Cracking down permanent resident status can hinder foreign investments

Revoking permanent resident status from immigrant investors would discourage foreign investors

There are immigrants in Canada, who gain permanent residency status and sometimes misuse the same. A few numbers of these people are seen to be staying out of nation for a prolonged period.

New laws have been enforced which would revoke the permanent residency status of any such immigrant who stays outside for too much of time. The law has been enforced after a considerable number of cases reported against such immigrants.

The aspect of the issue could be that these permanent residents who stay out of country for a prolonged period are mostly investors coming from foreign countries.

The effect

The matter of concern is that most of these people who come here, acquire permanent residency status and spend considerable time out of country are “immigrant investors.” If their residency status is revoked then the investments coming from this class would be stagnated.

However, experts believe that the step might not affect the skilled worker class or any other class to the extent that it would to the “immigrant investors”.

The Logic

Immigration minister Kenney says that any foreign investor should not be allowed to enjoy the public services without even paying the taxes. Merely because these investors are bringing in a lot of money they cannot be allowed to take undue advantage of the system.

A report suggests that these people obtain the status of “permanent resident” and then spend most of their time in country which has low taxes. They are saved from paying high taxes here yet enjoy the status of being a permanent resident of the country.

Why do the Permanent residents live out of Canada?

Some also suggest that since most of these residents are investors so they may be running large entrepreneurs. This is quite logical to have an office at various locations. Probably these people have to travel a lot but they station their families in one place.

At this juncture probably the Government and its official need to understand that anew set rules are less needed than the implication of the existing rules. Such enforcements may send a negative signal to the immigrants who by and large follow the rules. For a handful of those who do not, it would be not much justified to treat all of them alike.