According to a report by the mainstream English media, The Globe and Mail, on February 10, the Conservative government of Canada is set to announce in its 2014 budget the termination of the investment immigration program that has been in place for nearly 30 years. The reason is that investment immigration has not brought the expected economic benefits to Canada, with tax contributions significantly lower than those of other categories of economic immigrants. This program, which began in 1986, has brought a total of 130,000 immigrants to Canada over the past 28 years.
It is reported that the Canadian federal investment immigration program is currently the most popular immigration plan among wealthy individuals from China, but it has also faced criticism for allowing the rich to buy their way into Canada without providing substantial long-term benefits to the Canadian economy. Additionally, Ian Young, a reporter for the South China Morning Post based in Vancouver, has reported for several days, revealing that the influx of tens of thousands of wealthy immigrants from China has overwhelmed the Canadian government, leading to the decision to suspend the acceptance of investment immigration applications to clear the backlog.
Due to the overwhelming number of applicants from China, the federal immigration department suspended the acceptance of new investment immigration applications starting in July 2012 to address the backlog, and as of now, there is still no set date for reopening (latest news indicates that the Canadian federal government will completely abolish this program). At that time, the immigration department did not disclose the background information of these backlog applicants, but documents obtained by Ian Young from January 8, 2013, show that there were a total of 75,651 backlogged applications from around the world, of which 57,308 were from China, accounting for over 75% of the global application volume, and among these applications, 98% to 99% were from mainland China.
It is reported that there are a total of 75,651 backlogged applications in the Canadian federal investment immigration program globally, with 57,308 from China, which means they account for over 75% of the global application volume, and among these applications, 98% to 99% are from mainland China. These immigration applications have been delayed for several years, and against the backdrop of the Canadian federal government planning to abolish the investment immigration program, these backlogged cases may be discarded outright, similar to the 300,000 skilled immigration applications.
Experts at WorldWay Immigration believe that once Canada completely abolishes the federal investment immigration program and discards over 50,000 old cases, it will significantly weaken Canada's attractiveness for immigration, leading a large number of applicants to turn to other countries. The United States, being Canada's neighbor, with its world-class education system and high-quality living environment, is expected to attract a considerable number of applicants. Moreover, the U.S. only requires an investment of $500,000 and does not impose requirements on educational background or language proficiency, which is considered very suitable for wealthy individuals from China.
Furthermore, the funds from Chinese investors have played a positive role in the recovery of the U.S. economy, which is a consensus among both houses of Congress in the United States. In 2013, there was a proposal, although not yet officially implemented, to change the U.S. quota from 10,000 green cards (visas) to 10,000 families. In 2014, the United States will not close its doors to investors from China or around the world but will instead become more open.
