South China Morning Post: over 50,000 wealthy mainland Chinese on list to enter Canada, most want to settle in Vancouver

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In an article published in the South China Morning Post, journalist Ian Young reports that a backlog of applications to  Canada’s Immigration department includes over 50,000 requests from wealthy mainland Chinese through the Investor Immigrant program:

Immigration Department data obtained by the Post suggests there was a backlog of more than 45,000 rich Chinese waiting for approval of their applications to move to British Columbia as of January last year. They are estimated to have a minimum combined wealth of C$12.9 billion (HK$90 billion). – SCMP

According to the Citizen and Immigration Canada website, no further applications for the program are being accepted currently as they are working on sorting through the giant backlog of applications.  The government has promised that all of the backlog will be worked through.  Typically 96% of applications are approved.

Note: As of July 1, 2012, we are not accepting federal Investor applications for the time being. This is so we can focus on processing the applications we already have and review the program. This pause on new applications will go on until further notice. It does not apply to the Quebec Immigrant Investor Program. – CIC Website

Perhaps this is why Quebec has seen an influx of applications to their own Immigrant Investor Program as of late.

What will this mean for Vancouver…and the pricing of homes in the city?  Me thinks we’ll continue to see and upward climb in lack of affordability for locals.

Read the entire South China Morning Post article here.

UPDATE: SCMP posts a new article stating that there has been a decline in Investor Immigrant visa approvals for mainland Chinese seeking to live in B.C.

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7 Comments

  1. ‘Embarrassment of riches’…..I am not sure what the title means in general but I can say for certain what it means to me.I am embarrassed that my government feels citizenship in my country should be for sale at a price that equates to a downpayment for their residence of choice in my home town. $800,000 is a joke,$8,000,000 is barely worth taking them in given the resources that are required to support them and theirs.

  2. Well Mr.Wong they seem to like each other enough to support their ‘closed economy’ within their community in my province and country,so much for the melting pot.

  3. Well Kartboy..based on this fact……”A source said the government is acting based on data that show that, 20 years after arriving in Canada, an immigrant investor has paid about $200,000 less in taxes than a newcomer who came in under the federal skilled worker program, and almost $100,000 less than one who was a live-in caregiver.”……the sooner the better,but yes,too late,they are here,in numbers and are breeding….perhaps the tax saving hobby of cross border gas shopping with gerry cans will clip a few.

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