Canada gets just six applicants for millionaire immigration program

VANCOUVER, July 23 (Reuters) - Canada has received just six
applications for its pilot immigration program for millionaires,
far fewer than for its investor class visa that was scrapped
last year amid criticism it was allowing rich Chinese to buy
their way into Canada.
"I knew it wasn't going to work. It was poorly designed,"
said Richard Kurland, a Vancouver immigration lawyer who filed
an Access to Information request for the data.
Canada said in December it was looking for 50 wealthy
foreigners to join the pilot run of the Immigrant Investor
Venture Capital plan, under which applicants must be far richer
than those who entered under the previous program.
Kurland said the revamped program will likely "wither on the
vine and quietly go away" given the clear lack of demand from
would-be immigrants who balked at the high price tag and
uncertainty about their investment.
Officials at the office of Citizenship and Immigration
Minister Chris Alexander and at his department were not
immediately available for comment.
Under the new program, would-be immigrants must invest a
minimum of C$2 million ($1.5 million) in Canada for a 15-year
period and must have a net worth of at least C$10 million. Among
other criteria, they must also meet a new requirement that they
speak English or French.
"Few were prepared to throw good money away, and C$2 million
dollars is a lot of money to get a visa," said Kurland. "There
was no monitoring oversight and control after the investment is
made ... (and so) this is not a wise financial decision to take.
I'm not surprised to see just six takers."
The federal government started accepting applicants in
January, and had received the six applications as of June 8, the
documents show.
Launched in the mid-1980s, the previous immigrant investor
program promised a fast-track visas for foreigners with a net
worth of C$800,000 and C$400,000 to invest. The minimums were
later upped to a net worth of C$1.6 million and C$800,000 to
invest. There was no language requirement.
The program was wildly popular, particularly with Chinese
investors, first from Hong Kong and Taiwan, and later from
mainland China. The Pacific Coast city of Vancouver, with its
proximity to the Asia-Pacific region, was the preferred
destination.
Applications surged over the past decade, and the program
was frozen in 2012 as officials scrambled to clear the backlog.
($1=$1.30 Canadian)