ENTREPRENEURS with cash in hand are always welcome to apply for landed-immigrant status in Canada, say executives with the Royal Bank of Canada. The bank offers a scheme for foreign nationals who wish to obtain an immigration visa and are willing to invest C$350,000 (about HK$1.97 million) or $500,000 in an eligible Quebec-based corporation. As long as all other immigration requirements are met, immigration visas could then be awarded to the applicant and eligible dependents. 'It's easy to qualify, because they [Canadian officials] are looking for entrepreneurs who can prove they have run a successful business for themselves,' said Linda Leung Chan Wai-yee, head of sales and marketing at the bank. An investment of $350,000 buys the prospective immigrant part of a secured corporate loan with no recourse to the borrowing company. After five years, he has met his investment obligations and can move on the next stage in the immigration process: medical, background and security checks. Those willing to invest $500,000 will receive a guarantee that their principal will be fully repaid at the end of the five-year term. 'The primary objective . . . is to obtain an immigrant visa to go to Canada. They should not be looking at these things as a normal form of investment because - I hate to say it - you don't really get a very decent return,' Ms Leung said. She said gross returns averaged 5 per cent, but these nearly disappeared with the deduction of a 4.5 per cent administration fee.
