The Hindu Business Line : Canada targets rich immigrants for investment

Bangalore May 3 Relaxation in the foreign exchange rule that allows an approved immigrant visa to take up to $1,00,000 per family member has prompted the Canadian Government to target high net worth individuals and rich businessmen to promote its Immigrant Investor Programme to Canada.

Under the programme, an Indian investor with a net worth of $8,00,000 can obtain permanent Canadian residency after depositing a minimum of C$4,00,000 with that Government. This would entitle the applicant, his spouse and children to get the benefits of permanent citizens, said Mr Marc Audet, Vice-President, Desjardins, a major Canadian Bank authorised to manage the programme by the Canadian Government.

Package offer

Mr Audet said Desjardins has also designed a special package for businessmen opting for the programme to avail themselves of its financing scheme to reduce total personal investments to C$1,20,000 against C$4,00,00.

However, the applicant would have to forgo the balance amount by way of interest payment to the bank, whereas he would be refunded the entire amount if he had paid the minimum amount of C$4,00,000 after the stipulated five years.

The programme permits the applicant to work if he wished or be a passive investor in equity, or property or liver off the earnings from such investment.

The programme gives the investor the full rights of a permanent resident and his children can enjoy a much lower cost of education. The investor also has the advantage of using local financial and banking systems to fund his business in Canada after he becomes a permanent resident, Mr Audet said.