The Canadian government is poised to relaunch a program that grants permanent residency to foreign millionaires but a veteran immigration lawyer says he fears Ottawa is still underpricing what amounts to a path to citizenship.
Ottawa announced in February it would end the decades-old Immigrant Investor Program, saying the $800,000 investment required of newcomers, as well as other conditions, “significantly undervalued Canadian permanent residence.”
Richard Kurland, a Vancouver-based lawyer with decades of experience in the field, said he expects an announcement from Immigration Minister Chris Alexander within two weeks and predicts the minimum investment required under the revamped program will be about $1.5-million.
He suggests Canada aim much higher, starting at the $2-million level. From there, he recommends Ottawa experiment with trying to raise the required cash outlay to even greater heights.
“One-and-a-half million dollars? What is that? A condo and a half in Shanghai?” Mr. Kurland said. “Ratchet it up to $2.5-million to $3-million for investment and wait to see if over a five-month period, six-month period, there are still some empty spaces on the board.”
Mr. Kurland said Canada should price its permanent-resident card based on the idea it’s bargaining from a position of strength.
“The demand for millionaire visas outstrips the supply of millionaire visas – that is the strategic starting point,” he says.
“We’re still selling five-dollar slices of pie for fifty cents.”
Johanne Nadeau, a spokeswoman for Citizenship and Immigration Canada, declined to comment on the required investment level for the new program, saying the first step will be a pilot project geared at ensuring “immigrants who come to Canada deliver meaningful benefits to our economy.”
more
Permanent resident visas for foreign investors should cost more: lawyer - The Globe and Mail
Ottawa announced in February it would end the decades-old Immigrant Investor Program, saying the $800,000 investment required of newcomers, as well as other conditions, “significantly undervalued Canadian permanent residence.”
Richard Kurland, a Vancouver-based lawyer with decades of experience in the field, said he expects an announcement from Immigration Minister Chris Alexander within two weeks and predicts the minimum investment required under the revamped program will be about $1.5-million.
He suggests Canada aim much higher, starting at the $2-million level. From there, he recommends Ottawa experiment with trying to raise the required cash outlay to even greater heights.
“One-and-a-half million dollars? What is that? A condo and a half in Shanghai?” Mr. Kurland said. “Ratchet it up to $2.5-million to $3-million for investment and wait to see if over a five-month period, six-month period, there are still some empty spaces on the board.”
Mr. Kurland said Canada should price its permanent-resident card based on the idea it’s bargaining from a position of strength.
“The demand for millionaire visas outstrips the supply of millionaire visas – that is the strategic starting point,” he says.
“We’re still selling five-dollar slices of pie for fifty cents.”
Johanne Nadeau, a spokeswoman for Citizenship and Immigration Canada, declined to comment on the required investment level for the new program, saying the first step will be a pilot project geared at ensuring “immigrants who come to Canada deliver meaningful benefits to our economy.”
more
Permanent resident visas for foreign investors should cost more: lawyer - The Globe and Mail
