Unstable Future of Immigrant Investor Program

Canadian government set a new immigrant investor program for the new applicants. But the future of this new program can't be predicted, it is not surewhether it will have to push back the intake date or proceed with the same status at least for this year. This new program is announced by the Canada's Immigration Minister Jason Kenney in order to maximize benefits to the Canadian economy.The Canadian Immigrant Investor Program was created by the federal government to encourage the entry of businesspeople and their families to the country.This program is so attractive that last year's application window closed within 30 minutes. The Canadian government has capped the annual intake at 700. They feel that this is the maximum number which can be handled in a year.According to the Citizenship and Immigration website, the cap of 700 will reset on July 1 unless otherwise indicated in a future ministerial instruction.Why this program is so attractive? The only reason behind this is permanent residence. This program provides the opportunity of becoming permanent residence of Canada to the rich immigration applicants in exchange for money.The Program allows the immigrant investors and their families to obtain an unconditional Canadian permanent resident visa.immigrant investors obtain permanent resident status upon arrival in Canada;immigrant Investors are permitted to live, work, study and do business in Canada;immigrant Investors are allowed to enter and leave Canada freely;immigrant Investors may apply for Canadian Citizenship three (3) years after arrival in CanadaImmigration lawyer Richard Kurland suggests that new applications should not be entertained till the backlog is cleared. He is also asking to wait and watch the United States plans on renewing its investor program which is due in September. After waiting for their announcements Canada may hike their prices more than planned.The case for the immigrant investor program is same as the skilled foreign workers. The decision is yet to be determined that whether the government will eliminate the immigrant investor backlog by returning applications and telling these potential investors to re-apply under the new system.In a press conference, Immigration minister Jason Kenney's press secretary Alexis Pavlich said that we continue to review our options so as to maximize benefits to the Canadian economy.