The Canadian Federal government announced in their February 2014 budget speech, the abrupt termination of their Immigrant Investor Program. The government cited “limited economic benefit” and fraud among the reasons for the termination. The program was relatively risk-free as immigrants were only required to prove a net worth of $1.6 million, and a willingness to lend $800,000 to the Government of Canada on an interest-free basis for a period of 5 years. The program was very popular especially among wealthy Chinese nationals. Estimates of the number of immigrant investors affected by the cancellation range between 45,000 and 65,000.
Chinese Immigration Agent Concerned About Due Diligence and EB-5 Projects
Recently, Jason Li, president of Cansine Immigration Consulting Group in China, spoke with EB-5 Investment Report about project due diligence and his role as the director of the U.S. China Investment Immigration Association.
Riverside, CA (PRWEB) January 16, 2014
The reputation of the EB-5 program in China is at risk, says Jason Li, who performs due diligence on EB-5 projects in the U.S. to be promoted in China on behalf of the U.S. China Investment Immigration Association.
Li said the Intercontinental Trust of Chicago convention center project failure had a big, negative impact on the reputation of EB-5 in China. He hopes to clear up some misunderstandings about EB-5 in China. He says, “They don’t say that the project was bad, they say EB-5 was bad.”
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