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 appeal to 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.
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The recent amendments to the Naturalisation of Investors in Cyprus by Exception Scheme, based on subsection (2) in Section 111A of the Civil Registry Laws of 2002-2015 was approved by the Cyprus Council of Ministers on the 13 September 2016.
We would like to take this opportunity to inform you of important amendments introduced to the Cypriot Citizenship by Investment program on 16 September 2016 (as published in the official Government Gazette).
Investment based residence programs in Canada through the QIIP and EB-5 in the United States are among the world's most popular. Read how the two programs differ substantially in qualifications and out-of-pocket cost.
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