The Current Financial Crisis and Immigration

I do not have to tell you that we are in the midst of a very tough financial period.  In the United States, home foreclosures and loan defaults are at record highs. The stock markets, world wide, have plunged in a relentless fashion with what seems like no end in sight. The news of what is described as the US “Credit Crunch” dominates the headlines.  The ability to obtain loans or credit by businesses and individuals from financial institutions has been severely restricted. When credit which is the “grease” that allows the machinery of the economy to run, dries up, then we are in real trouble.  Banks are undercapitalized and as such are more reluctant to give loans.

From an immigration perspective, this will likely translate into more restrictive immigration policies by governments. How? In times of economic strain where unemployment rises, the demand for foreign workers by businesses subsides as does the pressure on governments to “open the doors” to immigrants. To exacerbate this problem, in times of low employment, usual cries against immigrants for “taking away jobs” from nationals can be heard louder than ever.

I therefore fear that the climate of financial uncertainty that we are in will soon become one of anti-immigration sentiment. A similar phenomena occurred post 9-11, the effects of which still resonate in immigration policy and practice. As a US immigration official put it to me then, “over night, immigration policy was transformed from a service oriented focus to one of predominantly enforcement oriented”. And we have never looked back.

Now with the current financial crises, I fear that fuel will be added to the immigration fire.  And when the dust settles and the stock market begins to rise and banks are again giving out loans, the victims still suffering may be the intending immigrants,  skilled workers and families who find themselves before a closed door to Canada and the US.

Michael Niren

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

The content and comments of this blog are not legal advise and and may not be accurate or complete. If you require legal advice, contact a licensed legal practitioner directly. If you post on this blog, you assume full responsibility for disclosing your identity to the public and VisaPlace nor its affiliates are not responsible for protecting your privacy nor your identity concerning your participation in our blog and you assume any risks in participating.

Customer Reviews

Here’s my good advice; Lawyer up. ...and if your looking for a group of lawyers to help with your international affairs regarding visas and work permits; these professionals are top notch. I’ve had a great experience, they got the job done, and my job was very complicated. Rania Abboud, high five to you especially, you set up a great plan for success, replied to my questions very quickly, kept me informed and your very knowledgeable in your field. To everyone else at VisaPlace; Thank you as well. As a business owner myself I immediately recognized the way your team works so effectively! I wish you all the best of success. J.

Jason Mayerin the last week

The team at the Visa place as very thorough in the preparation of my application which I am sure made a difference. They guided the process well to a successful outcome. Would recommend them for sure.

Brad Davies2 weeks ago

I hired them for my study permit application! I had been denied twice and thanks to them the 3rd try was a success. Lisa Inspektor was my main contact. She is Very nice and polite. I strongly recommend you to go with them! The money you’re gonna spend is gonna be worth it

landry walker3 weeks ago

Associations