Canada’s New Immigrant Investor Program Fails

Canada’s new Immigrant Investor Venture Capital Program (IIVCP), aimed at attracting high net-worth immigrants, has failed miserably. While the program usually works great for finding low level educated immigrants who can work in simple jobs such as a limo service winnipeg, finding more educated individuals seems to be much more difficult. The program, launched in January 2015, was a replacement for the Immigrant Investor Program (IIP) cancelled in 2014 by the Conservative Government. According to documents obtained through an access-to-information request, the IIVCP has received only six applications, a far cry from the sixty spots allocated to it and the 500 applications anticipated.

Eren Sari, Business Development Manager at Green and Spiegel LLP, believed the policy “never had any hope of success.” Sari said the IIVCP seemed like it was “designed in a vacuum,” failing to “consider the nature of the program it was replacing” and “the market for these kinds downloadof ‘Citizenship-by-Investment Programs’ offered by other countries.” Comparing the two policies, the flaws in the IIVCP were striking. While the IIP gave Permanent Residence to investors and their dependents for a five-year, non-interest bearing $800,000 investment in Canada, the IIVCP required a fifteen-year investment of $2,000,000, with the entire investment being “at-risk” of loss. When cancelled, the IIP had a backlog of about 60,000 applicants as compared to the meager six the IIVCP attracted.

A cursory examination of international programs showed that IIVCP requirements are outliers in the fierce global competition for immigrant investors. In Europe, investors may obtain residency in Spain or Portugal for maintaining a €500,000 five-year investment in real-estate. Residency in Antigua and Barbuda can be had for as little as $250,000. By comparison, Canada’s fifteen-year commitment of $2,000,000 was simply too excessive. As Sari pondered, “why would an investor risk $2,000,000 to come to Canada, when they can risk far less – as little as US $500,000 – to secure a US Green Card?” Despite the Federal IIVCP, a provincial Quebec program still allows qualified investors to obtain Permanent Residence for the same $800,000 investment required under the IIP, and it can be financed.

UN alarmed by Canada’s immigration detention

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A UN report has raised the alarm over Canada’s lengthy immigration detention and the lack of medical support for inmates with mental health conditions.
Those were among the many concerns over the changes made to the immigration and refugee system by the federal government in recent years that are raised in a country report released by the United Nations Human Rights Committee on Thursday.
“The State party should refrain from detaining irregular migrants for an indefinite period of time and should ensure that detention is used as a measure of last resort, that a reasonable time limit for detention is set,” said the committee, made up of 17 independent international experts.hassan.jpg.size.xxlarge.letterbox
The seven-page report is the result of a review of Canada’s human rights conditions, conducted earlier this month to ensure the country’s compliance with international agreements on civil and political rights.
Renu Mandhane, executive director of the International Human Rights Program at the University of Toronto, was among the deputants who presented to the committee in Geneva.
“We are, overall, quite pleased that the committee recognized that indefinite detention and the lack of alternatives are serious problems with the system in Canada,” Mandhane said in an interview.
“It hits all the key points we have raised. The fact that the Canadian government is required to report back within a year on its recommendations speaks to the seriousness of the issue.”
Canada’s immigration detention system has been under the spotlight in recent years, after the deaths of detainees in custody, including Mexican migrant Lucia Vega Jimenez in Vancouver in 2013 and Somali native Abdurahman Ibrahim Hassan, a mentally ill man who died in a Peterborough hospital in June.
Last year alone, Canada detained 8,519 people — more than half of them in Ontario — who violated immigration law. While detainees were held an average of 23 days, 58 individuals had been detained for more than a year, including four who had been in jail for five years and more.
The UN report also criticized the denial of appeals to rejected refugees from Ottawa’s so-called safe countries which could expose them to persecution and danger if deported to their home countries. It asked Canada to review this policy.

Canadian Millionaire Immigration Program Receives Only Six Applications

Many decades ago, Canada launched an investors class visa, but the program was done away with after accusations that it was allowing Chinese to buy their way to Canada. This year, Canada launched a reformed immigration program. Its pilot version, however, was a complete failure. It was an immigration program for millionaires and it received only six applications. Canada had been hoping that they would get 50 millionaire applicants, but it turned out to be far fewer.
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The stringent requirements for eligibility in this program contributed to the failure. According to one immigration lawyer, people are not confident that their investment will pay off. To be a part of this program, applicants must have a net worth of at least $10 million. They must invest at least $2 million in Canada over a 15-year period. In addition to other eligibility requirements, they must also speak French or English. The millionaire program launched in January and had received its six applications as of June 8.

The previous investors class visa program had far less strict requirements. Under that program, applicants were required to have a net worth of only $800,000 and invest only $400,000 in their new country. After a few years, the requirements were changed to a minimum net worth of $1.6 million and a minimum investment of $800,000, still far less that the new millionaire program. Under the previous program, there was no language requirement. This program was incredibly popular. Most of its applicants were from China, Hong Kong, and Taiwan. In 2012, the program was temporarily shut down due to the increase in applications over the past decade.

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