By Attorney Henry Moyal
INVESTOR VISA RULES WILL DOUBLE IN NOVEMBER 2010
Applicants with business experience and a high net worth have routinely immigrated to Canada via Canada Immigration Business Category. This branch has three types of options: self-employed, entrepreneur and investor visa. While the self-employed category is somewhat of a rare category, in contrast the most popular over the last decade has been the investor category. It has attracted much attention in the past because: age is not a factor ; English capability is usually not a factor; there are no conditions attached to the visa. In contrast, the entrepreneur category requires applicants to establish a business in Canada and hire a Canadian in that business. If the terms and conditions are not met within three years, Canada Immigration has the right to commence removal proceedings.
It seems however, that the federal government is not taking steps to make the popular investor category and little harder. The government’s rationale is that it needs to make Canada competitive with other countries who are offering similar programs. In brief, it was too cheap and too easy for investors to immigrate. In the past, investor clients had to show a net worth of a minimum of $800,000CDN and invest a least $120,000CDN ($400,000). Starting in November 2010, the investor category will be overhauled and the monetary figures will be doubled. That is an applicant will need to show a net worth of $1.6million to qualify. New applications are no longer being accepted until the new rules take effect.
Another major change in Canada Immigration this week has been the implementation of more foreign worker rules, including caregivers.
“The government is taking action to protect temporary foreign workers, including live-in caregivers, from potential abuse and exploitation,” said Federal Immigration Minister Jason Kenney. “We owe it to them, their employers and all Canadians to ensure that the program is fair and equitable. After all, they are an essential element of Canada’s economic success.”
“Our government is taking action to improve the integrity of the program while ensuring that these people are afforded the necessary protections.”
Highlights of the changes, which come into effect on April 1, 2011, include:
a more rigorous assessment of the genuineness of the job offer;
a two-year prohibition from hiring temporary foreign workers for employers who fail to meet their commitments to workers with respect to wages, working conditions and occupation; and
a limit on the length of time a temporary foreign worker may work in Canada before returning home.
Attorney Henry Moyal is a certified and licensed immigration lawyer in Toronto, Ontario. The above article is general advice only and is not intended to act as a legal document. Send questions to Attorney Moyal by phone 416 733 3193 or email www.moyal.com
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