Uncertain Future of Immigrant Investor Program
Immigrant Investor Program have uncertain future
A new immigrant investor is about to open for new applicants in Canada. This popular program is not sure about its future, whether it will have to push back the intake date or proceed with the same status at least for this year.
People have accepted the cash for visa scheme to the extent that previous year’s application window was shut down within 30 minutes.
Foreigners, who could afford, hired planes to be the first ones to submit an application. The government has capped the annual intake at 700. They feel that this is the maximum number which can be handled in a year.
According to a message posted on Citizenship and Immigration the cap of 700 will be reset unless there is some other development.
Jason Kenney, Immigration Minister announced in the month of April that steps would be taken to modernize the outdated program. Critics opine that this new system bring very little benefit to Canada.
Alexis Pavlich, Press Secretary to Kenney says, “We continue to review our options to maximize benefits to the economy of Canada.”
Richard Kurland, an immigration lawyer at Vancouver is hopeful that the government would wait till the fall to reopen the program for the new applicants.
Kurland also informs that Canada is still settling down with the old 25,000 applicants which involve 86,000 people.
He opines that the next set of applications should be marked July 1 or later so that refusals may be prevented.
Richard Kurland suggests that new applications should not be entertained till the backlog is cleared. He is also asking to wait and watch the United States plans on renewing its investor program which is due in September. After waiting for their announcements Canada may hike their prices more than planned.
Irrespective of America’s decision Canada will surely revise its prices.
Till 2010, an investment of $400,000 was done. As per Kenney’s announcement the current system requires an investment of $800,000. Only when raised to double, this amount can contribute to Canadian Economy.
Immigration department is holding meetings and conferences with Stakeholders and Provinces to understand the ways of making the most of immigration investment.
The government has started the process of clearing the old applications. Till now, one is not sure if the old immigrant investor would be returned back and asked to submit the new fee or they will be processed with the old processing fee itself.