Hong Kong press scorn Canada’s backdoor wealthy immigrant scheme

More on the abuse of the immigrant investor program. Nothing new (see Martin Collacott: The citizenship fire sale – National PostUnder new rules, rich Chinese should learn French if they want to move to Canada | South China Morning Post) but confirmation of bad and naive program design, led more by the political level of previous governments rather than evidence-based from the bureaucracy:

Most of the 30,000 rich Chinese who have recently moved to British Columbia told authorities they would settle elsewhere in Canada, with the deception costing the province access to billions of dollars in loans.

An investigation by the South China Morning Post revealed the widespread illicit practice, which is demonstrated in a huge discrepancy between approval and arrival numbers of Chinese in BC under the Immigrant Investor Programme IIP. The Post’s revelations come as Ottawa prepares to unveil a wealth migration scheme to replace the federal IIP, which was axed in June.

The huge influx of rich Chinese is already a hotly debated issue in Vancouver, which has seen property prices soar.From 2005 to 2012, a total of 29,764 rich Chinese, mostly from the mainland but also from Taiwan and Hong Kong, are known to have moved to BC under the program, which required applicants to loan Canada C$800,000 HK$5.54 million per family and have minimum assets of C$1.6 million.

Yet in the same period, only 13,872 certificates of permanent residency were issued to applicants from greater China who nominated BC as their intended destination.

Ian Young found that 53 per cent of the 29,764 investor immigrants from the mainland, Hong Kong or Taiwan who activated their permanent residency in British Columbia from 2005 to 2012 did so after telling authorities they would live in a different province.

This suggests at least 53 per cent of all Chinese known to have settled in BC under the IIP said they planned to live elsewhere.

Hong Kong press scorn Canada’s backdoor wealthy immigrant scheme | Vancouver Sun.

About Andrew
Andrew blogs and tweets public policy issues, particularly the relationship between the political and bureaucratic levels, citizenship and multiculturalism. His latest book, Policy Arrogance or Innocent Bias, recounts his experience as a senior public servant in this area.

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