Canadian citizenships up for sale

 

Canadian “Cash for Citizenship “ program is being reignited, 500 applications from immigrant millionaires will have their opportunity to apply for citizenship by February 11^th but only 60 will be approved.  The criterion requires immigrant applicants to invest at least $2 Million into the country in order to boost the Canadian economy.

Applicants must make a $2 Million dollar no guaranteed investment over 15 years into a fund operated by BDC Capital a government umbrella of Business Development Bank of Canada.

The government’s new program is a revamp of the old immigrant regulation previously “Under the former immigration investor program, immigrant investors had to invest $800,000 in Canada’s economy in the form of a repayable loan without meeting skills and abilities requirements of most of Canada’s economic immigration programs” the government announced. This new program announced last December has the South China Morning Post of Hong Kong calling it a “tiny scheme (that) would thwart 45,000 rich Chinese who were dumped from (the old) investor immigration que”.

In addition to the $2 Million dollar immigration investment applicants must undergo intensive background checks and scrutiny by private sector forensic accountants and auditors. The goal is for Citizenship and Immigration Canada to ensure that all wealth invested under this scheme will be lawfully procured.

Stringent checks and conditions have been introduced in an attempt to combat previous criticisms of allowing corrupt Chinese criminals escape China and seek refuge in Canada.