Latest available reports suggest that Canada is keen to revamp its famous Immigrant Investor Program which basically increases the pace of the process meant for acquiring the much-prized permanent residency (PR) of the country for those who could afford the same.
In this connection, recently the Immigration Minister of the country was quoted as saying that the minimum investment of $800,000, needed for the program, was not too high even as it was high time to mull over making the same a lasting contribution to the economy of the nation.
Jason Kenney, the minister, added that he had always maintained that the nation had been selling itself short via the program under discussion. He continued that the candidates pocket the much sought after permanent residency in the best nation in the world for offering a interest free deposit to Canadian Government of $800,000, for a period of five years. Considering the fact that there was no dearth of millionaires across the globe – many of who would leave no stones unturned to shift to the Maple Country — the nation may do better even as the government explored the various ways via which it may re-tailor the program to make the most of the prevailing situation.
Presently, certain Canadian provinces which welcome immigrant investors with open hands — primarily the provinces of British Columbia (BC) and Ontario — receive the money to duly spend the same for various development projects of economic nature only to return back the sum after a period of five years.
The Canadian minister continued that much of that remains unused and inactive in accounts, specifically in the Ontario province, which has a staggering $1-billion in its coffers notwithstanding a deficit of as much as $16-billion. He added that making the same an active investment in which the contributors have to show that they have produced some jobs and one they would not get back were a few of the popular choices the government was mulling over.
Observing that certain nations, like Australia and the US, had fixed the minimum investment at $1- million, even as Britain required such investors to contribute not less than £1-million, equivalent to $1.6-million in Canadian dollars, Kenney added that the Maple Country was also planning to swell its set finds for the involved program.
During 2010 — and according to a concerned organization — more than $681-million in investment funds were given to the various provinces and territories of the country. Via the said program, and between 2007 and 2011, the province of Ontario received over $1-billion even as nearly $356-million came the BC province’s way during the said duration.
