Michelle Malkin: Canada has ended its “Immigrant Investor Program” because the Canadian Gov’t discovered it was a big scam. When is the US Gov’t going to do the same thing to the EB-5 Investor Program, which I’ve been reporting is a big scam since 2001?
This may be the first and last time I ever write these words: America, follow Canada.
Our neighbors to the north finally have wised up to the international cash-for-visas scam. Last week, the country ended its foreign investor program that put residency up for sale to the highest bidder. We should have done the same a long time ago.
Canada’s Immigrant Investor Program granted permanent residency to wealthy foreigners who forked over 800,000 Canadian dollars for a five-year, zero-interest loan to one of the country’s provinces. The scheme turned out to be a magnet for tens of thousands of millionaires from Hong Kong and China. But as the Canadian Ministry of Finance concluded in its annual budget report this year, the program “undervalued Canadian permanent residence” and showed “little evidence that immigrant investors as a class are maintaining ties to Canada or making a positive economic contribution to the country.”