What would you do? Leaving Canada to live abroad.

[Martin Everson]

Bagpacker said:
When you check the original post you will learn that I was talking about Egyptian artifacts (you mentioned them) and Germans (I mentioned them).
Nevertheless, we can easily broaden it because unoccupied Egypt has at no point in time officially allowed the export of these kind of (valuable/historical) articrafts.
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I used one random example about Egypt art being that its art is very old. However you seem to have used Egyptian art as your basis for your entire discussion on art which is narrow minded. Please let go of Egypt in your head and focus on all art....lol. The art market is bigger than Egypt.

Art has and will always remain an area to preserve wealth period. Now back to thread topic please.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[freedomseeker]

Thanks for all the great replies everyone... so much to digest.

I was just looking on you-tube and i noticed that nomad capitalist just released a episode yesterday on fleeing Canada. Now i don't put ton of stake in his videos, but i do think on occasion i glean some interesting information. On this particular episode what i noticed is just how instantly popular (view counts) above his normal view numbers. I guess it feels good that i seem to not be the only one wary of the state (political and/or economically) my home country.

So a few follow up inquiries...

First off since i have no choice but to have my pension in Canadian dollars i will (note, not might) be converting the liquidation of my assets into a currency (or asset ) that is not in my home currency as a hedge. The question being which?

The usa is still the world's base currency, but they too are swimming in debt, and if they correct hard it will also effect my Canadian $ as well as we are so tied to the states. Would one still convert to usd? or what other currency(s) would you opt for instead and why? (ie Swiss? euro? Singapore? etc?)

Also what method would give me the best exchange rate for the conversion of hundreds of thousand of $? Transfer wise the best ? Is converting to crypto and investing in a stable coin even in play or for that matter wise?

As for real estate... I am planning on travelling pretty much non stop for a minimum of 2 years, but i could see myself doing it for 5 years. So i agree i would never buy till i visited, understood the countries laws and stability. That being said what are some of your favourite countries or cities that you think are up and coming, good value for the money, future appreciation, rental income or even perhaps running something like a air b&b in the future?

Would it be wise or worth it to put the real estate holding in the name of a company?

Banking... Can i as a Canadian, set up a bank account in a foreign country even if i am not living there? what countries or banks would be recommended? Someone suggested HSBC, as they have reduced atm withdrawal fees, i also heard that DBS out of Singapore (or other Singapore bank?) has something like that as well, am i wrong? Is it impossible now to open a Singapore account with out living there? (my money is 100% clean, taxes paid) Someone also mentioned capitol one, but i have not herd anything about them besides credit cards in canada so i wonder if that is also a american thing just like schwab (not fair!). Other ideas on other banks or jurisdictions?

Also one last thing... from what i read to become a non resident of Canada i can't just simply be a nomadic traveller (even though that is what i would like to do) So how does one quickly establish a residence for banking, and tax purposes. What jurisdiction(s) are recommended for a reasonable tax rate, economic stability, quality of life, easy of becoming a resident, etc... if you were doing what i want to do what and were would you go?

Sorry about the long reply, i humbly thank you all for your time.

 

[Golden Fleece]

freedomseeker said:
Would it be wise or worth it to put the real estate holding in the name of a company?
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You should read through the archived threads in this forum. Many of your questions are either answered there or they will provide you with a great deal of additional information, so that you can ask more specific, intelligent questions -- rather than general ones.

Many of your questions depend on your specific facts. For example, placing real estate in your name or the name of a company. It depends on the tax laws of Canada, the tax laws of the country where you purchased the real estate, the goals that you hope to achieve, potential liability issues, and many other factors that are fact-specific to your circumstances.

 

[369]

Martin Everson said:
All art sold and traded is stolen? I think your being a bit disingenuous here. There is stolen art out there and a black market for art. However auction houses have for a long while now checked for provenance of art sold through them.



Again your premise is wrong and a terrible assumption.



You obviously have a very small time horizon through which you look at every blip in a chart to make this call.

Again Land, Gold and Art remain good investments. And if held in trust for your future generations can ensure them wealth for many centuries to come. Other assets classes you will find will be short term flavour of the day or intangibles.
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Would you favour trusts over foundations ?

 

[RexS9999]

Using art and even diamonds as a store of wealth is simply ridiculous for the average person. The average person has no knowledge of these things. An academic study would likely conclude they are a good store of wealth but get real. Unless one can invest through some sort of fund.

 

[Martin Everson]

369 said:
Would you favour trusts over foundations ?
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Depends on Jurisdiction and whether you want beneficiaries to be declared or not. A trust has a finite life span in some jurisdictions (i.e 99 years) and requires beneficiaries. A foundation generally does not have a lifespan and can be without beneficiaries. This is useful where beneficiaries are located in a country that taxes the non-distributed profits of a foreign trust based on allocation to the beneficiary.

freedomseeker said:
The usa is still the world's base currency, but they too are swimming in debt, and if they correct hard it will also effect my Canadian $ as well as we are so tied to the states. Would one still convert to usd? or what other currency(s) would you opt for instead and why? (ie Swiss? euro? Singapore? etc?)
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Avoid USD totally would be my answer and stay in CAD. Bottom line is if USD failed then we would have a systematic problem on our hands with the entire fiat financial system. USD is the majority of the worlds currency. It also forms most countries foreign reserves. Smaller pointless currencies like CHF and SGD cannot replace USD and EUR cannot fill the gap. The shear amount of USD in circulation and backing the majority of the worlds investments, debt and trade is too much to replace.

freedomseeker said:
That being said what are some of your favourite countries or cities that you think are up and coming, good value for the money, future appreciation, rental income or even perhaps running something like a air b&b in the future?
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Big question. I would have to refer you to PWC research that examines the worlds top 10 economies by 2050. These are the countries you want to invest in as unpalatable as some of them might be.

https://www.pwc.com/gx/en/research-insights/economy/the-world-in-2050.html
P.S Russia not looking so good today but will be fine by 2050 as its Asia pivot is right decision long term.

freedomseeker said:
Banking... Can i as a Canadian, set up a bank account in a foreign country even if i am not living there? what countries or banks would be recommended? Someone suggested HSBC, as they have reduced atm withdrawal fees, i also heard that DBS out of Singapore (or other Singapore bank?) has something like that as well, am i wrong?
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DBS is limited geographically and so is HSBC to some extent. I would look at banks like Standard Chartered or Citibank only. These have excellent global footprints and excellent offshore centers for wealth planning. You can look at their Singapore or Channel Island branches.

freedomseeker said:
Also one last thing... from what i read to become a non resident of Canada i can't just simply be a nomadic traveller (even though that is what i would like to do) So how does one quickly establish a residence for banking, and tax purposes. What jurisdiction(s) are recommended for a reasonable tax rate, economic stability, quality of life, easy of becoming a resident, etc... if you were doing what i want to do what and were would you go?
Click to expand...

Yes a foreign tax residency outside Canada is a must. But again where to live is very subjective and individualistic. Language, culture and everything else is important. You don't want to move to a country and be getting government letters in a language you don't understand. I would look around forum and see what others have done. It's quite a common request.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JimBeam]

@martin, while we are talking about art, what's your take on Masterworks ?

 

[Martin Everson]

JimBeam said:
@martin, while we are talking about art,
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Think you tagged wrong Martin..lol.

JimBeam said:
what's your take on Masterworks ?
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That's for US investors only. Secondly the last thing you ever want to do if leaving Canada would be to invest in US.

However if credible artists come up and you think company is credible and will be around in 10 to 20 years then its an interesting way to spread your risk over several pieces of art. However like gold and land I would prefer to own my art outright. Investing in art via this method has third-party risk.

Back to thread topic please.

freedomseeker said:
I was just looking on you-tube and i noticed that nomad capitalist just released a episode yesterday on fleeing Canada. Now i don't put ton of stake in his videos, but i do think on occasion i glean some interesting information. On this particular episode what i noticed is just how instantly popular (view counts) above his normal view numbers. I guess it feels good that i seem to not be the only one wary of the state (political and/or economically) my home country.
Click to expand...

Btw I watched that video and it was quite interesting the points he made. I can see why it got an abnormally high number of views.

Last edited: Mar 19, 2022
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.