For all the rich immigrant investors who think could get an entry into the country, the news is not so good.
An official informs that the country gets selective about allowing immigrants to enter legally. And the first step is to check upon the immigrant investors who got entry by paying off a large sum of money through immigrant investor program.
Immigrant Investor program Scrapped
It was not long ago when the Government decided to scrap the Immigrant investor program. The program which was into existence for 28 years now, and had been allowing many of the wealthy immigrants to invest money and obtain permanent residency has now come to an end.
Any foreigner who could lend a loan of 800,000 Canadian dollars for five years without asking for any interest was given the permanent residency status.
The aim of the program
The program was aimed at attracting more and more funding so that the economy could be made stronger. However, the arrival of a large number of wealthy immigrants added to the property prices and escalated the same, making it unreachable for many.
A large number of these immigrants came from China and hence after the announcement was made there were many stranded when their applications got rejected and refunded.
Many experts opine that Chinese people wanted this kind of a program because they could shelter their money away from their own country without going for any hassle.
New selection method gets tougher
An investor can expect to invest double the amount of C$800,000, and only after he is prepared with this amount should he proceed ahead with the application process.
Earlier the money he invested or gave to the Canadian Government at an interest free rate will now be invested into some private company or the other. There has to be a detailed plan submitted by the applicant and as because the money would get invested somewhere it cannot be made free from risk completely. An immigrant has to get prepared to lose either the whole or a part of it.
The stricter measures
Immigration Minister informs that a large number of immigrants did not even stay in the country for a considerable period of time in spite of obtaining permanent residency, hence the new rules are brought in. the rules say that to obtain this status one has to spend a minimum of two years here out of every five years. For those who are the citizens will have to spend at least four years out of six.
Customs would maintain a record of entry and exit of such immigrants and would evaluate if they qualify for retaining the citizenship or permanent residency status.
The new rules have given a setback to many of the Chinese immigrants, but, looking at the circumstances they were needed. The new set of changes would probably stop any immigrant investor from misusing the residency status or citizenship and would ensure that they respect the same by abiding by the laws.