Canada changes residency rules

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Following on from our report of the varied picture that the Canadian property market currently paints when it comes to prices and sales figures in different parts of the country, reports have emerged that the government is making changes to the rules regarding applications for permanent residency.

Canada is speeding up its application process for those looking to become residents so that skilled temporary foreign workers can make the transition to permanent status far faster via a more streamlined process.

Citizenship, Immigration and Multiculturalism Minister Jason Kenney announced that starting from January 2nd 2013, applicants can apply for the Canadian Experience Class (CEC) programme after only 12 months of work experience in the country, which is half the previous requirement period of two years.

The CEC was launched in 2008 and has seen over 20,000 international students and skilled workers looking to become residents in the country go through its system. The upcoming year sees an expectation of a record number of people using the process, with an estimated 10,000 individuals becoming permanent residents, an increase from just over 2,500 in 2009.

"The government is committed to creating a fast and flexible immigration system that works for Canada's economy" Minister Kenney stated, "the CEC has become Canada's fastest growing economic immigration program and is part of our plan to attract the best and brightest from around the world."

Although most foreign property transactions are undertaken with an investment portfolio in mind, a significant number of people look to set up a permanent home as a resident in a new country alongside a purchase.

Whatever the reasons for choosing to invest in property abroad, using the services of an experienced currency exchange specialist will ensure that you are informed of the best rates available to make the most of your international transfer of funds.

Transferring money to Canada

If you are looking to invest in Canada, think carefully about how you will be transferring money to Canada. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So, if you are looking to send money overseas, to Canada for example – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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