M city 5 condos mississauga. House prices are going to fall? Canada’s federal government officially announced plans to end the federal investment immigration program in its newly released annual economic plan yesterday, rejecting a backlog of 66000 federal investment immigration applications.Please Visit: M city 5 condos mississauga to Get Your VVIP Registration Today!
Canada said it would refund the application fee, which will affect more than 50,000 Chinese tycoons. After the plan is cancelled, Chinese buyers will drop sharply, which will drive down Canadian house prices and hit the economy, according to the Canadian Broadcasting Corporation.
In its 2014 budget, the federal government of Canada announced that it would stop the investment immigration program that has been implemented since 1986. According to the original investment immigration program, as long as a foreign citizen can prove that he has a net worth of more than 1.6 million Canadian dollars (about 8.82 million yuan) and “interest-free” lent 800000 Canadian dollars (4.41 million yuan) to the Canadian government for a period of five years, you can obtain the country’s permanent resident status. So far, about 130000 foreign citizens have gone to Canada for long-term settlement through investment immigration programs.
The new decision has caused controversy. Supporters believe that investment immigrants are only “selling passports cheaply” in disguise and have no real contribution to economic employment, while opponents believe that in recent years, countries have used investment immigrants to attract Chinese capital, but Canada has reversed course, which will deter investors.
The new decision has aroused a lot of opposition, and Kulan, a Vancouver immigration lawyer, believes that it will only benefit other countries that have investment immigration programs. Zhang Kangqing, a researcher at the Vancouver Asia Pacific Foundation, said that investment immigrants do have a positive impact on the local economy, such as the consumption and taxes of buying houses and cars. Some media pointed out that Australia, another popular place for immigrants, may take the opportunity to wave to prospective immigrants in order to absorb overseas wealth.
Treasury Secretary Jim Flaherty pointed out that over the past decade, the federal investment immigration program has become a shortcut for foreigners to legally stay in Canada, but it has seriously underestimated the value of Canadian residency and Canadian nationality. At the same time, there is no evidence that investment immigration programs are consistently linked to Canada or Canadian economic growth. On the other hand, investment immigrants pay less taxes than immigrants in other economic categories. For this reason, the budget plans to end the investment immigration program.