30 January 2009

Canada's investment for permanent residence programme expanded

Canada's Minister of Citizenship, Immigration and Multiculturalism Jason Kenney has told the Economic Times that the Canadian immigrant investor programme is being expanded to help Canada through the economic slowdown.

The programme allows prospective immigrants to invest $400,000 for five years to be eligible for permanent residence.  Kenney told ET the programme would become more attractive to wealthier applicants, so that Canada's economy can reap the benefits of capital investment.

"The Canadian government will soon announce changes in the immigrant investor programme so that we can leverage it better as a source of capital inflows into the country in these recessionary times. The changes will make the programme more attractive for the investors, who are looking at immigrating to Canada through this route, as well as for the Canadian government," Mr Kenney said.

Spectators of Canadian immigration say that there has been a growing interest in the Canadian investor programme from Indians in recent months.

"Canadian permanent residence rights acquired through the investment category are attractive for Indian high net worth individuals because they have very few limitations.  The children of investor category immigrants can avail themselves of preferential fees in the Canadian educational institutions," an immigration expert said.

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