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Deadline diverts Chinese investors from Canada to U.S.

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guest | 14 May 2012, 10:07 PM Agree 0

Thousands of wealthy foreign nationals, most from China, are now queuing up at American embassies in an effort to add their names to the U.S. Investor Immigration program, or EB5 visa.
The government must re-authorize it in September, making for an uncertain future given the November election two months later. That, at least, appears to be the thinking of Chinese investors eager to submit their applications to program officials before the deadline, securing a spot in line, even if the program is ultimately changed or cancelled.
Under the program, applicants and any immediate family garner permanent U.S. residency for an investment of $1 million. It must lead to 10 full-time jobs within two years.
Those prospective investors are just as keen to purchase second homes and investment properties in the U.S., a place many ultimately hope to migrate.
Winning that kind of re-location is increasing challenged in Canada, something zapping its appeal for many Chinese.
The Canadian investor program -- where applicants post an $800,000 interest-free mortgage for government – has been temporarily closed until late this summer because of a three-year backlog.
That’s expected to slow the number of Chinese nationals looking to buy homes in Vancouver and Toronto in hopes of immigrating there.
The U.S., on the other hand, has kept hope alive for thousands of would-be immigrants with pockets deep enough to fund that dream, say U.S. analysts.
  • Ron Cameron | 15 May 2012, 06:37 PM Agree 0
    Immigration needs a solid look at. Until such time as we
    upgrade services such as roads, infrastructure, hospitals etc.
    ahead of immigration we should stop it all. Developers are
    getting rich on the backs of taxpayers, who have to pony up
    for the increased need for services immigration brings.

    Hospital beds in the emergency ward in Surrey, B.C. are
    a foot apart. Surrey has seen a lot of immigration with not
    much infrastructure coming from developers. We need to
    get our heads together and realize that there is quite a
    cost to immigration that must be bourne by us all.
  • Zaragatunga.Bumbagumba | 16 May 2012, 03:54 PM Agree 0
    To Ron Cameron: I'm sorry, but from your message one gets the solid impression that an immigrant represents only a cost. This is certainly not true: immigrants bring with them their wealth (or at least their workforce) and end up contributing a lot to the economy (at least by paying their taxes).

    Let's not forget that every non-Innuit canadian is either an immigrant or the descendent of one...
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