Canada is to scrap its immigrant investor programme this year
Canadian newspaper The Globe and Mail reported yesterday that Canada is to scrap its immigrant investor/permanent residency programme, which began in 1986, “ending a path to citizenship that has been criticized for allowing foreigners to buy their way into this country without generating sufficient long-term benefit”.
The newspaper says that the programme “has been primarily used by Chinese immigrants – from Hong Kong, Taiwan and mainland China”, and that “key drivers included upheaval after the crackdown in Tiananmen Square in 1989, the 1997 handover of Hong Kong to Beijing, and the growth of the millionaire class in mainland China”.
It reports:
The program grants permanent residency to newcomers who make an interest-free loan to a provincial or territorial government, money that is supposed to be used for economic development.
Sources say the government believes the immigrant investor class pays significantly less in taxes over the decades than other economic immigrants, have less proficiency in English or French and are less likely actually to reside in Canada.
A source said the government is acting based on data that show that, 20 years after arriving in Canada, an immigrant investor has paid about $200,000 less in taxes than a newcomer who came in under the federal skilled worker program, and almost $100,000 less than one who was a live-in caregiver.
In the past 28 years, more than 130,000 people have come to Canada under the investor program, including applicants and their families.
There are now “45,000 wealthy Chinese” on Canada’s immigrant investor waiting-list, all of whom want to move to British Colombia. Given that the programme is going to be scrapped this year, they will turn to other programmes.
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http://m.theglobeandmail.com/news/politics/tories-new-budget-to-close-program-giving-investors-path-to-citizenship/article16792106/?service=mobile
“money that is supposed to be used for economic development.”
This is what we will be saying here in a couple of years time.
In Malta’s case, it will be even worse economically because the applicant and all family members will still have to have resided in Canada physically for 1095 days before they can apply for the citizenship test.
Note, the “citizenship test” – not citizenship as of right.
Hence, there is genuine ties between all applicants because of their 1095 days physical presence, participation in community lives, driving the economy of the country out of their daily needs, housing, transportation, etc, and most importantly, passing a language test and knowledge (history, culture, politics) test about the country which they are applying to become a citizen of.
“Given that the programme is going to be scrapped this year, they will turn to other programmes.”
In Muscat’s twisted reasoning, this is probably good news for Malta, because they can now turn to our cash for citizenship scheme.
Kexxun dahlitilna Manwel hi.
It’s Tunisia all over again. Muscat seeing the misfortune of others as his own gain without stopping to think about why the other is in that situation.
Terminating the Canadian programme is not Canada’s misfortune. It’s Canada’s saving grace. They’ve finally worked out what many here could see already – commodifying and commercialising citizenship doesn’t pay.
Canada is scrapping the programme although it grants permanent residency and not citizenship.
Those investors still had to reside in Canada for several years and then jump through all the hoops of the citizenship test before being granted citizenship.
Here, they ‘invest,’ live here for a year (nudge, nudge, wink, wink) and hey presto they are Maltese citizens.