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Chinese "1%" Threaten Lawsuit Against Canada For Shutting Visa-For-Cash Scheme
When Canadian authorities scrapped their 'investor visa' scheme a month ago, we warned that the nation was removing a critical pillar of support for its real-estate bubble market. However, with an estimated 45,000 Chinese millionaires still in the queue, the wealthy hoping to get their cash out of China are not happy. As The South China Morning Post reports, a group of wealthy mainlanders has criticized the Canadian government for scrapping its investor visa scheme and are threatening legal action if the decision is not overturned - arguing "we had set aside a lot of money to meet the investment requirements and over the years passed up on many opportunities... A refund of our application fees will not make up for all the preparation put in."
The Canada real estate bubble is alive (and well enough for now)...
Deutsche Banks's house-price-to-rent index says Canada has the most expensive housing market in the world - 60% over-valued...
"Canada, for example, is very open to foreign investors, which means that in an age of unprecedented global liquidity cash-rich wealthy individuals who are looking for places to park their excess funds can do so in its housing market far more easily than in Japan, with its closed system. "
As it's home price index hardly missed a beat while the US plunged... (different scales but point is to illustrate drastic difference when financial crisis started - and where the liquidity went...)
But the scrapping of the visa scheme threatens to remove a key pillar from that:
The scheme has allowed nearly 100,000 wealthy Hongkongers and mainland Chinese to move across the Pacific since 1986.
But as The South China Morning Post reports, the Chinese are not happy,
A group of wealthy mainlanders has criticised the Canadian government for scrapping its investor visa scheme and are threatening legal action if the decision is not overturned.
More than 10 people who had applied for the visa met with reporters in Beijing yesterday to air their grievances. The group said they had wasted years of time, effort and money preparing to move to North America.
...
An estimated 45,500 Chinese millionaires who were still in the queue for visas will have their applications "eliminated" and their fees returned.
...
"We have set aside a lot of money to meet the investment requirements and over the years passed up on many opportunities," he said.
...
"Moving to Canada has been a dream of mine since witnessing what happened in 1989 as a student over there on this main thoroughfare," he said, pointing to a road passing Tiananmen Square where the crackdown on pro-democracy demonstrators took place.
"I thought Canada was a place that underpins justice, trust and democracy, but the abrupt, unilateral decision to scrap the scheme has left us very, very disappointed," he said. "A refund of our application fees will not make up for all the preparation put in."
Larry Wang, the president of the immigration consultancy firm that organised the meeting with reporters, said he would help applicants take legal action if the decision was not overturned.
...
"A sovereign country, of course, has the right to make such a move, but it's unfathomable how a democratic and human-rights-respecting country like Canada just cut off applications like that, without regard to those who've been preparing for the move for years,"
In other words, we want to get our money out of this controlled nation and are upset that we were not higher on the list... especially now that we see local authorities starting to tamp down the bubble of local real estate that we have previously speculated in...
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Canadians are a bunch of dopes.
Pull it!
I thought you were Canadian,eh?
fonestar's PAL is currently situated in Canda. fonestar is a netizen and resident of the cryptosphere.
The Chinese can still get money out of China. Can Americans get money out of America? (See FATCA)
Yep its not as hard as you might think to escape Fatca..
We do it for US individuals and companies by setting up offshore companies they control.
It all in understanding how foreign jurisdictions treat different classes of corporation who the nominee directors are and the way you set control of the shares and accounts.
Many people, once it is set up comment on how ridiculously easy it is, and not once in 8 years has any client ever been stuffed by fatca.
It is about sovereignty and jurisdiction and how to circumvent US sovereignty so that it becomes foolproof.
We can do the same to circumvent obummer care. Ridiculously easy and foolproof but you have to have the knowledge of exactly what’s needed to do it
"Not once in 8 years" - really? FATCA was passed as part of the HIRE act in 2010. You and your alleged clients are fools.
Charging for services not needed is easy to get right
All those Chinese immigrants have to do is declare themselves Jewish. Our bureaucrats will not hesitate to get on their knees and start licking assholes. Welcome to Canada!
There is a hint of Wild Rose about you....
Funny how even the richest chinese slave doesn't view himself as a slave
as he tries to escape his slave state. And the willing, gleefully willing slaves of canada,
accept their supplication to their sovereign and seek no escape.
then you have the american slave shackled to the fed by debt and the tyranny
of the out of control government by taxation without representation, as the whole
structure of the constitutionally limited republic is turned on its head.
and of all these slaves around the world the only free person left is the
one created with paper, the corporation.
maybe the supreme court was recognizing this observation i make, or maybe they are just morons.
If only we could take those 45000 millionaire chinese and get them to buy in Detroit...
Life beyond Pluto can be quite cold.
Plus one for not taking the last refuge of the scoundrel.
Fonestareze: fonestar is a netizen and resident of the cryptosphere.
Translation: fonestar lives in his mom's basement with a yellowing P3 computer with a 14K modem, and now that his bitcrap is soon-to-be worthless he has no plans other than to hang out on ZH and irritate people.
fonestar lives in a renovated, partially furbished attic. fonestar is not currently on talking terms with his family after finally convincing them to buy Bitcoin at $1100.
Sorry, man, but that made me laugh. Not everyone would admit that, I can only imagine your pain. I sincerely hope it works out for you.
Fonestar is a m0r0n (both real & digital), and an annoying one no less.
The move on visas was "sugested" to the Canadian authorities by Beijing, in exchange for an increase of Canadian exports (read resources) to China. The big bosses in China got pissed off by the amount of money siphoned out of the country through this scheme (among others).
On top of it, Canadians will hold federal elections sometime next year, and this is popular with most people.
Finally, the RE prices got beyond absurd in both Vancouver and Toronto, and the fed gov is scrambling to slow them down. They'd rather tackle the bubble themselves and try to control the process, rather than having somebody else doing it for them in complete dissaray.
When Canadians were contacted in a recent Black Angus poll, 91% said they agreed with fonestar on everything.
it's Canaduh not Christmas Island
Fonestar is a denizen of the Bitcoinosphere.
Rhymes with Gollum, and " My Precious ".
How's tha bitcoin volatility workin' for ya, fonestar ?
Sure makes metals market manipulation look like a millpond in comparison to a typhoon in the Pacific.
Fonestar
You're a penis and so is your PAL
Real Canadians are sensible people. The Chinese elite are pissed off that their safe haven for all the money they have stolen from the glorious state, and it's glorious people in the Motherland no longer have a safe haven to stash it in. Ever siince the Hong Kong Panic in 1997, the upper crust has counted on bailing the fuck out of China with anything and everything they could steal and stash in Canada. Free ride is over, motherfuckers. Now, having a half milion bux to invest in Canada don't automatically make you a citizen like it used to. Now, you gotta be a worthy human being and apply for citizenship just like everyone else. Don't like it ? Well, then, taker off, eh ?
fonestar is Canadian.
well said...
Fuck that - fonestar is an insult to Canadians.
Hockey sticks at dawn on the ice at 20 below with 10 hockey pucks each, motherfucker.
I fart in the general direction of nancy boy bitcoin troll bitchez.
fonestar is a welcome addition to any nationality.
Thank-you for choosing fonestar.
Amen Dwaynestar. I can't wait for this bastard market to have a gran mal seizure and watch some blood flow down the streets. YOu and I will go dumpster diving for a Calgary penthouse so you have a place to squat when you visit your brother and we party like beasts.
Amen and praise Satoshi!
Holy fuck i hope Canada has a veritable assload of gold on hand and ready to ship.....
Nope. Bank of Canada holds barely any gold.
Canada has also started to prohibit more long guns this past week for confiscation.
A defenseless nation with barely a standing army. Sounds ripe for the pickings.
I'm surprised Zerohedge has not picked this confiscation story up yet.
They have been after the CZ858 and Green rifles for awhile now.
a number of years ago I saw a hilarious infographic showing the physical size of the gold we hold versus the physically discombobulated mass of nerdliness that is Stephen Harper and he was physically larger than our gold.
true, just like the US
oh wait - that's right China is holding most of the gold
First of all who are the Chinese?
Second why would they have legal power to sue.
In big cities the CAD graph is faaaaaaaaar stepper by thiiiiiiiiiiiiiiiiiiiiiiiiiiiiiis muuuuuuuuuuuuch.
I suppose Cyprus sets the precedent.
Spain offers the same deal and they have lots of real estate for sale.....cheap. Chinese should look there or Canada should point them there.
http://www.iexpats.com/golden-visa-offer-passports-cash-investors/
hoary fuk
Chinese 1% expats are in for a rude awakening when the tide turns. Local governments are going to fuck them out of any and all property roghts when the pitchforks and torches come out (figuratively speaking). Look for HUGE taxes against Chinese nationals "property" to be levied. In case they forgot to read the POTUS executive order if we ever enter ANY form of hostility with China, those nationals property rights are null and void. If they're lucky will apologize for it 60 years later LOL!
Fuck the Chicoms.
We're the 1%! Experiencing a loss is simply inconceivable!
are you sure the above didn't come from the onion?
Got to be a parody.
45,000 millionaires and their loot are stuck in China one step removed from a bullet in the head.
All their kin folks said wang move away from there. They said californy is the place you aught to beeeee.... So they loaded up the G5 and the moved to beverly.
45,000..man that would scare any dog that lives in the neighborhood where they are buying....and they would all locate together...no Canadian spoken there...and no Hockey players either
You clearly have never been to Chinatown in Vancouver...
try Richmond.
No thanks...
Vancouver is Chinatown.
Chinese enter Canada, suck off the socialist handouts like healthcare and education and then move back to China where they spend most of their time.
Canada has a huge problem with Arabs doing the same thing.
Good for Canada - fuck the bloodsucking vermin!!!!
those blood sucking vermin propped up the real estate market in canada, probably paid a fair amount of tax as well. curious why Canada would make this move now? plenty of rich chinese still looking to get out of china with their funds intact. probably head to south american now, USSA only allows poor drug dealers intot the country.
They haven't- it's all about negotiation- the price just went up, is all......
They are backing Putin.
you mean Puuptin?
Wow, it must really suck (even worse than I thought) living in China if they're willing to SUE to get INTO Canada. lulz
Ironic, eh?
Put another way, "Western oligarchs begin to protect their turf by refusing Chicoms visas."
That's like Sofia Vergara complaining about the falloff in men who would kill for one week with her on a desert island, from a billion willing males (and untold numbers of lesbians), to 999,999,999.
Life is so unfair sometimes.
Good luck with that. Apparently, the 1% are the same the world over.
< shocker >
Roll the motherfucking guillotines all over the world, nothing changes otherwise.
trends are trends...they will find another IN place and start buying there....where one goes...and tweets about how great it is...500,000 follow....quite a market mover and neighborhood changer...
Sorry fuckers, my house is a home, it is not a bubble.
I consider my home is an invaluable liability.
It is not a fucking investment, it doesn't make a profit, it costs to maintain it.
If you're stupid enough to think a house is an investment, well then you deserve to lose your money.
Stack On
"A sovereign country, of course, has the right to make such a move..."
Thank you for the clarification.
Forty-five thousand applicants? Whose number is that?
Mainland Chinese by & large are attuned to thrift, saving, hard work and taking care of their families. Those traits, plus their tidy stashes of dollars, make them welcome immigrants in my book.
Drawbacks are few and tolerable and I am LOL as I type this because I know this VERY well; poor driving skills, a tendency to fight for the last nickel, lack of knowledge of our staple foods (milk, coffee and bread come to mind - theirs is abysmal) and a tendency to smoke heavily (the latter not a concern here).
BC's loss is SEA's and No. Cal.'s gain. A rising tide lifts all boats. Bring 'em.
America can have these fucking parasites.
Send them to Ukraine ... after the fires go out!
We dont need no stinking millionaires. Just indentured coolies, to build rail roads, do laundry, and open Chinese buffets to serve cheap food.
Didn't anybody tell them they could buy a house in Detroit for a $1 buck!
The justification for this will be the same as the US defaulting on Social Security payments:
As a sovereign nation, we can break our promises if we want to.
"A group of wealthy mainlanders has criticised the Canadian government for scrapping its investor visa scheme and are threatening legal action if the decision is not overturned.
More than 10 people who had applied for the visa met with reporters in Beijing yesterday to air their grievances. The group said they had wasted years of time, effort and money preparing to move to North America."
More than TEN PEOPLE?
???
ONION?
45000 applicants for Canada?
How many more for Australia, New Zealand and other places?
What does this say about China's stability?
They did the same thing to 280,000 waiting 5years or more to come in as federal skilled works. Haper's gov just said, why not apply to NZ or OZ if you want a new life.
How many finanical products would you have applied for, left in say $1000US for 5 years and see -neg returns? Lots right in light of days world? well the only diff is they were told on out set it was first come, first served and points based in the case of FSW. No mention of we'll f*** U in a few years and thanks for all the fish.
So we have fonestar and Bieber?
Fuck
45,000 idiots fleeing the Wild West Capitalism of China ~ with opportunity, low, low taxes, affordable labour costs and light (and wonderfully inefficient!) regulation ~ for Socialist Canuckistan. Go figure.
the USA -14% price/income??? what fucking crack are you smoking? a starter home in my area is 7X's the average income
Don't worry wealthy China man, Australia will still bend over and grab its ankles for you.
It is about time. I lived in East Asia for 3 years. Many people always told me Vancouver is amazing. It was one of the first places I visited when I moved back to North America. The meanest Asians in the world live in Vancouver. The locals talk about how awful Vancouver has become in the last 15 years. Even people from other parts of Canada I met talk bad about Hong Couver, it's overpriced real estate and horrible people (non-asian included). Victoria is lovely though.
If the citizens of Candada refuse to control the real estate and immigration market privately then a bit of praise is deserved to the Canadian government for exercising some amount competence. Also, just because some immigrants are hard working doesn't mean they will add any value to developed economies like that of Canada.
dual Canadian citizenship. Any of those mysterious billionaire Chinese women need a "get out of jail free" card, I have 4 limbs, 2 eyes, most of my hair :).
Lawsuit is very expensive. I've heard of this. A case has been lodged against Chase bank for allegedly giving a Texas man cardiac arrest after foreclosure notices were sent to him. Harry Engel's deadly heart attack (which Chase denies responsibility for) makes him another victim of foreclosure. You can use an installment loan to pay your mortgage this month if you
need help.