Canada sells out investor class visas on first day

In an event reminiscent of the U.S. H-1B lotteries in 2007 and 2008, Canada used up the entire quota of investor class visas on July 5, 2011, the first day of availability. Under new "Ministers Instructions" issued just a few days earlier, Canada decided to limit the investor class to 700 applications annually. Investors make an interest free loan to Canada in the amount of $800,000. The amount is returned in five years. Canada could not keep up with the number of applications and a large backlog has developed.

According to reports, consultants and lawyers traveled across China in the few days between the announcement of the Minister's Instructions and the July 5 opening day. They then flew to Sydney, Nova Scotia to file the applications in person. The applications were accepted on a first come first served basis.

In our view, this is an unfair and arbitrary way to run an immigration program. A reasonable period of time should be allowed for all interested persons to file their applications without flying to Nova Scotia. If the number of applications exceed the quota, then a random selection should be made among those who filed.

Quebec investor visas remain available. The investment requirements are the same, but persons must express an intent to settle in the province of Quebec.