Canada's Foreign Investment Conundrum: Reviving The Immigrant Investor's Program

The federal government will spend $218 million over the next five years to create a new one stop agency to attract foreign investment. This announcement comes at a time when foreign governments are souring on international trade agreements.  For good measure, Ottawa should also consider improving its failed immigration policies to attract high net worth investors.  In doing so, it can reclaim its role as a dominant player in the residence through investment industry.

Until 2014, the federal government gave entry-level millionaires a pathway to residency and ultimately, citizenship in Canada through its Canada Immigrant Investor Program (CIIP). The scheme operated largely on the interest income earned from investors' funds. The program benefits to Canada peaked during the 1990s, when interest rates were high.  The program was terminated under much controversy in 2014 by the previous government which despite compelling favourable studies, claimed it provided no benefit