The federal government has taken fire for Quebec`s Immigrant
Investor Program (QIIP) which offers residency to wealthy
immigrants, mostly from China. Critics accuse Ottawa of
disregarding that the vast majority of these individuals settle in
British Columbia and Ontario, and deprive these provinces of
federal immigrant settlement transfer payments which Quebec is
The critics would be better advised to aim their fire at the
federal government to reclaim its role as a dominant player in the
residence through investment industry as it has the policy basis
and the market demand to do so.
Until 2014, the federal government gave entry-level millionaires
a pathway to residency and ultimately, citizenship in Canada
through its Canada Immigrant Investor Program (CIIP). The scheme
operated largely on the interest income earned from investors'
funds. The program benefits to Canada peaked during the 1990s, when
interest rates were high. The program was terminated under
much controversy in 2014 by the previous government which despite
compelling favourable studies, claimed it provided no benefit to
Canada. It was replaced in February 2015 with an unpopular Immigrant Investors Venture Capital Pilot Program
(IIVCP) which the current federal immigration
minister has publicly stated is practically non-existent due to the
lack of interest from international investors.
As a consequence of this failed policy, Canada is losing out on
attracting the world`s most successful business people and their
families who otherwise would choose to settle here. British
Columbia and to a lesser extent, Ontario is losing out on transfer
payments being paid to Quebec for immigrant investors applying
under its program which statistics show only 16% ultimately reside
in the province.
The way out of this morass is clear. The Trudeau government
should immediately get on with the task of re-designing the
IIVCP. It just needs to create the right policies and a
re-structured program that will succeed in attracting carefully
chosen high net worth business people who will bring billions of
dollars to Canadian businesses and create new businesses that will
in turn create more jobs.
Interested employers: Kindly contact us
here to receive further information. Interested candidates: Find out whether you
qualify to Canada by completing our
free on-line evaluation. We will provide you with our
evaluation within 1-2 business days.
The content of this article reflects the personal
insight of Attorney Colin Singer and needs no
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October 12th, 2016 - Immigration authorities conducted the 21st round of invitations under Express Entry in 2016 and 44th overall, inviting 1518 applicants for permanent residence with a lowest CRS score of 484.
October 19th, 2016 - Immigration authorities conducted the 22nd round of invitations under Express Entry in 2016 and 45th overall, inviting 1804 applicants for permanent residence, the largest number ever. The lowest CRS score was 475, a decline from the previous draw.
September 21st, 2016 - Immigration authorities conducted the 20th round of invitations under Express Entry in 2016 and 43rd overall, inviting 1288 applicants for permanent residence with a lowest CRS score of 483.
A unique feature of the new Canada express entry immigration system is that candidates can improve their comprehensive ranking score while in the express entry pool, without submitting a new application. We review important strategies.
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