Quote:
Originally Posted by Acajack
There will be an extensive report on Quebec's immigrant investor program tonight on the SRC TV program Enquêtes, which is kind of like The Fifth Estate.
Teasers that SRC radio has been broadcasting today indicate that the program is a bit of a free for all and that fake documents were often accepting without verification, and of course as we all knew that most investors knew nothing about Quebec and never intended to settle here.
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The terms of the Quebec program are that you need to have $2M in assets and you need to invest $1.2M over 5 years. The $1.2M investment is guaranteed by the government of Quebec (!). I don't know how these investments normally turn out, but this could actually be a subsidy of foreign investors by the province of Quebec. In the best case it works out to a small fee for the wealthy immigrants (loss of value of principal due to inflation, maybe $100,000 or so).
There was a big uproar in New Zealand about people like Peter Thiel buying passports using a similar program. The difference is he invested over $40M CAD.
Most other countries that have this program are small island nations like St. Kitts and Nevis. St. Kitts and Nevis is more demanding than Canada though. They require a $150,000 US "donation".
It's hard to view this program in a positive way. If we actually want to attract rich people and make money then we should be charging more. If not then we should shut investor class immigration down.