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- Immigrant investment recipient Peter Metaxas tells the CBC's Maggie Brown about his experience of the Provincial Nominee Program (Runs: 7:58)
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A P.E.I. businessman who received investment money from a potential immigrant through the Provincial Nominee Program says the process seemed too easy.
'I didn't probably spend more than 45 minutes total.'— Peter Metaxas
Peter Metaxas owns SEC Heat Exchangers in Vernon River, a company that buys and sells heat exchangers around the world.
Metaxas said he was advised in late summer to get some of the immigrant investor money available under the federal-provincial program, which ended on Sept. 2.
He received one payment, $42,000, from an immigrant who wants to move to Canada. In total, the immigrant put up $200,000 for the right to come here, pending health and security checks.
Other recipients included an agent, who got $45,000, a lawyer, about $6,000, and the government, $2,500. Some of the money was a deposit, returned if the immigrant stayed on P.E.I. for a year and learned English.
Metaxas said he never met the agent or the investor, and he was surprised at how easy the process was.
"It's not like someone just said, 'Knock, knock. Here's some money.' But I didn't probably spend more than 45 minutes total — maybe an hour and a half if you included my travelling time to the lawyer — to get [about] $40,000," he said.
Will follow plan
Metaxas said he will spend the money according to a business plan drawn up by his accountant. He doesn't know if anyone from the program will ever check to make sure that happens.
Metaxas believes the program could be a good economic stimulus for P.E.I., but he would be more comfortable if the investors had more of a role.
The immigrant partner section of the Provincial Nominee Program underwent a drastic change in September, requiring up to $1 million from potential immigrants.
In the three months leading up to that change, the province processed 1,800 applicants. In previous years, the program typically attracted a few hundred immigrants.
P.E.I.'s auditor general has announced an investigation of the PNP, one that could go back to its inception in 2001.
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