Ottawa To Overhaul Immigrant Investor Scheme

According to the Canada Immigration Minister, Ottawa has begun the process of consultation

over overhauling the Immigrant Investor Program of the nation. Presently, the applicants are not in a position to duly apply for the said scheme--the reason being the visa cap of 700 for the program has already been touched even while the program is likely to be stopped. Much significantly, the entrepreneur visa scheme of the nation also presently remains canceled.

Jason Kenney, the minister, continued that Canada will bring about law to suitably modify the involved act to enable him to come-up with, alter or cancel specific visa and immigration programs, on the basis of the prevailing demand in the market and confirmed efficiency.

The Immigrant Investor Program is one of the programs that Ottawa says will be under evaluation. The Canadian minister added that he will engage stakeholders, provinces and territories in fruitful consultations as to how to reform the present Immigrant Investor Program.

He further said that the Investor Program of the nation underrates the value of the citizenship of the nation even while it fails to make certain that fresh investors are aggressively investing in the economy of the country. He added that the nation will engage the concerned people/bodies on the proposed changes to make certain that the investments made by the overseas investors contribute comparatively more successfully to boosting the overall economy of the nation, apart from generating new jobs for its populace.

He further said that the country cannot remain just a dormant player in the ongoing cut-throat global competition for attracting overseas investment and talent. Hence, it is essential that the nation reviews and suitably improves its immigration legislations to come up with effective and progressive programs, which enable the investments made by the migrants to prove useful for the Canadian economy.

Since long, some critics have claimed that the present investor program of Canada does not solve any purpose. The said program only fast-tracks the permanent residency (PR) status for those migrants, who may offer Ottawa $800,000. Although the investments made by the overseas investors in the Maple Country are sent across to the Canadian provinces, only to be used for the purpose of economic development projects, at the present, its not more than just a loan which has to be duly returned following a period of five years.

Reportedly, the minister has suggested that a fresh investor scheme--via which the funds are actively used for the object of boosting the economic development of the nation--will make it possible for the provinces to draw more benefits than what could be the situation presently, courtesy the existing immigrant investor scheme.

Thanks to this present repayment scheme, the program has found widespread acceptability by the migrants even as presently the nation has a backlog of as many as 88,555 overseas investor applications. Despite this, it could turn out to be comparatively less well-liked among such investors who will no longer wish to sail through the comparatively more costly procedure.

by: Abhinav

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