BUYING a business overseas could be a strategic shortcut to both building wealth and securing permanent residency.

At the recent Passport to Wealth forum in Kingston, one legal expert highlighted how acquiring an existing business abroad can also provide a pathway for entrepreneurs and professionals with capital to live and operate in more financially rewarding markets.

“You do not have to be a resident or citizen of Canada to become a business owner in Ontario, Alberta, or British Columbia. There is no residency requirement,” explained Yanique Russell, a Canadian lawyer and CEO of Yanique Russell Law.

Russell, who specialises in business immigration, noted that once a business is set up in Canada, a Jamaican entrepreneur can apply for a work permit to operate within their own company, bypassing the traditional Labour Market Impact Assessment (LMIA) process.

“That’s one way to help people come to Canada to work,” she added, describing it as a globally accepted strategy.

RUSSELL… Proverbs 13 and 22 say a good man leaves an inheritance for children, not just the children but the children’s children….

Why Jamaicans should consider making the move, Russell argued, comes down to economics. While Jamaica remains a beautiful country, she noted that it is increasingly unaffordable for many to live, work, or run a business. Gaining residency in a country with a stronger currency, she said, can offer Jamaicans the financial leverage to return and invest in their homeland, securing a stake in what she described as their birthright. Canada also offers more global mobility. With one of the strongest passports in the world, Canadian citizens can enter up to 185 countries visa-free. For Russell, though, the bigger motivation is legacy.

“Proverbs 13 and 22 say a good man leaves an inheritance for children, not just the children but the children’s children. See, that’s two generations gone. That’s how strong your legacy needs to be,” she said.

Russell emphasised that building generational wealth cannot be achieved through a nine-to-five job alone. While her focus was on Canada, she pointed out that similar business ownership strategies can be applied in the United States and the United Kingdom. She added that Canada’s northern regions, which remain largely undeveloped, present significant opportunities for entrepreneurs willing to explore new markets. Each Canadian province provides a pathway to permanent residency for individuals who can demonstrate sufficient investment capital, relevant business experience or networks, and a commitment to starting or managing a business. Business immigration pathways in Canada require only basic language skills, with a Canadian Language Benchmark (CLB) score of three or four in English or French. This is lower than the CLB six or seven typically required under the express entry programme. Russell noted that the net worth requirements for entry into provinces such as Manitoba, Alberta, and Saskatchewan are relatively attainable. Applicants must demonstrate a net worth of CAD$500,000, which is equivalent to approximately $50 million.

“If you own two houses, or a house and a business in Jamaica, you already have that,” she said.

Entrepreneurs must also invest CAD $150,000 in rural areas or CAD $250,000 in metropolitan regions. She further stated that business ownership in Canada doesn’t have to be a solo venture. She encouraged joint ownership models — particularly among spouses — who can establish a corporation together and pool their investment funds. She noted that entry into the Canadian business landscape can start with as little as CAD $20,000. Buying a business, she explained, is often a more straightforward path to building wealth since it involves acquiring an operation that is already established in the market. For Jamaican entrepreneurs who already have a brand, a website, and a customer base, expanding into Canada can be a natural next step.

“That will mean newer markets, because if you could make money with a population of three million people, what can you do with a population of 42 million people? What can you do with a population of 350 million people if you go to the US?” she asked rhetorically.

As interest grows in business migration opportunities, Russel stressed the importance of due diligence and proper support when considering entrepreneurship abroad. Business research visits are strongly encouraged for those interested in establishing operations overseas. For those eyeing the United States, there are visa pathways designed for individuals with advanced degrees or specialised expertise in fields such as STEM (science, technology, engineering, and mathematics), health care, and law. Jamaicans and other nationals from treaty countries can qualify for a renewable three-year work permit, provided they show plans to establish a business and hire staff. She noted that individuals with at least US$80,000 to US$100,000 can take advantage of the EB-USA visa route to launch or purchase a business in the US. The key, she said, is choosing sectors that artificial intelligence cannot easily replace, such as the blue-collar sectors; housekeeping; a car wash or a laundromat. Russell also pointed out that US consumers are willing to pay for convenience, making service-orientated businesses especially viable.

“If you have a business that will allow them to run their everyday life without having to break a sweat, they will pay for it. That is your way to start earning the capital that you now need to invest to start that wealth creation journey,” she said.

To navigate the transition successfully, Russell recommends assembling a reliable team that includes a lawyer, an accountant, and a business consultant, ideally someone familiar with the intended business model. For those looking to purchase rather than build from scratch, she advises working with a business broker. Her law firm, Russell Law, offers full-service support for clients pursuing business migration options.

“Leverage other people’s money, leverage other people’s money and get started on your wealth creation journey,” Russell advised.