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The Latest Canadian Millionaire Visa Program has received 06 nos. of application till now

Posted - 26, Oct 2015

The latest Canadian Millionaire Visa program launched in January 2015 has just received 06 nos. of applications till now. It has replaced the Investment Immigration Program (IIP) which was terminated last month only. The new CMVP program shall just accept the 50 applications on an annual basis. However, the thousands of Chinese applicants, whose application were rejected in the month of June this year, must be disappointed with this news.

A few critics however, have given statements against this new millionaire program saying that is this program is inconsequential and irrelevant as it wont be able to fulfill the high demand from investors in China. As per the critics the program was launched by the Government, simply because it was promised in the budget.

What is investment amount in Canadian Millionaire Visa Program?

As per a report, new investment program would require applicants to invest between C$1 million and C$2 million, with a cap at C$120 million. So, the total number of application allowed will be around 60-120, which is far smaller than IIP program of last year. However, as per a few critics the investment amount for this type of visa is much higher than expected this time.

The Old IIP Program drawbacks

The old IIP program was running since 1986 and approximately 180,000 people migrated to Canada using the same, out of which around 30,000 arrived from Hong Kong only. This program was widely popular among the Chinese people. However, it was being criticized and blamed off late for creating an imbalance as the rich foreign nationals were making their way to Canada in huge numbers. Moreover, this program was considered to be responsible for property price hike too. However, the new Canadian Millionaire Visa program too seem to be taking the slow start till as only 6 applications have been received under this program till now.

Get the Canada Immigration news first at Visas Avenue

The Canada is a prime destination for the individuals looking for work, study and business visas. However, to get success in the Canadian immigration programs, you need to thoroughly follow the immigration news and updates from Canada.

The Visas Avenue website can be your one point contact for the latest from Canadian Immigration industry. Visit the Blog and News Section on our website regularly to read the expert analysis of immigration news and updates from Canada.

You may also divert your queries in this regard to [email protected]. The Visas Avenue is the prominent Immigration Advisory in India, helping thousands of immigration applicants ever year to get their desired visa moved to their destined country.

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