The government of Canada has still not disclosed its strategy for renewing the much-talked immigrant Investor Program, set to be opened for the applicants. A suspense over the said program is still continued in terms of whether it is being overhauled, pushing the intake date or will be proceed further with status quo.

The program called Cash-for-Visa got the attention of many wealthy businessmen and worked very well – as during the last year the application window closed even within 30 minutes. A majority of highly ambitious and wealthy businessmen saw the program as a great opportunity. And hit Central Intake Office – located in Sydney – by their private chartered plane to submit their application.

Opened on July 1 for applicants, the annual intake of the program was capped by the government at 700. Jason Kenny, Immigration Minister, however made an announcement in April that he is looking for some new aspects for revamping the program – aiming to modernize the program – as it became an outdated and offers a little contribution to the country for economic growth prospects.

“We are considering several things to make program better and also making a continuous effort of reviewing our option for maximizing the benefits to our economy,” said Alexis Pavlich, Kenny’s media spokesperson, while revealing the plan.

Besides, a recent published information also revealed that 700 cap will be taken into consider for adjustment and will reset on July 1.

According to a report published on Post media News, Canada deals with a huge backlog in old application with approx 25, 000 cases associated with over 86,000 people. Richard Kurland, the Vancouver Immigration Minister, expressed his hope that the government may wait until fail to entertain the new applicants by reopening the program and for changing the market scenario.

Suggesting the next set of ministerial instruction, Kurland said, “We should not be in hurry while opening the gate of receiving more inventories as we are already lacking of processing what we have presently in hands.”

Besides, he also suggested that the government must keep a vigilant eye on United States’ plan for renewing Immigrant investor program as well.

“The government must also consider the option of price hike even more than the anticipation, if Americans are not doing so.” he said.

A price hike option is seen as the much favorable changes in modifying the investor program that allows businessmen and their family to get a permanent residence facility in the country.

Under the current system – a minimum investment amount of $ 8, 00,000 has been proposed by the minister Kenny – against $4, 00,000 in the 2010. And the net worth of $ 1.6 million is also to be taken into consideration under the new plan – will no more treated as lone – will be made as a permanent contribution to the Canadian economy.

Kurland also suggested that the government must consider the 4$ million net worth and $2 million investment, besides, if America’s leniency in the program or dropping ideas, the government must further think about a minimum investment amount of $3 million and net worth of $5 million.

“Its’ not a matter of nanny or a granny, I think nothing people will pay a huge amount to Canada, its country’s interest to lure maximum value.”

Kenny said that the legislation was to amend Refugee Protection Act law in April – aiming to provide him a great flexibility of changing, creating and cancelling the program.

“The new program will not be replaced, but subjected to be designed to complement. It will come in the new form to target the highest value,” Bill Brown, holds the profile of department spokesman, wrote in his mail.

“According to the current program, an investor that needs a five-year interest free loan to the provincial government, the investor immigrants would make their active involvement in controlling their own investment and bearing the associated risk.”

Considering a limited number of applications for making program faster and transparent, the new program will only entertain 2,750 applications every year, and after the five year their tenure will come to an end.

While revealing about the implementation schedule of the new program, Kenny has stated that the amended investor program will come into an effect by the end of the year.