Some reactions to the scrapping of Canada's 'Immigrant Investor Programme'
Canada has said officially that the termination of its investor immigrant programs does not target the Chinese. But, Chinese press agencies across the spectrum have said that the ‘policy change’ is unfair and wrong. The federal ‘Immigrant Investor Program’ and the ‘Federal Entrepreneur Program’ are the ones that the Canadian government has stopped and these are the programs that the Chinese are referring to. As per these programs, applicant investors have to have at a minimum, a total wealth of Canadian dollars 1.6 million ($1.5 million) at least and also have to invest and provide Canadian dollars 800,000, by way of a ‘multi-year loan’ which is also an ‘interest-free’ loan to the government.
But, the changes to the policy by the Canadian government seem
to have been done after a bit of home work in the form of research as to what
exactly wealthy and rich investor applicant immigrants are bringing to Canada.
It appears that such a research done by CIC (Canada and Immigration Canada,
which is the immigration department/wing of the government of Canada) shows
that prospective immigrant investors pay less in taxes than other immigrants.
According to the same authority, these prospective immigrants are also less
likely to stay in Canada whether in the medium-term or in the long-term.
According to the same research, it appears that they often lack the skills,
including official language proficiency skills (language skills in English or
French, say), to integrate well as compared to other immigrants from the same
host countries.
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