Investors hit a road block, program closes
Many immigrated to Canada through the investor program. This was viewed as an inefficient way to bring people into Canada who are wealthy entrepreneurs who could benefit the economy. This program was criticized by many, it was dubbed as being a way to essentially buy citizenship.
This program allows people from abroad with a net worth of more than 1.6 million to can residency and potentially citizenship. What they would have to do is essentially loan the government $800,000 and that amount would be paid back too them interest free in about 5 years.
In July of 2012 the program was closed to new applicants, of course to clear a backlog of applications. Thousands of people who have applied and are on the waiting list are having their fees refunded back to them-they will not have their applications processed.
While this is a good program for those who would like to bring their companies over to the west, it’s still very flawed. A Chinese business man who has been here for years has acquaintances who have come to Canada under this program and just ended up bringing their entire family over.
This business man , who asked not to be identified also stated that the government needs to “follow up on people to make sure they actually physically stay here. Many people just send their family here.”
About Michael Niren
Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the Associate Member of the American Bar Association. Read more
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