Chinese millionaires look elsewhere as Canadian migration scheme is extended
Chinese millionaires look elsewhere as Canadian migration scheme is extended after failing to attract enough rich mainland Chinese to the country.
The Immigrant Investor Venture Capital (IIVC) pilot, which grants residency to immigrants worth at least C$10 million provided they invest C$2 million into the IIVC fund for the duration of 15 years, was originally due to run only for two weeks but will now take applications until April 15, 2015 (Wednesday).
The extension of the scheme from a two week window to a total of 11 weeks suggests that it has fallen well short of the cap of 500 applications (were expected much more applications), and industry experts believe this is due in large part to the scheme’s strict requirements once applicants must speak English or French, have a Canadian tertiary qualification or equivalent, and submit to a financial audit.
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