Asian Immigrant Numbers Increasing Rapidly!
Candian Asian Resident numbers to increase with new government regulations in China will further stimulate the Real Estate Market in Vancouver
Thousands have thronged immigration agencies in Beijing to apply for Canadian permanent residency under its immigrant investor program, following reports the country may at least double the minimum asset required as early as October.
At present, applicants under the program must have C$800,000 ($753,000) in net assets, and each has to invest C$400,000 into Canada's economy. The investment will be returned, without interest, five years and two months after payment.
In January, however, Citizenship and Immigration Canada (CIC) proposed to raise the minimum net threshold to C$2 million and investment amount to C$1 million.
In February and March, CIC received about 1,300 new application cases a month from China, compared with just about 100 each month previously, said Charles Qi, chairman of Beijing Entry and Exit Service Association.
Qi said 95 per cent of applicants would have C$400,000 to invest, but prefer to place C$120,000 with designated financial institutions, which will provide the C$280,000 balance.
At the end of the five-year period, the C$120,000 will not be returned, as it will be treated as interest and other charges.
Lawyers and officials of fund companies in Canada have since last year been discussing the proposed increases with CIC. Though no final decision has been made, Chinese immigration experts said reliable Canadian sources have told them the most likely plan is to double the amount - a net worth of C$1.6 million and an investment amount of C$800,000.
For more details see: http://www.chinadaily.com.cn/china/2010-06/07/content_9942837.htm