Canada to be more choosy with its 'Investor Category' program

March 24, 2014
Canada to be more choosy with its 'Investor Category' program
According to news reports, a senior Canadian official has said that the country is thinking of and contemplating a more "selective" (or choosy) program for immigrant investors that would in effect put an end to gross irregularities. This measure if really adopted and implemented would upset the plans of tens of thousands of prospective Chinese investor immigrants. Actually, Chris Alexander, Canada's Citizenship and Immigration Minister had said, on Saturday last, itself, during a visit to Shanghai that the amount required under the investor visa would be doubled to C$800,000, and further to that, that a detailed plan would also be laid down.

And, under the new proposal and plan, the money so received from the investor applicants would go into a fund, as ‘venture capital’ for private companies. According to this new plan, the new funds made available for private companies could entail risk but it would be better than how it was earlier wherein the funds would just be idle having been loaned to the government interest-free.

But, the primary reason why the previous scheme of ‘investor visas’ was scrapped was because, it was observed that the applicants granted immigration never arrived in Canada. And those who did so, had not contributed in any significant ways in ‘terms of tax payment or job creation’. As per Canadian rules, regulations, etc. an applicant has to spend at the least two out of every five years in the country to qualify as a permanent resident, and to qualify as citizens, it is four years out of every six years.

The minister had also stated that beginning 2015, the country’s custom’s department will keep a track of every entrant’s entry and departure times and ensure that the rules concerning permanent residency and citizenship as the case may be, apply. With the help of these kinds of measures, the Canadian authorities seek to reduce the application processing times making it more efficient and effective. They would also seek to improve the quality of applicants including gauging criteria such as their educational levels, work and job experience, and language capabilities, etc.
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