Client Affairs
Canada To Impose Rigorous Tests For New HNW Migrant Scheme - Report
Wealthy people seeking access to Canada’s new migration scheme for millionaires will be forced to go through tough forensic tests of their finances by private sector accountants, a move that could affect applicants from countries such as China.
Wealthy people seeking access to Canada’s new migration scheme for millionaires will be forced to go through tough forensic tests of their finances by private sector accountants, a move that could affect applicants from countries such as China whose citizens have been enthusiastic migrants to the North American country, according to the South China Morning Post.
The publication cited government tendering documents as its source for the story.
The auditors will also be required to check to see if applicants have any criminal past or whether they are “politically exposed”, the report said, describing such scrutiny as unprecedented.
If the report is confirmed, it highlights how governments operating high net worth immigration schemes, such as the UK, Malta, Spain and Portugal, are under a degree of political pressure to ensure these programmes are not abused.
Mainland Chinese immigrants have in the past been enthusiastic users of Canada’s now-closed Immigrant Investor Programme. It was shuttered in February.
In late April, Chris Alexander, Canada's immigration minister, said the country will give more detail of what is called an immigration investor venture capital pilot scheme. It allows foreigners to gain Canadian permanent residence visas if they start up businesses in Canada.