Three Ways to Conceal Transactions

Learn from Foreigners, Join the Parallel Economy

This is Chapter 11 of Financial Sovereignty for Canadians: Untether Yourself from the Ottawa Leviathan.

Over the past decade, Canada has received many wealthy Asian immigrants coming from Taiwan, Hong Kong, East India, Singapore, and China. Vancouver’s notable multiculturalism shows it has been a magnet for immigrants, and the Chinese community, in particular, has not only found a home but a location to park its money.

The Asian investment cash flow has increased to the point that, according to the National Bank of Canada, it accounted for one-third of the $38 billion residential home sales in Vancouver in 2015. Unfortunately, for locals looking to buy, this has exacerbated the housing affordability crisis.

Foreigners, especially those coming from mainland China, have seen Canada as a safe haven. Under the Communist Party regime, Chinese subjects have severely limited property rights (with no freehold land) and paths to wealth, at least outside party membership or so-called collective land. Predictably, expatriates are inclined to treasure their privacy and buy property with little trace.

In this chapter we will explore three relatively simple mechanisms accessible to foreigners and Canadians alike.