Canada Ends Investor Immigration Visa Program
As Bermuda debates the merits of a commercial immigration programme, news from Canada shows they have just ended a similar programme, which allowed foreigners with a net worth of more than $1.6-million to gain residency and potentially citizenship.
The Globe and Mail report: “Many criticized the program as a way for rich foreigners essentially to buy citizenship and live abroad without creating jobs or economic growth in Canada.
“The plan, which was ended in Tuesday’s budget, allowed foreigners with a net worth of more than $1.6-million to gain residency and potentially citizenship by lending the government $800,000 that would be paid back in about five years without interest.”
“It will be replaced by two pilot projects: an immigrant investor venture capital fund and a business skills program.”
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interesting…
hmmm amazingly quiet on this page…I wonder why?
Prob because the anti commercial immigration camp are balancing their dislike of commercial immigration against their xenophobic feelings towards foreigners and any information coming from a foreign country lol
for real…
If you are coming into Bermuda for the first time, the last thing on your mind as a commercial immigrant is the ability to vote in general elections. Because contrary to very popular belief in Bermuda, some-one who knows relatively very little about Bermuda other than s/he can place their considerable wealth into a stable financial economy, is more concentrated on their wealth retention, protection and growth – NOT their ability to vote. That consideration is more highly regarded by long term residents who have already made their contribution to Bermuda throughout their years of being there.
What is it that will probably attract commercial immigrants? The ability to get access into other foreign jurisdictions that they may not want to go to directly due to security and/or tax considerations. Opportunities to move freely into the UK and/or European Union [EU] under the radar of both security and with a tax umbrella provided by Bermuda is much more appealing to them. They want to grow and move their considerable wealth without tax burdens, and Bermuda will happily supply that.
However, the UK and EU must grant Bermuda permission to allow these people onto their countries (through the back door) without any viable economy contribution to their economies. As Bermuda offers them (UK and EU) nothing other than more paper work.
And please bear in mind, the foremost reason from our Government to target commercial immigrants is for their investment (and gene pool?), way of job creation, direct infusion of funds and/or very large capital projects investment. On the other hand, the commercial immigrant will not put all their eggs in one basket, i.e., Bermuda. This is a business investment not an act of new found patriotism.
The reason why many are probably remaining mute on the blog is because it is too convoluted, and Senator Fahy’s explanation in the RG yesterday was more confusing than enlightening on Bermuda status, naturalisation, who has what, who can vote, and the UBP’s reasons for what they did when they were last in power.
My biggest question is, will we still have a Bermuda passport or will we have only a BOTC passport as of December 2014 when all passports will be issued from the UK? If that has been explained, then I have missed it.
Senator Fahy did not serve us well under the Job Makers legislation, and it is a very steep learning curve here for him and the OBA. It will take time and considerable work to get it right.
I now consider Mr Roban’s appeal to the leaders of Caribbean countries with more regard, one does not have to see sand moving for one to know that there is movement, one can feel the shift in the sand.
London, England
Well written, Valerie!!
Canada has a greater landmass than ours. I sincerely hope that the UBP/OBA are VERY ALERT on this news. Of course, I don’t know what Canada’s two replacements projects entail. On thing is certain, with the former failure, they considered other options.
We would not like to see Bermuda become a “bedroom community for the world”!
The article says the CDN Investor Plan required participants to not only have a net worth exceeding $1.6million(ergo, big spenders+no drain on social services)-AND ALSO lend the CDN Govt $800,000 for 5yrs–INTEREST FREE!! I consider camcelling that simply idiotic–and I’m Canadian!! I make no comment on what BDA should do!–however my best wishes to BDA on not being as foolish as my fellow Canadians!!
The Canadian Immigrant Investor Program closed its doors to 65000 immigrant investors. 70% of the Canadian program applicants are from China.
Learn more from http://www.high-net-worth-immigration.com