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Chinese millionaires unfazed by Canadian rejection: poll

(Xinhua)    19:32, February 17, 2014
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BEIJING, Feb. 17 -- Despite Canada's suspension of its immigrant investor program (IIP), the country remains near the top of the list most desirable relocation spots for rich Chinese.

In a poll by microblogging platform Sina Weibo, 70 percent of 64,191 voters would choose to invest in and migrate to Canada if they could.

IIP allowed foreigners with assets of at least 1.6 million Canadian dollars (about 1.45 million U.S. dollars) to gain residency, or even citizenship, by providing an interest-free loan of 800,000 Canadian dollars over five years. More than 130,000 people have migrated in Canada through the scheme since 1986.

The Canadian move has riled Chinese media and public alike. Many see it as a direct attempt to stop newly wealthy Chinese swarming in to the vast, empty polar nation.

Many people feel positive though. Weibo user "fuyinqingting," posted, "Don't worry, Canada is working out and alternative scheme to attract real investment."

Hong Kong's South China Morning Post reported earlier that the sheer number of Chinese immigrants compelled Canada to end the scheme.

According to Canada, over 53,500 applications have been submitted to the Canadian Immigration Office in Hong Kong and are on the waiting list, with 99 percent originating in the mainland.

In the Sunday edition of the Beijing Youth Daily, Sonia Lesage, spokeswomen for the Canadian immigration authority, blamed the poor contribution of immigrant to the Canadian economy rather than the number of applicants for the change.

"Except the 800,000 dollar interest-free loans, immigrants from the investor program contributed little to the economy," Lesage was quoted as saying. They did not earn and paid few taxes, she told the paper. Over 20 years, an investor immigrant paid 200,000 dollars less in taxes than a technical immigrant.

The change will clear the vast backlog of applications and pave the way for new schemes including a start-up visa, which should be better for the Canadian economy, she said.

If the program had continued, it would have taken six years for immigration authorities to digest the 65,000 applications piled up, Lesage said.

Asia is the biggest source of immigrants to Canada, led by China, the Philippines and India.

(Editor:KongDefang、Huang Jin)

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