After the announcement of ending Immigrant Investor Program, many of the immigrants are looking for other suitable destinations. Asians are the major international communities looking for another place where they can pour in their money.
The Immigrant Investor Program
The Program welcomed any foreign national who could provide C$800,000 without taking any interest on it for five years. In turn the immigrant was provided with many benefits.
This program was quite famous with Chinese and Asian immigrants.
The reason behind closing the Program
According to a Press release issued, the Immigrant Investor Program did not contribute to the economy of the country. In fact, studies show that the immigrant investors pay less amount of taxes in compared to other immigrants who are mainly here for boosting the economy of Canada.
Another major reason behind closing down the Program was the uncertain stay of these immigrants who were found to be misusing the benefits made available to them.
They were found to have inadequate skills which many a times did not match the skill requirement of Canada.
These immigrants were not found to be quite fluent with the Official Language either English or French, however, the foremost reason they were here was the ample sum of money they could provide to the Government for strengthening the economy.
The effect of scrapping the program
More than 60,000 people were queuing up for this program and almost 70% of them were from China. With the new announcement as many as 45,000 would see their applications being scrapped. As a result many of the immigrants from China have started losing interest in Canada, and it also includes the skilled labors as well as international students.
The aim of Government
Chris Alexander, Immigration Minister said that the Government aims at attracting experienced business people so that investment capital could be raised to make the economy stronger and the success should be for a long term.
He also informed that the Government aims at focusing on the economic immigration program that would be in coherence with the economic and labour market of the country. He said that the immigrants coming over should be able to meet the present demand and should contribute to the future too.
The new program to be introduced
A new Immigrant Investor Venture Capital Fund would be replacing the Immigrant Investor Program. This time the immigrants would actually need to make an investment instead of loaning a huge amount to the Government.
Government took the decision of scrapping Immigrant Investor Program after receiving authentic reports of the program yielding less of benefit to the country. A program which was basically designed to strengthen the economy of the nation could hardly serve the purpose and hence such a decision has been taken. A new program is likely to replace the old one which is supposedly more effective and will contribute to the economic productivity of the country. However, many of the potential immigrant investors have lost interest and are looking for another destination which suits them better.