Market volatility could mean significant challenges for migrants but there are ways of making currency conversion work to your advantage,  Halo Financial Director David Johnson says. 

Canada seems to be operating in a different dimension to the rest of the Western hemisphere.  Canadian interest rates were raised by another 25 basis points at the Bank of Canada’s July meeting in response to solid domestic data and good receipts from growing commodity exports and we cannot forget that the Canadian banking system is in much better form that that of America or Europe; largely due to long standing regulatory constraints.

However, the volatility in other markets, including Canada’s chief export client, America, is causing some significant volatility in the Canadian Dollar. In the last month, the Sterling – Canadian Dollar exchange rate has been down in the CA$1.48 area and as high as CA$1.62.

Clearly, that fourteen cent swing is a very significant move if you are either buying or selling the Canadian Dollar. As the average migrant moves something like £200,000 to Canada, that represents CA$28,000 of either gain or loss dependent on your timing which is a fantastic hourly rate when you think about it. For most migrants, the offer of a one month contract of work that paid CA$28,000 would be snapped up, especially when you don’t have to actually do anything for the return other than enlist the services of a currency company like Halo Financial to monitor the currency market for you.

And that is the key to making your currency conversion work for you while you plan your migration and spend your every waking hour arranging the myriad of things you have to arrange when you move to another country.

Making currency conversion work for you

The key is to have the right information, the right analysis, the right tools for the job and the right strategy to ensure you get the most out of your currency exchange. In essence, it is about either becoming an instant currency market expert or enlisting a partner to help who has the right expertise to guide your actions. I must confess that even after nearly two decades of being involved in this industry, I still don’t profess to know everything about everything so I would urge you not to try to learn it all in a matter of weeks and I am always mindful of the adage that "a little knowledge can be a dangerous thing".

However, we often find that clients are hugely grateful for the availability of a currency specialist to answer questions about the market movement, to highlight changes in conditions; both positive and negative and to offer suggestions on how best to take advantage of positive exchange rate movements whilst protect against the potential for costly adverse movements. Sometimes it is simply a matter of reassuring someone that their own idea is perfectly valid but there are plenty of occasions when our Currency Consultants start from square one and take a prospective migrant right through all the opportunities and pitfalls, detailing all their options before we get to a plan that suits their particular circumstances.  

How Halo Financial can help

Most peoples' circumstances can be analysed and assessed within a 30 minute phone call and a strategy formed to make the most of the available time. Your Halo Financial Consultant will be adept at talking you through your own requirements, needs and limitations and checking that the consultant’s picture of your position is accurate.

Now if that half hour chat results in a saving akin to CA$28,000, then you will be benefitting from an hourly rate even premiership footballers would feel envious of ... oh and ice hockey players as well.

If you would like to talk about your requirements and get an assessment of the market conditions as they affect you, contact Halo Financial and speak with a consultant today.

- Halo Financial is a leading specialist provider of commercial foreign exchange services for both international business and private individuals who require foreign currency and need expert assistance in successfully managing their foreign exchange exposures. They are a partner of Canadian Visa Bureau, an independent company specialising in helping applicants emigrate to Canada.

©Visa Bureau 2003-2010

Visa Bureau takes no responsibility and cannot be held accountable for action taken as a result of any information or comment provided on this blog, and we recommend that you always seek a number of opinions before making a decision regarding your migration or visa application. Please refer to the Visa Bureau terms of use for more information.

We recently launched a specialist service for applicants interested in the Immigrant Investor Program, a Canada Business Immigration Program pathway that enables business owners and qualified managers to immigrate to Canada with their families.

More information on the Canadian Immigrant Investor Program is available in our PDF brochure and potential applicants can receive a free assessment of their eligibility by completing our online enquiry form.

To provide a little more explanation though, qualifying for the Immigrant Investor Program is based on an assessment of two factors:

• The applicant's net worth; AND
• The applicant's business or management experience.

Meeting the net worth requirement

Net worth is determined by the value of an applicant's combined assets, which must exceed their combined liabilities by at least CA$800,000 (approx. £500,000). The figures used must be fair market value and evidence of this is required in the application. 

All assets must have been obtained legally and, in some instances, evidence of source of income is required.

Meeting the investor business ownership /management experience requirement

If an application relies on business ownership then the applicant will need to demonstrate that they part-owned and managed a qualifying business for at least 2 out of the past 5 years. A qualifying business is defined as one in which at least 2 of the following 4 criteria are satisfied:

• The percentage of equity of the applicant and their spouse in the business multiplied by the number of full-time job equivalents in the business is greater than or equal to 2;
• The percentage of equity of the applicant and their spouse in the business multiplied by the total annual sales is greater than or equal to CA$500,000;
• The percentage of equity of the applicant and their spouse in the business multiplied by the net income in the year is greater than or equal to CA$50,000;
• The percentage of equity of the applicant and their spouse in the business multiplied by the net assets at the end of the year is greater than or equal to CA$125,000.

Alternatively, if the application relies on business management experience as opposed to business ownership then the applicant will need to demonstrate that they managed the equivalent of at least 5 full-time employees per year in a business for at least 2 out of the past 5 years.

Making the investment and emigrating to Canada

Once an application is approved, the applicant is then required to make an investment of CA$400,000 with either the Canadian or Quebec government for a period of 5 years. In practice this investment is almost always financed, which significantly reduced the outlay and overall cost. As the Canadian Visa Bureau has banking relationships in Canada and the UK, we have access to the most competitive financing options available.

Once the applicant's Investor visa is approved they are then free to settle in Canada with their family. There are no restrictions once the applicant has settled in Canada. 

The Investor visa holder and their spouse are then free to work, set up business and purchase property. They will have access to state education, health care and other benefits enjoyed by Canadian citizens. After 3 years the Investor visa holder will be eligible for Canadian citizenship.

- Tom Blackett is Online Editor for the Canadian Visa Bureau.

©Visa Bureau 2003-2010

Visa Bureau takes no responsibility and cannot be held accountable for action taken as a result of any information or comment provided on this blog, and we recommend that you always seek a number of opinions before making a decision regarding your migration or visa application. Please refer to the Visa Bureau terms of use for more information.

The Canadian Investor Immigrant Program is a Canadian business immigration pathway that's been under particular focus as of late, with two prominent Canadian economists releasing a study that argues in favour of the program being expanded.

According to the study by Pierre Fortin and Roger Ware, statistics show that each family of immigrant investors leads to direct benefits for Canada, averaging between CA$770,000 and CA$800,000. As a result, the Investor Immigrant Program generates approx. CA$2 billion a year for the country.

However, even though Canada receives approximately 2,500 people each year under the Immigrant Investor Program, there's still some confusion as to how it works or how potential migrants can apply under it. With that in mind, I've assembled a quick 'FAQ' to help explain how it works.

Who is eligible for the Investor Immigrant Program?

Eligibility for a Canadian investor visa is based on an assessment of your net worth and your business or management background.

 The threshold amount for net worth is currently just over £500,000.  Business owners are required to show an ownership interest and management role in a qualifying business while business managers must have 2 years experience at the required level. Finally there is a qualifying points test.

How much do I need to invest?

Once your application is approved you are required to make an investment of CA$400,000 with the Canadian or Quebec government for a period of 5 years.

In practice this investment is almost always financed, which significantly reduces the outlay and overall cost to you. Our banking relationships in Canada and the UK mean that we have access to the most competitive financing options available.

What are the benefits to migrants arriving in Canada under the Investor Immigrant Program?

Once your visa is approved you are free to settle in Canada with your family.  There are no restrictions on you once you do settle in Canada.  You and your spouse are free to work, set up business and purchase property. You will have access to state education, health care and other benefits enjoyed by Canadian citizens. Additionally, after 3 years you will be eligible for Canadian citizenship.

To speak to a senior Canadian Visa Bureau migration consultant regarding the Investor Immigrant Program, use our contact form to request a call, marking your message 'Canadian Investor Visa'.

- Tom Blackett is Online Editor for the Canadian Visa Bureau.

©Visa Bureau 2003-2010

Visa Bureau takes no responsibility and cannot be held accountable for action taken as a result of any information or comment provided on this blog, and we recommend that you always seek a number of opinions before making a decision regarding your migration or visa application. Please refer to the Visa Bureau terms of use for more information.

The Alberta Minister of Employment and Immigration Hector Goudreau is on a mission this week to encourage thousands of UK would-be migrants to move to Alberta, Canada.  The Minister has given himself a quota of 50,000 immigrants for this year alone, and has headed straight to the UK to find them.  I think it's easy to see why.

Alberta, a province in Western Canada, is a commercial hub and proudly sustaining a steadily growing economy.  But the local population can't keep up with demand for workers, so the Minister has spearheaded a campaign to inform UK citizens how to fast-track the application process for Canadian visas so that local industries are no longer in high demand for skilled workers.  The professions at the top of the demand list include GPs, teachers, nurses, electricians, carpenters, engineers, construction workers, management consultants, cardiac specialists and diabetic specialists, although many other skilled positions are waiting to be filled.

We posted a news story on our website yesterday about the exodus of "boomerang migrants" (Australian ex-pats returning home). The thousands of Brits following them shows exactly why Mr Goudreau is targeting migrants from the UK.  The cost of living has risen again over the past four months, making the UK among the most expensive places to live in the world.  Staple food prices have risen by almost 60 per cent and fuel prices have risen by 22 per cent.  The Pound is weakening against the Australian dollar and the Canadian dollar, and more people from the UK are now deciding to make the move to better lifestyles and climates.

Canadian Immigration isn't always easy, though.  At the moment, it can take up to two years for a skilled visa application to be approved for skilled migration to Canada from the UK.  We always recommend that clients attempt to find a job offer before applying so that they can apply for a fast-tracked skilled visa.

I've often felt that there's a disconnect between the needs of employers in Canada, who need employees now; and the Canadian immigration system; which can be a slow and frustrating experience for some visa applicants.

However, this week Mr Goudreau has been putting Alberta's best foot forward to UK nationals.  He boasts of its comparatively lower cost of living, higher standard of living, matched and sometimes higher salaries in all professions, superior public services and educational services, lower business taxes than most countries, no provincial sales tax on goods, and its breathtaking scenery. 

The interest that a news story like this generates is tremendous.  I'm always happily surprised by the number of Brits who are ready to make the jump across the ocean in search of a better life.  Even the media here in the UK is getting in on the act with the BBC and GMTV calling to ask questions about Canadian immigration.  Mr Goudreau's arrival has caused quite a stir.

The UK government will have to work hard to entice overseas workers to fill their increasing skills shortages, while all the Canadian Government has to do is show Brits where to sign on the dotted line.

- Andy Harwood is the CEO of the Visa Bureau.

©Visa Bureau 2003-2010

Visa Bureau takes no responsibility and cannot be held accountable for action taken as a result of any information or comment provided on this blog, and we recommend that you always seek a number of opinions before making a decision regarding your migration or visa application. Please refer to the Visa Bureau terms of use for more information.