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Canada emigration to cost wealthy foreigners more
Canada emigration to cost wealthy foreigners more
| Published: | 24 Apr at 11 AM |
The Canadian government is carrying out changes to its national immigrant investor programme in order to make sure that the money which rich foreigners bring into the country as one of the entry pre-conditions is utilised in Canadian companies instead of sitting in bank accounts.
Reuters reported that the Conservatives are likely to at least double the money which foreign investors have to inject into Canada – from $800,000 to $1.6m. At present, the money is distributed to local governments over five years until being returned to the foreigner with no interest.
The government’s plan in now to ensure Canada benefits more from the pool of millionaires from other countries who are looking for safe havens in locations like North America. Immigration Minister Jason Kenney last Friday took part in discussions about altering the federal immigrant investor programme. Kenney noted the large amount of millionaires worldwide who immigrate to Canada and willingly invest in the country.
But Canada has been under-pricing the programme massively in comparison with major competitors like the UK, the US, Australia and New Zealand, he claimed. Kenney wants to rules changed so that newcomers have to invest into Canadian firms more directly – making what he refers to as “more durable investments”.
Reuters reported that the Conservatives are likely to at least double the money which foreign investors have to inject into Canada – from $800,000 to $1.6m. At present, the money is distributed to local governments over five years until being returned to the foreigner with no interest.
The government’s plan in now to ensure Canada benefits more from the pool of millionaires from other countries who are looking for safe havens in locations like North America. Immigration Minister Jason Kenney last Friday took part in discussions about altering the federal immigrant investor programme. Kenney noted the large amount of millionaires worldwide who immigrate to Canada and willingly invest in the country.
But Canada has been under-pricing the programme massively in comparison with major competitors like the UK, the US, Australia and New Zealand, he claimed. Kenney wants to rules changed so that newcomers have to invest into Canadian firms more directly – making what he refers to as “more durable investments”.
