News

Rosenblatt Urges Faster Processing for Investors

Posted in News on January 3rd, 2013 by David.

Immigrant Investor Program should be a priority for government, says lawyer

Rosenblatt Radio Canada Interview     Radio Canada International, December 26, 2012

Immigrant Investor Program should be a priority for government, says lawyer

Thousands of millionaire businesspeople around the world are waiting to come to Canada under Citizenship and Immigration Canada’s Immigrant Investor Program. But since Immigration Minister Jason Kenney announced an overhaul of the program, in April 2012, their applications have been in limbo.

The government’s decision only adds to the frustration of these applicants, who have to wait years before they are finally allowed to enter Canada.

“They feel like they don’t want to apply to another country, they’re committed to Canada, and yet their lives are on hold,” says David Rosenblatt, a Canadian Immigration lawyer with Rosenblatt Immigration Law.

At the time of the announcement, minister Kenney said that “Canada’s Immigrant Investor Program undervalues the importance of Canadian citizenship and fails to ensure that new investors are investing actively in the Canadian economy.”

Under the current program, investors have to provide an investment of $800,000 and have a net worth of $1, 6 million dollars. It essentially requires a five-year interest-free loan to provincial governments.

Program needs changes
“Minister Kenney might not see that this program has a lot of value for Canada, says Rosenblatt, because it’s effectively loaning the Canadian government 800 000 $, which [the government] has to refund after five years. So the net benefit to Canada might have been a 50 000 or 60 000 $ benefit,” he says.

Rosenblatt agrees that the program needs to undergo some changes. For one thing it should accept more immigrants.

“If you look at the numbers, the business immigration category is the smallest piece of this immigration pie,” he says. “There’s something wrong with that, because these are the ones [who] have the real economic benefit.”

Huge backlog

Rosenblatt also thinks the government should deal with the severe backlog of applications as soon as possible. As of June 2012, 85,598 people, representing around 25,000 investors, were on the list. These families have to wait as much as 10 years before they receive an answer from Citizenship and Immigration Canada.

“No matter what program that we create, this should be a priority, to source these great businesspeople from around the world and bring them to Canada quickly,” says Rosenblatt.

Canada: Who Gets In – David Rosenblatt quoted in CBC feature

Posted in News on January 3rd, 2013 by David.

David Rosenblatt was quoted on December 12th, 2012 in a CBC feature called “Canada: Who Gets In”

Full Story: http://www.cbc.ca/news/canada/story/2012/12/07/f-rich-immigrant-investor-limbo.html

Toronto immigration lawyer David Rosenblatt, who says he’s seen potential investors wait five years and then give up on their applications, says any wait longer than two years should be considered unreasonable, and that the focus should only be on those “who are going to create employment.”

From Rosenblatt’s perspective, increasing the number of immigrant investors could have economic advantages for a country that faces the prospect of rising health-care costs because of an aging population.

“You look 10 or 15 years down the road — we need to have a very strong economic engine to create wealth to support this major problem that’s coming down the pipe and so what’s the solution?” he asks.

“It’s so easy for the government who have offices around the world to just turn the tap on and bring people in.”

Canada’s Strategic Advantage

Posted in News on November 26th, 2012 by David.

Canada welcomes foreign investor that contributes to economic growth, jobs, innovation, competitiveness and prosperity. Reports indicate Canada is the best country in the world to conduct business:

  1. “The Best Country for Business ” – Forbes Magazine
  2. “The Best Country to do Business” – The Economist Intelligence Unit (EIU)
  3. “The Easiest Place to Start a Business” The World Bank
  4. “The World’s Most Stable Financial Sector” – World Economic Forum
  5. “Fastest Employment Growth”
  6. “Lowest Overall Tax Rate” on New Business Investment”
  7. “Lowest business costs” (G 7) – KPMG
  8. “Most Educated Country” (OECD 2012)
  9. “Highest Quality of Life” (G 7) OECD’s Better Life Index
  10. “Most livable cities” – Vancouver (1st), Toronto (4th) and Calgary (5th) (EIU)
  11. “Most Generous R&D Tax Incentives”
  12. “Best schools”
  13. “Best Country Reputation” – The Reputation Institute

Canada Most Educated Country – Sept 2012

Posted in News on November 26th, 2012 by David.

Organization for Economic Cooperation and Development (OECD), 24/7 Wall St. rated Canada the most educated country in the world. The report found Canada is the only nation in the world where more than half its residents have college degrees.

British Columbia Immigration News

Posted in News on November 26th, 2012 by David.

  • The BC Provincial Nominee Program (BC PNP) now allows business applicants to invest in existing businesses, to meet their employment commitments by maintaining existing jobs.
  • The Entry Level and Semi-Skilled permanent program category is now permanent
  • Eligible employers located outside of the Greater Vancouver Area is now reduced to 3 employees (from 5)