Canada set to make immigration easier for High Net worth Individuals

2123523275_983f039f2b_z Many countries see an outflow of individuals, mainly professionals, to other countries in the search of success. India stands to be the fourth largest country with the outflow of high net worth individuals (HNWI’s) worldwide, with many millionaires relocating overseas in the last year alone, says a report. Millionaires are referred to as 'high net worth individuals’ (HNWI). They are mostly individuals with net disposable assets of USD 1 million and more, not including their primary residences. Uber-rich Indians change their domicile As many as 4,000 uber-rich Indians changed their home in 2015, mostly with immigration to Canada from India. At the same time, France saw the most outflows of millionaires with about 10,000 super-rich going from the country, as per a report by New World Wealth. However, as per the report, the migration of the super-rich from countries like China and India is not alarming as they are producing many more fresh millionaires in comparison to those they are losing. The report added that expectedly the wealthy people will move back as soon as the living standard and conditions improve in both China and India. Apart from the HNWI’s, there are a large number of students, who plan to immigrate to Canada from India and China, sometime in the near future which further increases the brain drain in both these nations. Other countries see a drain of HNI’s due to religious tensions With respect to countries that rank by millionaire outflow; France was immediately followed by China ranking in the second position with 9,000 millionaires migrating the country. Italy stood at the third place with as many as 6,000. According to reports, France is being deeply impacted due to the rising religious tensions mostly between Christians with Muslims, particularly in the urban areas. This trend is bound to accelerate over the next ten years as the stress escalates and shoots up according to the report. Other nations starting to see a similar trend According to the report, there are other European countries where similar religious tensions are brewing such as Belgium, Germany, Sweden and the UK and they will be similarly affected within the next few years. A few other countries like Greece, Spain, Russian Federation, and Brazil saw a similar migration. Greece saw a significant 3000 millionaires relocate permanently, while Spain, Russian Federation and Brazil saw 2,000 such migrations each. The migration was mostly to countries like Australia, US and Canada The countries that observed migrations in terms of millionaire inflows were Australia that with the highest migrations, as high as 8,000 uber-rich people moving their domicile. Australia was followed by the US with 7,000 and Canada with 5,000 migrations. In view of this, the Canadian government plans to welcome those seeking immigration to Canada from India and moreover, it intends to expedite entry to the country, with policy reforms.

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