Quote:
Originally Posted by Wormius
That is bizarre and a lot of effort for that purpose.
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It's not bizarre at all, it literally is happening. This isn't a scheme I just made up in my head, it's a program that exists.
https://sobirovs.com/canada-investor...t-immigration/
A lot of countries have golden visa programs and they have been getting abused for a long time.
https://www.bloomberg.com/news/artic...-checkout=true
A few friends of mine who were in the restaurant business have become victims in this scheme, partly due to stupidity on their end. Sell restaurant business to a foreign investor who structures purchase to meet the minimum required investment with a promise to make balloon payment at a specific date in the future to fulfill full purchase price.
After a while, you fold the business or just do a midnight move leaving the landlord holding the bag.
On the flip side a few friends from a landlord perspective are also dealing with this. After being being burned 3 times it clued into him that perhaps foreign investors with no knowledge of the restaurant business probably aren't the best tenants to be approving leases to. Best to stick to people who know the business.
I can't say for certain if this pizza place is being used in the above matter but it's definitely very possible. You see this in locations where there is a constant turnover and it makes you wonder what is going on here??
Another popular scam is to help fund a commercial real estate purchase with money from Business Development Canada. An investor goes through the program for the opening of a business, say a new pizza restaurant, get's some financing and grant money, operates shop for a short while and then potentially folds the business using the grant money to assist with the purchase of a real estate deal. Proceeds to then use the unleased space for the above mentioned visa program or for legit purposes.