Canada immigration chief admits mainlanders flouting rules was one reason for visa axe
New visa scheme doubles minimum investment and has stricter criteria, says immigration chief
Canada's immigration chief admitted yesterday that the flouting of residency rules by mainlanders was one of the reasons its investor visa scheme was axed.
But Citizenship and Immigration Minister Chris Alexander was quick to point out that it was not the "principle reason" and that Canada's door was still open to Chinese migrants.
Announcing stricter criteria for a new investor scheme to be launched later this year, Alexander told the South China Morning Post during an interview in Hong Kong that the required amount needed to qualify for the new immigrant investor venture capital pilot would be more than double that of the previous visa's C$800,000 (HK$5.6 million).
"We want Chinese investors in Canada and the door is open, the pathways are multiple," Alexander said. "We are making these changes for them."
Canada scrapped its investor visa last month, dumping 65,000 applications, about 45,500 of which were filed by mainlanders applying in Hong Kong.
Alexander said the new fund would be privately managed and a competition would be held to select the managers. The funds would be invested in "at-risk" start-ups for more than five years, longer than the previous scheme.
