Posted on: February 23, 2019 02:30 PM

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Tech millionaires from NYC are flocking to Toronto

According to a survey conducted by silicon alley professional groups in NYC, tech millionaires are bolting for Toronto, once third largest tech sector in North America and home to 20,000 tech companies with over 500,000 manpower primarily from India is becoming the first.

According to a survey conducted by silicon alley professional groups in NYC, tech millionaires are bolting for Toronto, once third largest tech sector in North America and home to 20,000 tech companies with over 500,000 manpower primarily from India is becoming the first.

The main attraction is STEM degrees aiming biotech with more than 1 million graduates and 40,000 new students growing each year.

Tech giants from Amazon, IBM, Cisco to Twitter and Uber has their software engineering hubs already established since 2018 and under expansion. Canada has easy access for tech workers who earns an average of $150,000 plus stock options under Express Entry based on qualified education compared to limited H1B cap in USA.

Many families in NYC and Long Island are packing for Toronto where the average mortgage is $4,000 compared to $8,000 per month where techies reside. Another setback is US Citizenship and Immigration Services announced the Trump administration is reviewing the decision to cancel work permits for tech millionaire's spouses of H1-B visas mainly from India.

It will impact over 500,000 workers whose spouse also contribute greatly to the tech industry embraced by companies.

The decision will be announced in 30 days by Homeland Security.