CAN I LOSE MY MONEY AND INVESTEMENTS IN CANADA IF I AM LOCKED OUT

[Moebiye]

I got my PR in May 2010 and it expires in September 2015. I have not moved down to Canada because I have a very good job in Angola which pays almost 3 times what I can earn in Canada as an Oil and Gas Engr. I have not been able to get a replacement.

From the look of things , I may not be able to make the required 730 days unless I just cut things off and come down. Not willing to do that as I am coming up on a milestone payoff within 3 years where I can take the money and leave Angola all together

In the time being I have been moving back and forth between my job and Toronto and bringing over a lot of money and placing it in my investment accounts

I need the groups help in answering the following questions :

1. If I get locked out at PR card expiration, can I still access my money

2. In view of the fact that I may not rack up the full 730 days before expiration, can someone suggest a way out....a good lawyer.....I am willing to explore all other possible options

Thanks

 

[Moebiye]

Mr Leon , Qorax , Tinuadeadebola, anyone....I would really like your thoughts on this. Thanks.

 

[explorer101]

1. Investments / money in a financial institution can be accessed at any time, even from outside Canada. All you have to sign a phone/ fax agreement and you can instruct for transfer of money even on phone/ fax.
2. You want to work outside as you make more money, and can not fulfill the residency requirement to maintain PR status. Engaging good/ bad/ worst lawyer is of no use.

 

[A. Khan]

Step 1: Please send your wife & children (if any) to Toronto & let them keep their PR.

Step 2: Make "your wife" & "yourself" both accessible to your invested funds. i.e. Instruct the bank to make the fund accessible to either "your wife" or "you". In this way, even if you get locked out & cannot enter Canada, your wife can still take out the money & send it to any other country you prefer.

Step 3: Allow your wife & children to stay in Canada for 3 years to meet their Citizenship requirement. During this time, even if your personal "Permanent Residency" would expire, your wife & children will still be a PR & on the way to become Citizens. You would still be able to enter Canada using a "Tourist" visa PLUS you can say you have invested funds in Canada PLUS you can say you have wife & children in Canada. So, you wont have trouble getting a tourist visa with money & family staying in Canada.

Step 4: After your wife & children become Canadian Citizens (Canadian passport holders); they can permanently move back with you. There is NO residency requirement on Canadian Citizens.

 

[zardoz]

In fact, the stronger the ties to Canada, the LESS likely you are to be granted a tourist visa, not the other way round.

To obtain citizenship in Canada, you need the 3 years before you can even think about applying. It might be another 4 years after that before you finally get it, depending on whether an RQ is issued and where you live.

 

[Moebiye]

Great info, A. Khan thanks. But I have also heard on this forum that getting a tourist visa once you lose your PR may be challenging , especially if you have family and sustainability (money) in Canada . The reason that was given is that you cannot prove that you will not remain in Canada once you receive the tourist visa.. Please advise

Step 1: Please send your wife & children (if any) to Toronto & let them keep their PR.

Step 2: Make "your wife" & "yourself" both accessible to your invested funds. i.e. Instruct the bank to make the fund accessible to either "your wife" or "you". In this way, even if you get locked out & cannot enter Canada, your wife can still take out the money & send it to any other country you prefer.

Step 3: Allow your wife & children to stay in Canada for 3 years to meet their Citizenship requirement. During this time, even if your personal "Permanent Residency" would expire, your wife & children will still be a PR & on the way to become Citizens. You would still be able to enter Canada using a "Tourist" visa PLUS you can say you have invested funds in Canada PLUS you can say you have wife & children in Canada. So, you wont have trouble getting a tourist visa with money & family staying in Canada.

Step 4: After your wife & children become Canadian Citizens (Canadian passport holders); they can permanently move back with you. There is NO residency requirement on Canadian Citizens.

 

[pocklecod]

Your assets shouldn't be seized unless you break the law or leave your accounts totally dormant for a long period of time. I believe it is okay for you to own a simple bank account (chequing or savings) as a foreigner. However, you probably won't be able to legally own any securities, so you should be forced to close any such accounts and move the money. Best bet would be to move the money to your country of residence or a legal Canadian account before your residency expires.

Your bank should be able to help you with this next time you're in Canada, or perhaps even over the phone. They'll know exactly which accounts you can have, and which ones not, as a non-resident.