Canada, 27th July: Canada Millionaire Migration scheme has been unable to attract wealthy Chinese.
Yes, as per the views of Chinese, the scheme is quite risky as well as costly than its earlier counterpart.
Canada Millionaire Migrant Scheme a dampener for Chinese—Affluent Chinese have not be attracted by the latest Canada immigration scheme enabling immigrant investors to come and invest in Canada. Details reveal that the latest Canada Millionaire Migration Scheme has proved to be a dampener as far as the issue of getting applicants is concerned.
Its has almost failed in its attempt to get the interests of rich Chinese investors for coming and making investments in Canada.
<blockquote> Canada Millionaire Migration scheme is not successful in attracting rich Chinese to come and make investments in Canada. </blockquote>
Immigrant Investor Venture Capital(IIVC) scheme, as is the new Canada millionaire migration program is called now, is being called as risky by aspiring Chinese investors. It has replaced the earlier Canada immigrant investor program named IIP(or Immigrant Investor Program). It was held to be the highly popular immigration program for wealthy investors to Canada.
Canada government had closed the IIP last year due to increased applications backlog. Moreover, it was not clear whether the IIP was benefitting Canada economy or not.
Requirements for IIVC--As per founder of Harvey Law Group and an immigration lawyer from Hong Kong Jean Francois Harvey, applicants worth not less than C$10 million are required to make investments of at least 2 million Canadian dollars in any Canada Startup firms in lieu of Canada Permanent residency for their family members.
Strict audits are required for applicants to give confirmation for their source of wealth, education and language benchmarks.
Reason why IIVC failed to attract applicants—As to the reason why Canada failed to attract applicants from China for its IIVC scheme is because its being called as not competitive globally for luring foreign investors. This was stated by Harvey. He further stated that other nations like Portugal are offering permanent residency for immigrants who are willing to make investments worth HK $4.24 million on Portuguese real estate and retain it for a period of five years.
Hence, the applicants seem to be shying away from making investments in Canada under IIVC scheme. As of June 8, 2015, CIC(Canada Immigration department Citizenship and Immigration Canada), only six applications were received worldwide.