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General: Got Rs 45 lakh India Rs ? Get Canadian Family Immigration

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    • CommentAuthorRav
    • CommentTimeMay 10th 2008 edited
     
    India - Desjardins’ offer is a recognition of this fact. Explaining the scheme, Marc Audet, vice president of Desjardins, told TOI that the bank offers a scheme under which one needs to deposit only C$120,000 with the bank. The bank will finance the remaining C$280,000 to file the application for permanent residency (which entitles you to citizenship after two years) in Canada.

    Citizenship-for-investment schemes have been around for a couple of years in most cases, but Indians were unable to take advantage of them as they were not allowed to invest more than $25,000 per year abroad till December last year. With the RBI increasing the limit from $25,000 to $50,000 and then to $100,000 last month, ‘buying’ foreign citizenship has become possible. A family of five, for instance, could take out $500,000 in one go without violating RBI guidelines.
    • CommentAuthorGuest
    • CommentTimeMay 10th 2008
     
    In the case of Canada, the stipulated minimum investment that gets you automatic citizenship is 400,000 Canadian dollars or about Rs 1.4 crore. However, a major Canadian bank, Desjardins — with assets of $130 billion and ranked 92nd internationally — has come up with its own scheme under which it will finance around 70% of the amount if the investor makes a down payment of 30%. That means just Rs 45 lakh will do to get you Canadian citizenship.

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