Pandemic Passports & CIB
Unsurprisingly, clients who have the financial means are seeking “pandemic passports” to secure access to countries with strong health care systems and economies. Canada, of course, is at the top of the list. This is not a new idea. I was invited by EB5 to present at an international immigration conference in Las Vegas, USA (back when we were all flying around going to conferences) and I presented on a panel for Citizenship By Investment (CIB). For those interested, I would look at:
- Malta
- Cyprus
- The Grenadines
Now the super-rich are buying the ultimate insurance policy to make sure they will be able to travel to whatever virus-free, sunny bolt-hole they choose, if a second spike in Covid-19 infections triggers another global lockdown. The world’s wealthiest are snapping up multiple citizenships in countries around the world.
We have contacts at law firms to assist high Net Worth clients and we provide referrals. Please note that Canada no longer offers CIB programs and I would caution any client who is promised a “quick & easy” path to Canadian citizenship. In my mind, that sounds like a scam. We have a torrid history of politicians taking advantage of such programs and they have gone the way of the Dodo bird. (Incidentally, the United Nations was gifted a gold Dodo bird while I was there in 2003. The symbolism was unmistakable!) As far as CIL is concerned, clients who are interested in CIB and/or Pandemic Passports are not beneficial for the long term growth of the country.
Our focus is on helping clients and their families for the long term benefit of our clients and our country. We have assisted many clients through the Manitoba Provincial Nominee Program – Business Investment Stream (MPNP-BIS). This is a points-based system for entrepreneurs and investors who seek to either purchase a business in Winnipeg or outside the Manitoba Capital Region (MCR) or create a new qualifying business. MPNP has published the basic requirements for interested applicants. To qualify, please book a consultation to discuss. We recommend:
- Net Worth: +$750,000.00 CAD (NOTE: the minimum is not recommended)
- Strong Business Plan
- Documented Source of Funds
- Extended Exploratory Visit to Manitoba
Successful applicants will receive temporary status in Canada and a Work Permit. Once they have worked and satisfied the MPNP Officer (note: discretionary power) on the viability of their business, they may apply for Permanent Resident status. After they are granted PR status, they may make an application for Canadian citizenship.
Indeed, “pandemic passports” may be important in the future. For individuals who value Universal Health Care and who want to contribute to a country with good governance, a fair legal system and a society based on merit, Canada may be a good option; however, the applications are neither fast nor easy.
