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.
- 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.