Canada’s new immigration scheme to attract wealthy international investors has so far only received six applications since the launch from January, 2015.
The Canada government pilot program “immigrant investor venture capital” which was designed to draw 60 very wealthy foreign investors out of 500 eligible applicants, has only signed up six applicants till the June month of this year.
The six applications received under this pilot are far fewer than the investor class visa scheme that was discarded amid criticism that it was allowing only rich Chinese citizens to enter.
Poor designed of the program is the reason for bad reception among the potential applicants, says the lawyer Richard Kurland.
This new program restricts to those applicants with at least $10 million net worth and mandates them to invest $2 million worth in Canadian companies for 15 years without any guarantee.
The previous immigrant investor program -which is closed now, requires a net worth of $1.6 million and requires only 800 thousand dollars interest-free loan that participants can get back after five years. That program received most applications from China, the advent of fraud and ingenuity to the economic contribution made the program to be shut.
However, Canada’s citizenship and immigration department denies any information that the program was a flop and declined to give any information it had received.