The trend is clear: Canada’s millionaires are on the move. Whether driven by high taxes, political concerns, or a desire for greater lifestyle freedom, an increasing number of high-net-worth Canadians are emigrating each year.
So where are they going? Here are the top five destinations for Canadian millionaire emigrants:
1. United States
Why?
- Proximity: Easy cultural adaptation and quick flights back to Canada.
- Lifestyle: Warmer climates in states like Florida, Arizona, Texas, and California.
- No exit tax for Canadians moving to the U.S. (though Canada imposes deemed disposition tax on departure).
- Business Opportunities: Larger market access, especially for tech, real estate, and cross-border finance.
Tax Considerations
- State tax rates vary, with Florida, Texas, and Nevada offering no state income tax.
2. Portugal
Why?
- Golden Visa Program: Grants residency with flexible stay requirements.
- Non-Habitual Resident (NHR) tax regime: Offers ten years of tax benefits for new residents.
- High quality of life, affordable cost compared to Canadian cities, mild climate, and strong healthcare system.
Tax Considerations
- NHR program offers reduced taxes on foreign income, pensions, and certain capital gains.
3. United Arab Emirates (UAE)
Why?
- Zero income tax environment.
- Hub status for global business, trade, and crypto.
- Luxury lifestyle, safety, and world-class infrastructure.
Tax Considerations
- No personal income tax. However, the UAE introduced a 9% corporate tax on business profits above AED 375,000 in 2023, but personal investment income remains untaxed.
4. Caribbean Nations (St. Kitts & Nevis, Antigua & Barbuda, Dominica, Grenada, Saint Lucia)
Why?
- Citizenship-by-Investment (CBI) programs granting citizenship within months.
- Visa-free travel to over 140 countries.
- Attractive lifestyle with no income or capital gains tax in many jurisdictions.
Tax Considerations
- Ideal for wealth preservation and asset protection strategies, with zero or minimal taxes on foreign income.
5. Australia
Why?
- Popular for families seeking English-speaking, stable, and safe environments.
- Strong healthcare and education systems.
- Growing tech and finance sectors attracting entrepreneurs and professionals.
Tax Considerations
- High personal income tax rates (up to 47%), but offers lifestyle and business opportunities for emigrants who prioritize quality of life over tax optimization alone.
Conclusion
Canada’s millionaire exodus is part of a global wealth migration wave. These destinations offer varying blends of tax advantages, lifestyle upgrades, investment opportunities, and strategic citizenship options. For those exploring emigration:
- The U.S. provides proximity and scale.
- Portugal offers European access and tax benefits.
- UAE grants a tax-free business hub lifestyle.
- Caribbean nations deliver citizenship and tax relief.
- Australia provides lifestyle and family security.
At Invest Offshore, we support Canadian millionaires seeking structured offshore banking, tax optimization, and residency or citizenship planning to protect and grow their wealth in an increasingly unpredictable world.
Image by Euphoric Voyager from Pixabay
Leave a Reply