Canada Investment Programme
Not many people really know that the Canada Investment Programme was one of the well recognized investment schemes not long back. The scheme was designed by the Federal Government for the promotion of immigration of business people as well as their families. It allowed the qualified investors obtain the cherished Permanent Resident (PR) status in the country.
Under this plan, successful applicants, along with the families, received unconditional and PR Visas, and had higher eligibility for obtaining the nation’s citizenship. With the passing of the Bill C-31, the programme has been terminated suspended and the pending applications cancelled.
It was in 2014 when the scheme was terminated. As per some critics, it was not more than an option for the investors for purchasing their way into the country. The financial requirement was viewed to be free from risks and relatively lower.
The scheme was attacked owing to the lack of language retirement and propensity for the attraction of the investors, primarily from China, who moved their families to but continued the conduction of their businesses abroad. Allegedly, the enforcement of residence and monitoring were the major areas of problems. This, however, was not the goal of the investor immigration to the country.
An identical Quebec Provincial Investor Programme though is still running. From the starting of the program in 1986, the scheme has pumped millions of dollars into the economy of Quebec. With almost 5000 investors approved, the year 2015 was certainly the best.
The province’s immigration programme is believed to be a passive investment scheme. The potential immigrants must invest 800,000 Canadian Dollars for a period of five years after which the full amount will be returned without any interest.
It is a condition that the prospective investors will establish at least 1.6 million Canadian Dollars and the money must have been legally acquired. A substantial application fee is also charged by Quebec. The applicant investors, along with their families, must be capable of fulfilling the different medical conditions and must also not be a threat to the national security.
The scheme has brought million of dollars into the country even as it has been very successful in creating numerous well-paying jobs.
Coming back the criticism slapped against the entry of the Chinese investors, it is short sighted, as per some observers.
The reason: the honest assessment of the effects of investor immigrants requires being long term. The quality of the persons who are brought to the country and their financial contribution immediately must have been reviewed in an unbiased manner.
One should have calculated the value of grandchildren and children of investors entering schools and becoming a leader of tomorrow in the society.
Agreed, there were some major loopholes of the scheme. For instance, every investor was not contributing the expected amount. Still, there was no requirement at all to terminate the entire programme.
You can also watch this video which explains you everything about the Canada PNP Programme.