The Canadian government is now looking to revive a lucrative program for immigrant investors, which it originally eliminated in February, reports the Digital Journal.
Under the old structure, which was introduced in 1986, wealthy immigrants would be required to prove their experience as businesspeople and have a net worth of at least $1.6 million obtained through legitimate means.
They would also have to invest a total of $800,000, which would be provided to the government as five-year interest-free loan.
The elimination of the program sent shockwaves throughout the real estate investment industry, primarily in Vancouver, where the majority of the foreign investment had taken place.
But now, the government is considering a revival of the program with a modified structure.
Last week, Immigration Minister Chris Alexander announced plans to re-introduce the Immigrant Investor Program while visiting Hong Kong. The new program features a longer-term loan and double the amount of the investment. The buyers would receive permanent residency in return.