Immigrant investors in Canada face backlog
Backlogs in Canadian investments
When the rest of the world is going through an economic turbulence and putting all their efforts to fulfill their needs, Canada, on the other hand, has barred the entrance tight for the millionaires round the world who are looking forward to straighten out in the country.
A long time back in 1986, the federal government came up with a scheme for immigrants that demanded a three year investment of $150,000 in exchange of permanent citizenship. In simple language, if anybody intends to get permanent residency of Canada, he needs to invest this particular amount in Canada. Among so many applications awaiting approval, only those were permitted which had huge wherewithal to dole out.
With this, the contender countries like the U.S. and Britain also found the scheme to be quite money-spinning. Looking at the results, many other developed countries brought up the alluring schemes to attract millionaire investors. The basic idea was to bring more and more prosperity through foreign funds for sponsoring new ventures.
However, only few millionaires were drawn in from the time when Canada launched the scheme. More or less, 40,000 visas were sold, among which mostly were vended to Asians. As an upshot, Canada got hold of 130, 000 immigrants. This number was just the three percent of total immigration of that eon.
In the meantime, there was no lucrative game plan for incoming capital that was managed by provincial venture capital corporation. A few parts of these assets found a vent through ambiguous and imprecise pitches. Regardless of this, the scheme paid off as per its potential.
A 2010 study by Queen’s University revealed that the program is financially viable and earned somewhere $2 billion a year and contributed in success of Canadian economy. Thereafter, it was suggested that the program should be pushed to its limits to further settle the economic holdups.
On the other side, Ottawa paid no attention to this and fiscal needs kept on rising up. Even after the program has proved the potential in form of positive economic impact, last fiscal year witnessed the application backlog. This was the outcome of statute which stated that the number of applications, whatever it is would be restricted to only 700 a year.
When Ottawa is letting all the efforts of millionaires go in vain creating backlog for them, Quebec on the contrary, is running its own administrative programs and has kept the back door ajar to accept immigrations’ application. Not only this, Quebec is appointing more and more staff to deal with upcoming applications.
The federal government is expected to reopen the program by July 1. Nobody knows what future it is going to hold for awaiting immigrants who are ready with hard cash in their hands.