Canadians! Bitcoin or Passport?

What we talked about.

In this episode of the Canadian Bitcoin Conference podcast, host Sunny Ray sits down with Katie, CMO of CitizenX and founder of Plan B Passport, which CitizenX acquired about a year ago. Katie explains how growing up in post-Soviet Russia, and later being repeatedly denied visas as a national team sailor, shaped her belief that everyone needs a second passport. She breaks down CitizenX's services, citizenship by investment and citizenship by descent, and describes how Canadians are increasingly building passport portfolios in response to the 2022 trucker convoy bank freezes and rising government overreach. The conversation covers popular destinations for Canadians, from cheap insurance passports like Sao Tome and Principe to residencies in Mexico, Costa Rica, and El Salvador, plus the jurisdictional arbitrage strategy of earning in strong currency and spending where money stretches further. Katie ties the discussion back to Bitcoin, arguing that self-custody and a second passport share the same principle of optionality and freedom from a single government's control, and that El Salvador is currently leading the way in courting Bitcoiners with citizenship.

CitizenX's Katie explains why Bitcoiners increasingly want a second passport, and how Canadians are building their own plan B.

The questions, and the answers.

Can you tell us about yourself, how Plan B Passport became CitizenX, and what flag theory means?

I'm currently CMO of CitizenX, after founding Plan B Passport, which was acquired by CitizenX about a year ago. We help people get a second citizenship and build a passport portfolio to diversify away from reliance on one home government. I was born in post Soviet Russia, where I saw asset seizure and hyperinflation firsthand. As a professional sailor on Russia's national team, I was repeatedly denied visas to compete abroad, which pushed me toward a second passport.

Is Canada a standout in growth compared to other countries, especially since the trucker convoy, or is this a newer trend?

Over the last five months Canada has grown faster percentage wise than most other jurisdictions we track. Germany and the UK have also grown, and Americans have always been a big chunk of our audience since hedging against government is built into their principles. But over the last five years, Germany, the UK, and Canada saw the most significant shift toward socialism and government overreach, driving the biggest jump in people seeking a plan B passport.

Where are Canadians actually looking to go, broken down by jurisdiction?

I break Canadians into two groups: those already gone or ready to leave, and those just planning a plan B. Leavers often get a cheap passport, like Sao Tome and Principe, purely as insurance, paired with residency somewhere they actually like living, usually Mexico or Costa Rica, then Panama, Paraguay, Uruguay or El Salvador. Since Canadian income is high, almost any country south of the Texas border will welcome them based on remote income alone.

How does cost factor into this, especially if you can't legally work in these places?

The strategy is jurisdictional arbitrage: earn in dollars, even Canadian dollars, and spend in pesos where your money goes further. Ideally you keep your income and investments out of local fiat entirely. You do not really want a local work permit, since that is not the right way to play this game. Almost any country south of the Texas border will be cheaper than Canada these days.

What services does CitizenX actually provide?

We offer citizenship by investment and citizenship by descent. On the investment side, about twenty countries let you essentially donate to the government for citizenship, priced from around one hundred thousand to a million dollars, with three to ten months of due diligence. Our most popular programs are Sao Tome and Principe, Saint Kitts, and El Salvador. For descent, we research your ancestry and help you claim citizenship if eligible, for Canadians often Slovak, Czech, Irish, French, or Polish.

You have to enter and exit Canada on your Canadian passport, so what's the actual advantage of holding a second one?

You have to enter Canada on your Canadian passport, but exiting can look very different depending on the scenario, whether it's civil unrest, geopolitical conflict, or a government targeting you directly. It's a security strategy, and you are the key figure in it. If you don't have a second option, you are forced into a scenario you probably don't want to be part of. Having options means you get to call the shots yourself.

Why is this particularly important for Bitcoin holders specifically?

It's the same reason Bitcoin matters to us. We're freedom minded and don't want a third party making decisions for our lives. On a long enough horizon, if a government can take more of your assets, it will. Because Bitcoiners already apply these principles to their money, the passport portfolio concept makes sense to us too, since it's about applying that same thinking of optionality to ourselves, not just our capital.

What's the biggest misconception people have when they come to you about getting a second passport?

First, people think that since they're paying, they can get it tomorrow with no work involved, but it's still a bureaucratic program that wants to protect its long term value, so you need to open your books and come clean. Second, they think it's only for billionaires, but some programs start around one hundred thousand dollars, reachable for many long term Bitcoiners. Third, people treat it as pure relocation instead of a broader security model.