Canadian Immigrant Investor Program Scrapped

The Canadian national budget of 2014 has been reportedly made public along with the not-too-positive report of ending the well-known Immigrant Investor Program, which allegedely assisted the investors from across the globe gain admission into the nation, inside a short fame of time. The scheme had offered many advantages to the immigrant investors, via way of fast-tracing their petitions, as compared to other classes.

Nature of Scheme

Though the plan was started way back during 1986, submissions were not accepted from the overseas investors during 2012. An immigrant investor was offered the permanent residency (PR) position against which he was expected to invest an amount of not less than $150,000, for duration of three years. The said investors were given the PR, and in turn they had to offer a loan (100% interest-free) to the Provincial or Territorial administration.

Cause Behind Ending

The plan attracted widespread disapproval with the reason being several felt that affluent foreigners were permitted to gain admission into the nation, minus being subjected to a great deal of difficulties.

Some observers claim that the amount expected to invest was not extremely high even as for the overseas investor the same posed no difficulties whatsoever. The Investor category is said to present the bare minimum sum of taxes over the period of 10 years, and

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this is even smaller amount than what the economic guests have to pay. The migrant-investors were also said to bear less knowledge of English or French–the two authorized languages of the nation–and the trend reveals that they lived in the nation insignificantly.

As per a concerned official, the scheme would have carried-on with investors being urged to present in a high sum than what they eventually did. Actually, keeping an eye on the scheme was a new big challenge for administration, and against this backdrop, the decision of scrapping it was taken.

The Result

The demand of several agents & immigration attorneys would decrease. The Investor Program had primarily takers from certain nations, such as Taiwan, Hong Kong, and China even as the scrapping would have an unfavorable influence on the visitor’s coin from the said nations, it is claimed.

Future Arrangement

A fresh plan would be brought-in instead, and it would be in consistency with the skills required by Ottawa along with the market trend which will improve the national economy. The regime is more positive about the new economic visitor. The said scheme began to lose its appeal, in the wake of the regime calculating the shortage in the taxes shelled-out by them.

Eventually the burden came to those who paid taxes fully and also several of them did not reside in the country for a long time despite being armed with the PR position. Against the backdrop of all this, the administration decided to end the plan so that nobody could exploit the visa and immigration laws. Perhaps, a superior plan is in the pipeline to reinforce the national economy.

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