Private banks take a hit as Canada shuts door on wealth-based immigration

13 February 2014 | 3 minutes read

Private banks in Canada, especially those dependent on immigration to attract high net worth individuals (HNWIs), will need to look elsewhere for client asset acquisitions as Canadian authorities scrap the Immigrant Investor Program (IIP). Canada’s finance minister, Jim Flaherty, announced in the 2014 federal budget that the IIP will be cancelled, stating that the scheme had welcomed immigrants that did…

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