Canadian passports are no longer a prized possession for entrepreneurs and the wealthy

Canadian passports were once prized trophies for entrepreneurs, but times are changing. This is what to remember from the 2022 edition of the Passport Index. The index is produced by Nomad Capitalist, a global consultancy for wealthy entrepreneurs with over 400,000 Youtube subscribers. They only gave Canada a slight drop in score, but Canada largely stagnated. Over the past five years, the competition for contractors has become much more intense.

About the Passport Index

The Passport Index ranks 199 countries among the most attractive nationalities for entrepreneurs. Not all countries are suitable for all entrepreneurs, but this gives a general idea of ​​the elite options. The company rates countries in five main areas: travel, taxation, perception, citizenship and individual freedoms.

Luxembourg, Sweden and Ireland top the list

Before we get to Canada, let’s look at the top of the list and see what Canada is up against. The top-ranked countries all have quality social services, excellent global reputations, and are known as low and stable tax regions. Luxembourg takes first place, an honor it has held for five years. The country has always been widely seen as a safe place for global capital. It is also now interesting for people to join their capital.

Well-known entrepreneur hubs Sweden and Ireland round out the top three.

The top of the ranking may seem a bit skewed towards European countries. The top 20 also includes Singapore (9th), South Korea (12th), New Zealand (18th) and tied with New Zealand, Japan (18th). This is not a European ranking bias per se. But the global perception, visa-free travel and personal freedoms are commonplace in Europe.

Canada slipped to 26th for 2022

Now let’s look at Canada as it sees the value of its passports plummet down the ranks. Canada fell to 26th place in the 2022 list, down from 23rd place last year. It is now tied with Greece and the United Kingdom. It’s post-Brexit Britain, if you’re wondering.

The loss of points appears to be exclusively with Global Perception, where Canada has lost 10 points in 2022. Perception uses both internal and external cues, as well as recommendations from their professional network.

“We relied on the World Happiness Report, the Human Development Index and subjective factors from the experiences of our networks to determine how the citizens of each country are received and recognized”, this is how the firm describes the section of the report.

Just 5 years ago, Canada was one of the most wanted passports

Just five years ago, Canadian passports were among the highest ranked in the Passport Index. Canada was tied for 14th place in 2017, with the Netherlands at the time. While Canada has slipped lower, the Netherlands has climbed to 9th place in 2022. Canada’s long-term decline in ranking is only due to a slight deterioration in the country’s score. The main contributor to the drop is that the competition for contractors has become much fiercer. It turns out that every country wants a group of deep-pocketed job creators. Who knew?

Canada has built a global reputation as a hub for immigration opportunities. Although this is just a list, it is a list that shows how competitive the rest of the world is getting. As Canada rests on its laurels, the value proposition of immigration looks less attractive. This is especially true if you are young and looking for economic opportunities in Canada, as they should be rare.

Read all Passport index here.

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