Wednesday, November 21, 2012

Canada is Destination for some indebted Chinese

For Some Chinese Fleeing Debt or Prosecution, Canada Beckons
Last week the B.C. government announced a suspension of the Fast Track nomination option in the business stream of the province's nomination program, but said that was to review the program to see if it's accomplishing its goals.
The province said so far 141 people have taken advantage of the program, but only 26 have completed their end of the deal since 2007.
Those that fail on their end keep their permanent resident status, but lose their deposit. If the money was borrowed anyway, this is still an excellent trade.

Countries like Canada, Australia, and the U.S. are slow to respond to the corrupting influence of mega money being thrown around, because they are usually the ones doing it, not on the receiving end.
The report quoted a Beijing-based emigration consultant claiming to know two customers who racked up loans through their companies, moved the money offshore, declared bankruptcy and were in Canada within months using immigrant investor programs.

When contacted by The Tyee, Aoji Immigration Company spokesperson Zhang Jian denied the information in the Global Times report and said he had no record of the person quoted in HR files.
Citizenship and Immigration Canada said it has temporarily closed its federal immigrant investment program, and said provinces are now in charge of any such programs. As China faces an economic slowdown, more business owners have been missing as they flee not just banks, but black market lenders.
The article implies there are two classes here, one of bad luck aggressive businesspersons and the other of intentionally fraudulent persons. Both will appear the same on the surface having run up shadow debt just prior to departure.

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