Langstaff Gateway Condos price list.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. Canada said it would refund the application fee, which will affect more than 50,000 Chinese tycoons.Please Visit: Langstaff Gateway Condos price list to Get Your VVIP Registration Today!
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.
The Canadian government’s measures to tighten immigration policy again triggered a high level of media, with many foreign media focusing on the “most injured” Chinese tycoons.
CNN reports directly on “Canada cancels the investment immigration program popular with the Chinese”. The Canadian investment immigration program has attracted a large number of Chinese, but after the country stopped accepting applications for the investment immigration program in July 2012, many foreign investment immigrants turned their attention to other countries, the report said.
For example, the United States has introduced an investment program that allows foreigners to obtain green cards for $500000; Cyprus provides resident visas to foreign residents who are willing to pay $405000; and Portugal offers a similar immigration policy, but the fee paid is $675000. In addition, Greece and Australia have similar immigration policies.
He held the same view and said that no country is willing to give up the opportunity to obtain investment from China. The newspaper also pointed out that Canada’s suspension of investment immigration is not aimed at China. Like other countries, the Canadian government only hopes to get tangible benefits from the immigration policy that are beneficial to the country’s development, but this will undoubtedly change Canada’s long-standing “friendly” image towards investment immigrants in the eyes of the Chinese.
In the past 28 years, more than 130000 investors have immigrated to Canada, mainly from China, including those from Chinese mainland, Hong Kong and Taiwan. In recent years, Canada’s immigration policy has been significantly tightened, and the federal government has stopped accepting investment immigration applications since 2012.
There is a backlog of more than 75000 cases of Canadian federal investment immigrants around the world, of which more than 57000 are Chinese applicants, and 98 to 99 per cent of these applications are from mainland China. These immigration applications have been delayed for years.
As there are more cumulative cases than any other economic immigration cases, it will take more than six years to deal with at the current rate. Under the background that the Canadian federal government will make a heavy blow to abolish the investment immigration program, these backlog cases may be abandoned directly in an across-the-board manner.