The Canadian government has said that it plans to review its Immigrant Investor Program, according to the latest IXP Visas report from Canada.
The scheme has proved to be wildly popular among the financially loaded, aspiring immigrant investors.
American actress, Bo Derek was spot-on the mark when she'd cheekily observed that, "Whoever said money can't buy happiness simply didn't know where to go shopping!" It might appear that the hopeful investors were leaving no stones unturned to do just that.
Intriguingly, there had been reports of some millionaires chartering private jets to be the first one in the long parade, to get their applications in. IXP Visas explain that those who could afford a minimum investment of $800,000 could get the Canadian immigration permanent residency in a shorter amount of time. The oversubscribed scheme reached its 700-person limit within half an hour of the applications opening.
Immigration Minister Jason Kenney was not too happy about the change. In an interview he'd voiced that the minimum investment threshold was too low and that the money should be a permanent donation to the Canadian economy, instead of a loan. Kenney felt that Canada was "underselling itself" through the visa.
The National Post quotes him as saying, "They get permanent residency in the best country in the world for lending Canadian governments $800,000 for five years... so it seems to me, given there are millions of millionaires around the world who would love to come to Canada, we can do better than that and we're looking at ways we can redesign the programme to extract more bang for the buck."
Predictably enough, reports suggest that a revised scheme could be in place by the end of the year.