On February 11, 2014, Canada made the drastic decision to permanently end its immigrant investment program. After nearly a 2 year standstill, the decision seemed inevitable, although even more devastating. Tens of thousands—65,000 to be exact—of hopeful immigrant investors, although will have their fees refunded, will never have their applications processed.
Canada’s program has long been criticized as having many inefficiencies, extensive wait times, and no enforcement of the investor actually living in the country. In 2011, Canada raised the minimum investment from $400,000 to $800,000, and then, in 2012, in a failed attempt to catch up on its backlog, put a temporary freeze on the program. Even so, applications for the program continued to pour in, magnetized by the no-risk investment, which contrasts the at-risk United States' investment. With a flooding backlog, the permanent cancellation of the program was reached.
So what's next?
This news comes as an advantage to the United States. Chatter regarding the next step for the thousands of investors turned away from Canada has begun, with many now looking for permanent residency in the United States. Here, the Chinese take up about 81% of the market, with that number expected to rise going forward. The U.S. boasts significantly less wait times than the Canadian program, with a mere 15 to 21 months. Additionally, although the investment is at-risk, it is just $500,000, compared to the $800,000 requirement by the Ottawa government. And the U.S. requires the investment to create 10 new jobs, stimulating the economy, which many find favorable. More and more hopeful immigrants will likely be immigrating to America, not only for its attractive investment program, but also for the endless number of benefits, notably: freedom, the large marketplace, the health and education system, and laudable environmental conditions.
If you or one of your clients are one of the 65,000 + returned cases from Canada, FirstPathways Partners would like to help. We will seamlessly guide you through the application process, answer every one of your questions, and put you at ease with our successful track record. We have projects available now and we look forward to serving your needs. Contact us today!