
I have a German passport, UK ILR(settlement), Passport from my country of origin. It is very hectic to fill out forms and keep track of all your details and make sure everything stays renewed especially if its a family. The German passport is very strong as in I don't really need any visa for most countries i am inclined to keep just one at some point. With the UK non dom status you pay 0 tax on your income.
How did you get a German passport? I'm asking because normally Germany doesn't allow dual citizenship
As long as you're fine with dealing with the cold temperatures in Canada, this is a good strategy.
People seem okay dealing with Chicago and New York City :)
1. How much do you make and do you think there is a minimum household income where this makes sense. 2. How many years did it take you to get your Canadian PR? 3. How easy is it handle any overseas US income from Canada, say rental properties or stocks?
We make about $500k CAD post stock crash. Our net worth is about $1.8m USD. I think this makes sense if you feel like your baseline needs are taken care of, and you need to set yourself and your children up for generational success 6 months to get the PR while we were still in the US Cross border US taxes can be a pain but we have read the regulations ourselves and can do it ourselves
Well done. I started with just Canadian citizenship but now I have Irish and American as well. It’s good to be able to give our kids every advantage. We always thought we’d go back to Canada and take advantage of the step-up in cost basis for investments too but we seem to have put down roots in the US now. IMO more people should consider moving as part of their retirement strategy. Where do you plan to settle long term?
What is the benefit of Portuguese golden goose when you can get red Canadian passport? With Canadian passport you can travel to more countries than Portuguese passport.
US,Can, EU; all fucked up NATO forces
How does the Portuguese golden visa work? Do you directly get the passport or a PR with residency requirements until you qualify for citizenship?
The process is a bit tedious but worth it imo. You invest like $400k euros let’s say in a hotel and get a PR. Some of these investment vehicles do a guaranteed buyout after 5 years and allow you to stay there 7 days a year. All you need to do is reside there 7 days a year for 5 years, demonstrate you know Portuguese and you become a citizen.
Thanks for the info. But it seems travel restrictions are already eliminated for you and your family. You have done a due diligence already wrt your kids' citizenship. Kudos on that! With US-Canada dual citizenships, they are in a great shape already. It's good to have a flexibility to live in EU, but are you really planning to uproot and assimilate them and yourself in a European country? Also EU is not the neither the greatest hedge against war nor is it a tax haven, barring Monaco. Not trying to shoot down your venture but I still don't quite understand the value prop of having a EU citizenship given the situation you are in.
What company do you use for portugal golden visa? Do you recommend them? How far in the process are you?
This is the smart thing to do. Congrats. I myself have two different permanent residencies but I’m still going to try to get the us GC.