Canada keeps immigration door ajar for wealthy Chinese

Following the sudden cancellation of its millionaire investor visa aimed at Chinese migrants, the Canadian immigration minister has introduces a new investor visa programme.

Chris Alexander has admitted that Chinese mainlanders’ flouting of the original scheme was just one of the reasons it was pulled without warning. However, he added that the door was not closed to Chinese investors, and announced that a new investor visa programme would be launched later in 2014.

According to the minister, stricter criteria will be introduced including the more than doubling of the amount needed to qualify for the venture capital-based visa. Previously, to qualify for a visa, CA$800,000 was needed, with the exact amount needed for the new visa not yet revealed.

Alexander told the media that Canada was happy to welcome Chinese investors, adding that there are many pathways leading to the country’s front door. The changes, he said, are being made especially for Chinese investors.

The new investment fund is intended to be privately managed, and funds are to be invested in ‘at-risk’ start-ups for a minimum of five years. Moneys are expected to be invested in film, TV, internet, biotechnology, entertainment and animation companies, and the pilot programme will access one pooled fund, giving investors little control over the destination of their investment.

The termination of the original programme was caused by investors not complying with residency requirements, with investigations ongoing into immigrants who had been awarded the visas but have contravened the residency rules. Another reason was the massive backlog of applications, all of which have new been cancelled.