In an increasingly interconnected world, many Canadians are exploring “Plan B” options, a contingency strategy involving relocation, residency, or citizenship in another country. This approach offers protection against political instability, economic challenges, tax burdens, or lifestyle constraints in their home country.
Even a strong country like Canada, known for being a top choice for immigration, has felt the impact of the growing demand for global mobility. According to Statistics Canada, about four million Canadians lived abroad in 2016, making up around 11% of the population. These numbers have steadily increased, with migration rising 31% above average from 2017 to 2019. Also, 15% of immigrants leave Canada within 20 years of gaining permanent residency, either returning to their home country or moving elsewhere.
Furthermore, the McGill report, conducted by researchers at McGill University, examined migration trends and the socio-economic factors driving Canadians to find opportunities abroad. It identified that rising living costs and the desire to optimize taxes are significant motivators.
This goes back to raise an important question: How can Canadian citizens best strategize their Plan B options to fully leverage the power of their already influential passports?
What Plan B options do Canadians have?
Fortunately, countries are making it easier for expats to move as global mobility increases, and many of these options are a good fit for Canadians looking for Plan B migration pathways.
Here are some of the best alternatives:
Citizenship by Investment
In a conversation with Jelena Sivcev, a legal representative at Global Citizen Solutions, she explained that one of the best options for Canadians is to build a passport portfolio. “Canadians looking for a Plan B option should consider building a passport portfolio as, ultimately, a passport is the strongest immigration connection/highest immigration status one can have in a country,” she added.
She also noted that the “Caribbean offers geographical proximity,” which is ideal for those interested in a secondary home or retirement while maintaining easy access from Canada.
Therefore, Citizenship by Investment (CBI) programs are a great Plan B option and allow you to secure citizenship in another country by investing significantly in its economy. Caribbean nations like St. Kitts and Nevis, Antigua and Barbuda, and Dominica offer attractive CBI programs with streamlined processes and great benefits, especially for Canadians looking for financial diversification or an escape from Canada’s high-tax environment.
For example, Caribbean CBI countries often have no personal income, capital gains, or inheritance tax. This offers significant savings compared to Canada, where combined income taxes can exceed 50%.
However, CBI programs do not just limit you to the Caribbean; Europe also has an option through the Malta citizenship by investment program, which is one of the best options, as emphasized by our legal representative.
“For High-net-worth individuals (HNWI) or Ultimate high net-worth individuals (UHNWI) considering a second passport, the Malta CBI would be the best option as it gives them full access to EU, gives them and their families opportunities for work, education, and healthcare and option to live in either Malta or any other EU country if they wish to do so while having no obligation to live there,” added Sivcev.
To find out more about Citizenship by Investment programs
The best CBI programs for Canadians
Country | Investment Requirement | Benefits for Canadians |
$250,000 (Sustainable Growth Fund) or $325,000 real estate investment. | ✔ No personal income, capital gains, or inheritance taxes. | |
$230,000 (National Development Fund) or $300,000 real estate investment. | ✔ Visa-free access to 140+ countries and no income taxes. | |
$200,000 (Economic Diversification Fund) or $200,000 real estate investment. | ✔ Affordable program with tax-free status on worldwide income | |
$130,000 (Development Support Program). | ✔ Fast-track citizenship (1–2 months) | |
€750,000 (National Development and Social Fund) and €700,000 real estate investment (5-year commitment). | ✔ Access to EU markets, visa-free travel to 180+ countries, |
Golden Visas
Another great way to add to your Canadian passport and obtain a Plan B residency is through a Golden Visa. These programs provide an affordable way to gain European residency and eventually citizenship through investments like real estate, business, or capital transfers. In most cases, citizenship is possible after five to ten years.
Golden Visas are perfect for people looking for flexibility without the need to relocate immediately while also diversifying their lifestyle and financial options.
Sivcev explained, “Golden Visas do not require physical presence in the country to maintain residency. In addition, they provide access to the EU, creating more options and opportunities for individuals and families. It offers a great Plan B option with a minimum maintenance requirement.”
To find out more about Golden Visas
The best Golden Visas for Canadians
Country | Investment Requirement | Benefits for Canadians |
€250,000 real estate investment. | ✔ Rent in Athens averages €800–€1,200/month—significantly cheaper than Toronto. | |
€500,000 capital transfer or €250,000 in restoration of cultural and heritage sites. | ✔ No requirement to live full-time, with citizenship eligibility after 5 years. | |
Property purchase for €370,000 or lease agreement with a fee of €14,000 | ✔ Direct citizenship route with access to visa-free travel to 180+ countries, including the EU and U.S. |
Digital Nomad Visas
An excellent and affordable option is a Digital Nomad Visa, perfect for Canadians looking for lower living costs and a better quality of life. These visas allow you to work remotely while exploring new countries which means they offer career flexibility and opportunities for personal growth. These visas are ideal for those who wish to relocate immediately but still have the option to work.
Best Digital Nomad Visas for Canadians
Country | Visa Duration | Minimum requirements | Benefits for Canadians |
1 year, renewable up to 5 years. | - Proof of remote work. - Minimum monthly income of €3,480. | ✔ Transition to residency with minimal physical presence. | |
1 year, renewable. | - Proof of remote work. | ✔ Beautiful Mediterranean lifestyle. | |
1 year, renewable up to 5 years. | - Proof of remote work. | ✔ Potential for long-term residency. | |
6 months to 1 year, renewable. | - Proof of remote work. | ✔ Coastal living with affordable housing options. | |
1 year, renewable. | - Proof of remote work. | ✔ Access to Italy's rich culture. |
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
