Canada has a reputation as being one of the friendliest and safest countries in the world. Combined with strong investment opportunities and a high quality of life, Canadian passport power ranks in a high position – clocking in as the third strongest passport in the world. This is according to the novel approach by Global Citizen Solutions, which looks beyond mobility and considers investment opportunities and quality of life indicators, which we believe are essential elements to determine a passport’s strength.
So, why does Canada rank so highly? And why do Canadian passport holders have an array of benefits at their fingertips? Read on for a detailed understanding of Canada’s ranking score and country profile.
Canadian Passport Power Ranking 2023
There are an array of reasons that would make someone seek second citizenship, and several draws for why individuals will choose one country over another. Our Global Passport Index uses a quantitative scoring system to examine the attractiveness of a passport based on enhanced mobility, investment opportunities, and quality of life. So, just where does Canada stand in the rankings?
Our three-pronged approach provides three indexes, with Canada holding a different score for each index:
1. The Enhanced Mobility Index: holds the most weight (50%) and is based on the number of countries that the passport holder has access to, alongside the level of “attractiveness” in terms of quality of life standards.
Canada’s Ranking: 24th
2. The Investment Index: holds 25% of the overall calculation and is based on the country’s economic strength, looking at financial prosperity and ease of doing business.
Canada’s Ranking: 11th
3. The Quality of Life Index: holds 25% of the overall calculation. Six components related to the quality of life are covered under this index – sustainable development, cost of living, level of happiness, environmental performance, freedom, and migrant acceptance.
Canada’s Ranking: 4th
For more information, see Canada’s country profile here.
Canadian passport power: An all-round strong passport
Canada ranks relatively high in each of the categories, particularly in the Quality of Life Index. This pushes Canada into the third position in the overall Global Passport Index ranking.
The Canadian passport currently ranks as having the third most powerful passport when taking into account the three individual indexes.
Canadian passport power: Enhanced mobility
A Canadian passport regularly ranks highly for mobility. Indeed, a Canadian passport holder has visa-free access or visa on arrival access to 170 countries (out of 198 countries), landing Canada in 24th position in the Enhanced Mobility Index. The Enhanced Mobility Index also incorporates quality of life factors, to which Canada performs well.
Canada has visa-free and visas on arrival access to countries such as the USA, the EU countries, Brazil, Japan, and the United Arab Emirates.
Canada passport power: Investment opportunities
Canada offers investors global market access and low-risk investments. This is because the country offers stability, vibrancy, and innovation, with many Fortune 500 companies expanding or establishing their operations here.
Canada has a Gross National Income (GNI) per capita of $51.14 and personal taxation of 33%, and ranks highly on each aspect of markets and innovation – innovation capability, financial system, product market, market size, labor market, and business dynamics – making Canada a “most favorable” option for investors to place their money. The financial system in particular is very good in Canada.
Canada ranks as having the 38th largest population, but the tenth largest GDP in the world, showing that Canada is pushing against its weight. International trade, both exports, and imports play a significant role in the country’s economy. To grow in terms of business, the trick is to seize opportunities, while avoiding potential risk. Canada comes up trumps as it offers investors and international companies stability to grow and innovation to instigate progress.
Taxation perks
Investing in Canada can also be an attractive country for potential investors because of the variety of tax-advantaged accounts that are available for Canadian residents. Alongside this, you will have access to major stock markets including the Toronto Stock Exchange (TSX), the 11th largest exchange in the world and the third-largest in North America, based on market capitalization.
Canada – a haven for foreign investments
Put simply, it is unsurprising why Canada is a solid investment hub, particularly for foreigners who are attracted to large economies that offer multiple opportunities on the local market. The close proximity to America also makes it easier to do business across the border.
Canada passport power: Quality of life
Canadian citizens often feature as amongst the happiest in the world, with a good quality of life. Indeed, in the Quality of Life Index, Canada ranks very highly in terms of sustainable development, the level of freedom, environmental performance, the level of happiness, and migrant acceptance. The only aspect in which Canada did not rank highly is in the cost of living, where Canada has a high cost of living. Some of the reasons why Canada performs well here, ranking as 4th on the Quality of Life Index, is that the country is safe, politically stable, and has a very well-developed public health system.
The World’s most powerful passports:
The US comes out on top of the pack as having the strongest passport in the world. This is followed by Germany (2nd), Canada (3rd), Netherlands (4th), Denmark (5th), Sweden (6th), UK (7th), Finland (8th), Norway (9th), and New Zealand (10th).
Securing a second passport
Outside the popular routes of citizenship by birth, marriage, and naturalization, citizenship-by-investment or residency-by-investment programs are becoming increasingly popular.
Although the programs for each country vary, and some countries will not have these schemes in place, the requirements are generally that you will need to make a minimum investment into a nation’s economy or infrastructure – for example real estate, cultural institutions, job creation, etc and secure citizenship. This is a win-win, as it boosts the country’s economy and allows you to gain citizenship and enjoy certain personal freedoms and financial prosperity.
Global Citizen Solutions is a boutique global citizenship and residence advisory firm, providing citizenship and residency solutions to international clients. Contact us today to begin your journey to obtain true global citizenship.
Some of the countries that we currently offer citizenship or residency by investment are the following:
About the global passport index
Passport rankings in the past have typically focused on the number of countries that allow visa-free access, with those that allow easier mobility and great access ranking highly. However, we believe that this is an oversimplified approach and that there are other important benefits that are fundamental to consider when acquiring a second passport – such as investment opportunities and quality of life.
To create our Global Passport Index, quantitative data like composite indicators were used to analyze specific criteria that determine the attractiveness of a passport. The ranking is based on data from various institutions and multilateral organizations, such as the World Bank, the World Economic Forum, and the Sustainable Development Report, and was put together in collaboration with senior analysts.
Our full methodology can be found here.
Discover more about the most powerful passports in our Global Passport Index.
