A Study Shows Great Interest Of Millionaire Immigrants in Canada -9th May, 2019

A Study Shows Great Interest Of Millionaire Immigrants in Canada
A new study demonstrates that Canada is on the path of attracting millionaire immigrants. The New World Wealth Report tells that in 2018 Canada attracted 4,000 High Net-Worth Individuals.

The list

Canada was behind Australia, which had 12,000 millionaires, and the USA which had 10,000. Also, there was an outflow of millionaires from China 15,000, Russia 7,000, and India 5,000. Presently Canada has 350,000 High Net-Worth Individuals and also occupies the eighth top place for millionaires in the world.

Top 10 Countries for Total HNWIs

1

USA

4896000

2

Japan

1314100

3

China

833800

4

UK

760700

5

Germany

740100

6

Switzerland

398800

7

Australia

369100

8

Canada

350300

9

India

327100

10

France

268600

As per the report, millionaires are mobile, and 108,000 of them migrated in 2018. This is an increase of 14 percent from 2017 and above 100 percent from 2013. The top reasons for millionaires to select Canada are stability, better opportunities, and a low crime rate. It suggests that the exit of the wealthy is an indicator of difficult times. In The UK, 3,000 millionaires were lost in 2018, owing to Brexit.

Additional facts

The factors for Australia attracting millionaires are safety, stability no inheritance tax, and finally, the business links to many Asian countries. There are many investment programs that offer options to HNW Individuals seeking Canada immigration. Canada has popular options in business immigration, including the Quebec Immigrant Investor Program. It is a passive investment program that leads to Permanent Residence in Canada.

For the 2018-2019 seasons there was a revamp and the investment requirement was standing at $1.2 million. Moreover, the qualifying net worth norm was $2 million.

QIIP Requirements

  • A personal net worth of $2 million acquired in a  legal way;
  • Two years of management /business experience in the five years earlier to the application;
  • Investing $1.2 million in the government guaranteed investment for five years that carries no interest, and finally
  • The intention of settling in Quebec province.
The QIIP presently has the target of 1,900 applications, and a deadline ending on Aug 31, 2019.

HNWIs can buy a business and move to Canada under the federal rules. There is a two-stage process also where candidates enter the country using the work permit before seeking permanent residence in an existing immigration program.

The immigration program is a work permit issued under the federal Temporary Foreign Worker Program. It also has no annual quotas to issue work permits.

Additional information

The qualifying norms in the owner-operator scheme are:

  • The overseas investor should have management experience that can be verified or is transferable.
  • Adequate assets for purchasing business
  • A good language ability in English/French to work as a business manager
  • The investor must possess a Controlling interest and own above 50% shares and finally
  • He/she cannot be dismissed.
Also, many provinces operate entrepreneur immigration programs in which candidates arrive using the work permit. Subsequently, they qualify for Canada Permanent Residence after meeting the terms of the business agreement.
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