Need for increased Canada immigrant investment programs
Canada, 30th March: Canada needs to find ways to help in successful integration of immigrants into its society and one such measure is expansion of investment programs for immigrants in Canada, suggest a number of economists in Canada.
Senior economists in Canada say that the Canada immigration department needs to issue greater number of Canada visas for immigrants who want to make their way into Canada through high monetary investments.
Under investment programs, prospective immigrants who are wealthy are allowed to immigrate into Canada with the condition that they are ready to invest a certain amount as investment capital.
Presently, the percentage of such immigrants in Canada is only three percent.
In one such effort by Canadian government, in 1986, an Immigrant Investor Program was launched to allow wealthy people from different countries to relocate in Canada with their families.
A recent study by economists Roger Ware and Pierre Fortin has found that under the above investor program in Canada, nearly $770,000 to $800,000 have been contributed into Canadian economy from each family that was granted Canada visas.
The findings of the survey indicate that the immigrant investors in Canada spend a large amount of their money in buying assets like businesses and houses in Canada. The survey stated the average spending by a family of immigrant investors in Canada is around $750,000.
Each year, Canadian economy gains nearly $2 billion due to such immigrant investor program. Hence, economists Ware and Fortin have asked officials of Canadian immigration to fast track the processing of Canada visas under the immigrant investor program.
Other nations including the UK and Australia have accelerated the processing of visas for foreign immigrant investors. Investor visas for Australia are issued within 12 months while UK visas for immigrant investors are issued within 14 weeks.
Apart from inviting immigrants who can make significant contributions towards Canada economy, Canada should try to retain immigrant investors who seek Canadian immigration through investor programs but decide to relocate to other nations once they are allowed to live in Canada under the investor schemes.