Skip to main content
  1. News
  2. Top News

While DC and Wall Street sell out America, Canada tightens its borders

See also

As the U.S. government wrestles with its controversial investor-visa program, Canadians are killing theirs.

Like America’s EB-5 system, Canada’s Immigrant Investor Program made thousands of foreign nationals eligible for residency in exchange for cash investments.

But the Ottawa government scrapped its program after finding it provided little economic benefit.

“For decades, it has significantly undervalued Canadian permanent residence,” the Canadian Ministry of Finance wrote in its 2014 budget report.

“There is also little evidence that immigrant investors as a class are maintaining ties to Canada or making a positive economic contribution to the country.”

All 65,000 pending applications, which the government estimates would have taken six years to process, will be returned and paid fees refunded. About 70 percent of the backlog came from Chinese applicants, CNN reported.

The Canadian program differed from its U.S. counterpart in three key ways:

  • It required investors to have a minimum net worth of $1.6 million (Canadian dollars; $1.5 million U.S.). America’s EB-5 program has no net-worth standard.
  • It set an $800,000 (Canadian) investment level, compared with as little as $500,000 in the U.S.
  • Instead of being targeted for private companies through middlemen called “regional centers,” the Canadian cash was routed into five-year, interest-free loans to the government.

Canada’s decision to end its IIP comes amid more criticism of America’s EB-5 program.

Citing internal documents, the Washington Times reported last week the EB-5 system is “rife with fraud and corruption.”

“With hundreds of millions of dollars improperly diverted … government officials lamented a persistent lack of oversight and an inability to investigate or prosecute the perpetrators,” the Times stated.

Additional information can be found here.

To automatically receive for FREE this writer's articles as they are written/published, simply click the "Subscribe" icon atop this page; each of his published works will be sent directly to your email account.

Advertisement

News

  • Mt. Everest avalanche
    Disaster strikes Mt. Everest as at least 12 people were killed in an avalanche
    Video
    Watch Video
  • Most Earthlike planet discovered
    The Kepler telescope has discovered the most Earthlike, possibly habitable planet yet
    Space News
  • Easter crosses create debate
    Easter crosses spark a debate of separation of church and state in Ohio
    Headlines
  • Chelsea Clinton is preggers
    Former first daughter Chelsea Clinton is pregnant with her first child
    Headlines
  • Stanley Cup playoffs
    The battle for Lord Stanley's Cup is on, don't miss a minute of playoff action
    Sports
  • Ukraine discussed amongst U.S., E.U., Russia
    The U.S., E.U. and Russia agree on ways to diffuse the tension in Ukraine
    Video
    Watch Video

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!