There Is More To High-Tech Immigration to Canada Than Meets The Eye My long-time business partner and I, […]


This week’s new offshore tax haven treasure trove from the International Consortium of Investigative Journalists (ICIJ), known as the Paradise Papers, has offered further evidence why KPMG Canada chose the Isle of Man for its Canadian tax evasion scheme. The ICIJ also released the now infamous Panama Papers in 2016. Both the UK Inland Revenue and the Canada Revenue Agency are investigating these new revelations.  With so many offshore tax haven and tax evasion schemes afoot, it is difficult to keep track of them all, but it is not difficult to see the impact on the 99% of us who don’t have access to offshore tax havens. 


Last week, the U.S. Department of Homeland Security delayed the International Entrepreneur Rule to next March, and it is currently accepting comments on plans to rescind it altogether. The agency cited logistical challenges in vetting these new visas. The International Entrepreneur Rule was designed by the Obama Administration to support Silicon Valley and the high tech industry’s need for immigrant entrepreneurs and engineers. Immigrant entrepreneurs in the U.S. account for 44% of all startups.   The news has prompted a backlash from immigrant entrepreneurs like PayPal cofounder Max Levchin and leadership at the National Venture Capital Association, who argue that rolling back the rule will drive would-be job creators to other, more welcoming nations. This is already happening. 


The truth is that for all of the tough talk from Li Xinping about stopping the massive outflows of capital from China, some of it probably dark money obtained from dubious enterprises and kickbacks, nothing has changed in China or in the Western cities eager to share in the wealth. Rich, Young “Fuerdai” Chinese Are Buying Overseas Properties on Their Smartphones. Millennials acquire real estate in other countries as hedge against a weakening currency, homes for their own children when they study abroad


Despite all of the revelations of the sources and methods of the Vancouver housing bubble over the last two years, the situation remains largely unresolved. Ditto in Toronto. The foreign buyers’ tax has had only a limited effect and has problems. Fueled by dark foreign money housed in anonymous offshore shell companies like those disclosed in the Panama Papers, the money is managed by local financial manipulators at the behest of unidentifiable persons overseas. The foreign buyers continue to enjoy the weakest enforcement jurisdiction in Canada