Greenbacks for a green card

Updated: 2015-01-28 07:45

(HK Edition)

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The Federal Immigrant Investor Program of Canada used to allow foreigners with a net worth of more than $1.6 million to gain residency, and potentially citizenship, by lending the government $800,000 that would be paid back in about five years without interest.

However, Canada closed the program in February 2014, as it was viewed by many as a flawed, inefficient way to lure wealthy entrepreneurs who could benefit the economy.

Under the US investment immigration policy, only those entrepreneurs who make a substantial investment in a commercial enterprise and plan to create or preserve ten permanent full time jobs for qualified US workers are eligible to apply for permanent residence. The investment amount is at least $1,000,000, or $500,000 in a targeted high unemployment or rural area.

In 2012 Australia launched a"significant investor"visa, aimed at China's super-rich. To get one $4.6 million is needed, and applicants can apply for permanent residence four years after investing the "qualifying" investment. In January Australian government announced policy adjustment to require longer physical residence in Australia (40 days a year for the applicants and 180 days a year for their spouses) before they get permanent residence.

In comparison, some EU countries that are struggling in financial laggards offer more favorable investment immigration policies. A $100,000 investment in nations including Latvia, Greece, Portugal and Cyprus can get one a residency in Europe.

Greenbacks for a green card

(HK Edition 01/28/2015 page7)