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On Feb. 11, local time, the Canadian Federal Ministry of Finance unveiled its 2014 Economic Action Plan (EAP), which is actually the annual budget submitted to the House of Commons for vote, with two motions from the Federal Department of Citizenship and Immigration attached. One of them is to end the Federal Investment Immigration (IIP) and Federal Entrepreneurship Migration (EN) programs in 2014.
The EN immigration scheme, which began in 1983 and IIP in 1986, was not set up specifically for Asia-Pacific or Chinese immigrants, but as a large number of wealthy Hong Kong people chose IIP or EN to emigrate to Canada in the 1990s for fear of the “97 deadline”, these two immigration programs have gradually become “dedicated springboards” for wealthy Asians, especially Chinese. After entering the 21st century, the subject has changed from the rich in Hong Kong to the rich in the mainland.
Some domestic media and immigration agencies generally used words such as “Canada rejects rich Chinese” when reporting on the cancellation of the investment immigration motion. On the face of it, this is not an illusion. According to data provided by the Canadian Department of Citizenship and Immigration, there is currently a backlog of 65000 applications from Canadian investment immigrants. It is said that there are more than 50,000 applications from China.
But that doesn’t mean Canada really closes the door on China’s rich.
The reasons for the cancellation given in the EAP Annex are, first of all, research showing that investment immigrants pay less taxes than other economic categories and tend to lack skills, poor official language skills and little willingness to settle in Canada. The federal government says the move could pave the way for improving immigration efficiency and attracting experienced professionals.
In fact, Chris Alexander, the current federal minister of citizenship and immigration, said the threshold for economic immigration in Canada was too low and immigration status was “too cheap”. The EN project was halted in July 2011, and it was IIP’s turn in July 2012. At that time, it was reported that the government planned to raise the threshold and may change the original investment of C $800000 without paying principal and interest for five years to invest C $1.6 million without principal repayment.
The EAP release coincided with the Federal Ministry of Finance saying it would add a “high-risk investment program for immigrants” and a “business talent introduction program based on the ability of applicants” after the abolition of IIP and EN. It is not difficult to see that the so-called “cancellation” is probably just a “big price increase” that changes the name and raises the threshold. Those wealthy applicants who have been turned away after waiting for several years can naturally wait in line again as long as they are qualified before the new threshold.
In addition to price increases, Canada has two other purposes: one is to clear the waiting list; the other is to centralize power, as criticized by an article in the Toronto Star. Harper’s government is eager for federal government functions to be given more temporary disposal power in screening immigrants, rather than letting members of Congress tell them what to do.
It is conceivable that there may be changes in the Canadian real estate market, and immigration agents, which have long been eager to try, will also seize the opportunity to increase prices to peddle previously relatively unpopular “varieties” such as Quebec investment immigrants and federal employer immigrants. However, I am afraid there is a big deviation between the commercial hype and the facts.