Investor vs Skilled visa program

[scorpiof3]

Perhaps someone can give me an insight on my predicament.

In July 2008 I have applied under the FSW program, after a couple of months a new ruling was announce to take affect regarding the processing of applicants to clear the backlog.

Then in Sept 2008, I was approach by HSBC - Canada to apply for an Investor visa. They checked my requirements, I was able to provide that I have asset over $800K and quite an extensive managerial experience. If I go through their program, all I need to invest is $120K and the bank will put up the $400K requirement, so this is more like paying interest on a $400K loan.

Now, I did inform them that I have already a pending application under the FSW. Their lawyer informed me that this will not affect my application as I can have two running con-currently. They did persuade me that the processing time for investor visa is much faster than FSW. However, they did guarantee me that in case I get denied under the investor program the initial deposit I would be making with the bank of $10,000.00 will be refunded since their track record of approval is 99% success rate. Seeing as the new rules for the FSW did not really elaborate whether the FSW will be fast tracked or not, I opted to also apply under the Investor visa program of HSBC.

Now, my FSW application has been fast tracked and that I just finished my medicals and awaiting whether my PR visa would be granted, what happens to my Investor visa application if ever I get approve for FSW? Will the CIC reject that application since they now approve my FSW? This in turn will help me get my deposit with the bank back?

Has anyone experience this scenario? any info would be high appreciated

Cheers

Scorpio Man

 

[Immigration Expert]

Hello,

It seems to me your situation is quite complicated with two immigration applications running at the same time, which against the immigration legislation. They, or you, should definitely withdraw one of the programs you don't need. But, if you are in contact with CHC/CIC and they know your concerns you have nothing to worry about.

 

[PMM]

Hi

Perhaps someone can give me an insight on my predicament.

In July 2008 I have applied under the FSW program, after a couple of months a new ruling was announce to take affect regarding the processing of applicants to clear the backlog.

Then in Sept 2008, I was approach by HSBC - Canada to apply for an Investor visa. They checked my requirements, I was able to provide that I have asset over $800K and quite an extensive managerial experience. If I go through their program, all I need to invest is $120K and the bank will put up the $400K requirement, so this is more like paying interest on a $400K loan.

Now, I did inform them that I have already a pending application under the FSW. Their lawyer informed me that this will not affect my application as I can have two running con-currently. They did persuade me that the processing time for investor visa is much faster than FSW. However, they did guarantee me that in case I get denied under the investor program the initial deposit I would be making with the bank of $10,000.00 will be refunded since their track record of approval is 99% success rate. Seeing as the new rules for the FSW did not really elaborate whether the FSW will be fast tracked or not, I opted to also apply under the Investor visa program of HSBC.

Now, my FSW application has been fast tracked and that I just finished my medicals and awaiting whether my PR visa would be granted, what happens to my Investor visa application if ever I get approve for FSW? Will the CIC reject that application since they now approve my FSW? This in turn will help me get my deposit with the bank back?

Has anyone experience this scenario? any info would be high appreciated

Cheers

Scorpio Man

1. You will probably have to withdraw your Investor application and kiss the deposit goodbye, as CIC won't process 2 applications to conclusion. You are going to have to withdraw one. You should check what the average processing time for Investors is at http://www.cic.gc.ca/english/information/times/international/03c-investor-fed.asp I think the bank told you a "porky"

PMM