Canada gets just six applicants for millionaire immigration program
Friday, July 24, 2015

 

Canada has received just six applications for its pilot immigration program for millionaires, far fewer than for its investor class visa that was scrapped last year amid criticism it was allowing rich Chinese to buy their way into Canada.

“I knew it wasn’t going to work. It was poorly designed,” said Richard Kurland, a Vancouver immigration lawyer who filed an Access to Information request for the data.

Canada said in December it was looking for 50 wealthy foreigners to join the pilot run of the Immigrant Investor Venture Capital plan, under which applicants must be far richer than those who entered under the previous program.

Kurland said the revamped program will likely “wither on the vine and quietly go away” given the clear lack of demand from would-be immigrants who balked at the high price tag and uncertainty about their investment.

Officials at the office of Citizenship and Immigration Minister Chris Alexander and at his department were not immediately available for comment.

Under the new program, would-be immigrants must invest a minimum of $2 million  in Canada for a 15-year period and must have a net worth of at least $10 million. Among other criteria, they must also meet a new requirement that they speak English or French.

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Source: The Globe and Mail