Skip to comments.Canada scraps millionaire visa scheme, ‘dumps 46,000 Chinese applications’
Posted on 04/13/2014 4:02:56 PM PDT by 2ndDivisionVet
Tens of thousands of Chinese millionaires face an uncertain future after Canada's government moved to scrap its controversial investor visa scheme, which has allowed waves of rich Hongkongers and mainland Chinese to immigrate since 1986.
The surprise announcement was made in Finance Minister Jim Flaherty's budget, delivered to parliament in Ottawa on Tuesday. An estimated 45,500 mainland Chinese in the queue for visas in Hong Kong will have their applications "eliminated" and their fees returned.
The announcement came less than a week after the South China Morning Post revealed how the scheme was overwhelmed by an influx of applications from mainland millionaires at Canada's Hong Kong consulate. Applications to the scheme were frozen in 2012 as a result, as immigration staff struggled to clear the backlog.
"For decades, [the investor scheme] has significantly undervalued Canadian permanent residence, providing a pathway to Canadian citizenship in exchange for a guaranteed loan that is significantly less than our peer countries require," Flaherty's budget said.
Under the scheme, would-be migrants worth a minimum of C$1.6 million (HK$11.2 million) loaned the government C$800,000 interest-free for a period of five years. The simplicity and low relative cost of the risk-free scheme made it the world's most popular wealth migration programme.
A parallel investor migration scheme run by Quebec remains open, although it has been capped at a modest 1,750 applicants per year, with a maximum 1,200 from any one country.
Flaherty also announced the scrapping of a smaller economic migration scheme for entrepreneurs. Citizenship and Immigration Canada said yesterday that the investor queue stood at 65,000, and 70 per cent of the backlog, as of January last year, was made up of mainlanders whose applications were being processed in Hong Kong. That suggests about 45,500 mainlanders queuing via the SAR will have their applications scrapped
The Immigrant Investor Programme, which has brought about 185,000 migrants to Canada, was instrumental in facilitating an exodus of rich Hongkongers in the wake of the 1989 Tiananmen crackdown and in the run-up to the handover. More than 30,000 Hongkongers immigrated using the scheme. About 67,000 mainlanders have migrated to Canada under the IIP.
Ma Xiaoxue, an agent with immigration consultancy firm Well Trend in Beijing, said the change would have little effect as most firms started adjusting the direction of their businesses two years ago when the scheme was frozen.
"We haven't handled investment immigration to Canada for a long time. We don't care about the new rule," said Ma.
well it’s better to let them in if they can support themselves than if they can’t
Yabut ... Chinatown with a French accent ?
Oh yes. And now those 46,000 will be coming here.
Asians vote more heavily Democrat than Hispanics.
On the positive side, Harry Reid is offering the dumped applications “Prime Nevada Land” at $42,000 per square foot. Visa included.
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I think we did at one time...and it seems possible that we still do.I've followed this type of plan fairly closely largely because Australia once had a plan of this sort that I was interested in.I'm also pretty sure that Britain once had such a plan.IMO these plans,carefully and selectively designed and implemented,make sense.Bringing in hundreds of thousands of dollars in targeted investments..."targeted" meaning limited to a list of opportunities set up by the government...seems to be a no brainer when the cost is simply a Green Card or its equivalent (that's all that Australia was offering,not citizenship).
Yes, you do. Chinese nationals have been buying commercial real estate in order to expedite their immigrant status. I know of one fellow who bought a boarded up tavern in rural Washington State for this purpose. The tavern will not be re-opened. The purpose was not to operate a tavern. It is a commercial property with low property taxes.
From what I read, if you loaned Canada the money, you would never see it again.
As we should do here with the stupid EB-5 program.
I’m guessing that’s true of most of these plans and the immigrants “bake that into the cake” as they say.
Sign me up, please
“Im guessing thats true of most of these plans and the immigrants bake that into the cake as they say.”
Most places are more honest. Immigrants did know the experience of other immigrants, though and did loan the money knowing they would not get it back.
Is it land stolen from Nevada ranchers?
Persons who will invest $500,000 to $1 million in a job-creating enterprise that employs at least 10 full time U.S. workers.
Visas per year: 10,000
If they learn to speak English, pass the citizenship test and take the oath of citizenship, then I say
Yes we have the same deal here. Any Chinese that can come in with $1 million and create 5 jobs gets a green card.
Every country in the world is coming to its senses on immigration, except this one.
Look at the actions Saudi Arabia, Israel, Australia have taken in just the last year. Common sense policies we should emulate: deport illegals, fence the border, turn away bogus “refugees.”