Canada mulling tougher rules for migration as businessmen
Saturday, 17 April 2010
FE Report
The Canadian government is considering a major overhaul in its 'Investor Programme' for the immigrants as it is aiming for tougher rules for individuals migrating to the country as businessmen, a top immigration agency based in Canada said in the city Thursday.
Once imposed, the stringent rules may affect thousands of Bangladeshis willing to migrate to the country as entrepreneurs, the agency said.
"The North American nation is looking to impose stringent rules on its 'Investor Programme' which traditionally enables successful businessmen and individuals having extensive experience in business management to migrate to the country," said Major Sudhir Saha, President and Chief Executive Officer of ILCB, a leading immigration firm based in Toronto.
"If the tougher laws come into force, this may significantly increase the minimum amount of asset and investment needed to be eligible for applying for immigration under this programme," he added.
Under the current provision, a person needs to have minimum asset of CDN$ 800 thousand in self and spouse’s name and has to provide investment of CDN$ 400 thousand to Canadian Government from own source to apply for permanent residency.
Alternatively, they can also avail financial option from any approved banks or financial institutions with a down payment of CDN$ 120 thousand.
However, the imminent change in the 'Investor Programme' may increase the minimum amount of asset to CDN$ 1.0 million while raising the required amount of investment to around CDN$ 600 thousand, Sudhir said at a seminar on Canadian immigration in the city.
"The said change in the immigration law may come into effect within a year or so and hence the best time to apply for permanent residency under the Programme is well before that period," Sudhir said.
Later, he also presented in detail various ways and requirements which are to be followed while applying for permanent residency and citizenship in Canada.
According to estimates, around a thousand Bangladeshis have migrated to Canada over the decade under the 'Investment Programme'.
The Canadian government is considering a major overhaul in its 'Investor Programme' for the immigrants as it is aiming for tougher rules for individuals migrating to the country as businessmen, a top immigration agency based in Canada said in the city Thursday.
Once imposed, the stringent rules may affect thousands of Bangladeshis willing to migrate to the country as entrepreneurs, the agency said.
"The North American nation is looking to impose stringent rules on its 'Investor Programme' which traditionally enables successful businessmen and individuals having extensive experience in business management to migrate to the country," said Major Sudhir Saha, President and Chief Executive Officer of ILCB, a leading immigration firm based in Toronto.
"If the tougher laws come into force, this may significantly increase the minimum amount of asset and investment needed to be eligible for applying for immigration under this programme," he added.
Under the current provision, a person needs to have minimum asset of CDN$ 800 thousand in self and spouse’s name and has to provide investment of CDN$ 400 thousand to Canadian Government from own source to apply for permanent residency.
Alternatively, they can also avail financial option from any approved banks or financial institutions with a down payment of CDN$ 120 thousand.
However, the imminent change in the 'Investor Programme' may increase the minimum amount of asset to CDN$ 1.0 million while raising the required amount of investment to around CDN$ 600 thousand, Sudhir said at a seminar on Canadian immigration in the city.
"The said change in the immigration law may come into effect within a year or so and hence the best time to apply for permanent residency under the Programme is well before that period," Sudhir said.
Later, he also presented in detail various ways and requirements which are to be followed while applying for permanent residency and citizenship in Canada.
According to estimates, around a thousand Bangladeshis have migrated to Canada over the decade under the 'Investment Programme'.