June 6, 2017 – 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 unfairly receiving.

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 former federal immigration minister publicly confirmed 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.

To read this article in its entirety please click here

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 disclaimer