Second residency and citizenship programs are increasingly becoming popular during the pandemic. HNIs and UHNIs in India are now exploring safer alternatives for their families. In this regard, the Canada residency by investment program is now a popular choice for many of them. If you are one of those investors, you should get your Canada investment visa.
Canada investment immigration is the country’s CIP program, allowing you to move to Canada by investing a specific sum of money. You can invest a minimum of CAD 200,000 in an active business (outside the greater Toronto area) and obtain a second residency in Canada for your family of 4 members.
The great white north is home to the world’s best economic, social, and cultural opportunities. It is also one of the world’s largest growing economies. You and your family will get a lifestyle upgrade in the country and build a better future for the next generations.
This article will look at some of the pros and cons of obtaining a Canada PR by investment. If you are looking for investment options, this article will help you in getting a better understanding of the CIP program in Canada.
Pros of Canada Investment Visa
The Canada investment visa for Indians has a lot of pros and cons. There are a lot of Indians already living in the country, and more are migrating every day – so it must be the right place. Let us look at the benefits of getting Canada residency by investment –
World’s best healthcare
Canada has a universal healthcare system, which is one of the best in the world. Through the tax-funded public insurance program, medicare or universal healthcare provides access to doctors and hospitals across 13 provinces of the country. In times of COVID, getting a Canada PR, and moving to the country is one of the best decisions you can make.
Permanent residency by investment in Canada upgrades your lifestyle in ways you can’t imagine. You can live in some of the world’s best places, like Toronto, Vancouver, and many more. You can purchase real estate, access the world’s leading brands, and enjoy a vibrant and joyful lifestyle. The investor visa program for Canada also gives you access to the diverse neighborhoods of the country. They are friendly and welcoming towards Indian immigrants.
Canada has world-leading universities and schools. If you want to fulfill your child’s dream of moving and studying in Canada, applying for residency in Canada is an excellent option. The University of Toronto, McGill University, University of British Columbia are some of the world’s best universities. If you want your young children to achieve best-in-class education, then you should move to Canada.
Peace of mind
Canada is one of the safest countries in the world. It has a low crime rate and is consistently known as a friendly nation. You’ll achieve great peace of mind with Canada investment immigration. You can purchase real estate near the beautiful mountains or picturesque landscapes that will help you relax. It is a great place to retire as well – considering the retirement benefits it offers.
Cons of Second Residency in Canada
Canada is the dream migration country for most Indians. However, there are several factors that you need to consider before making the final immigration decision. Here are a few of them –
1. Competitive environment
Canada is an extremely competitive country. Everyone is trying to make it big. So if you are investing in a business, you have to work really hard to grow it. If your children decide to join or start a new business, then the initial struggle is genuine. Canada’s investment visa doesn’t waiver off the hard work it requires to make it big.
2. High tax rate
Canada PR by investment is not something you should opt for if you wish to save tax. The practical tax rate on income in Canada is around 28%. That is much higher than in other countries and even the US – where the tax rate is about 18%. The high tax rate is a big downside. Also, you’ll have to pay for almost every service or activity in Canada.
3. Strict regulations
The Canadian government has a high amount of involvement in your daily life. While rules and restrictions are good, there are certainly more than necessary in the country. Canada PR also comes with the warning to play by the rules because even a minor offense can land you in jail or put a hole in your pocket. So you’ll always have to be on your toes while working with anything related to the government.
4. Canada is expensive
If you have been living in India, you must know that Canada is an expensive country. Applying for residency in Canada means that you are okay with the high cost of living. Food, clothing, entertainment is far more expensive than in India. However, with a permanent residency by investment in Canada, you’ll get used to it and even enjoy spending money on high-quality goods.
Canada residency by investment has more pros than cons
The most significant advantage of a Canada investor visa is – well, you get to live in CANADA. The country offers dream opportunities for everyone. It provides more benefits in the long-run than it has cons. And ultimately, you’ll become a Canadian citizen so that nothing will bother you anymore.
It would help if you got the assistance of expert residence and citizenship planners for migrating to Canada. Our experts at My Global Citizenship™ can guide you through the entire process – including documentation. We will make the process hassle-free, and you will be in Canada within a short period of time. Contact us today for an online consultation.