As of late January 2015, the Government of Canada is launching a new and improved version of the Immigrant Investor Program (IIP) that stopped accepted applications in recent years. The new incarnation of the IIP will be known as the Immigrant Investor Venture Capital (IIVC) Pilot Program.
Under the old Immigrant Investor Program criteria, investors were required to have previous business experience and a net-worth of at least 1.6 million in Canadian dollars. As a condition of acceptance, the investor would also need to loan Canada $800,000, interest-free, for 5 years. After years of operation, studies showed the program to be barely profitable for the Canadian government and that did not succeed in its initial goal of stimulating economic advancement.
The new program will we targeted to fewer, but richer, immigrant candidates in the hopes of having a greater contribution to economic growth and development. Under the new program, the Canadian government will grant permanent residency to 50 immigrant investors and their families. The candidates must have a net worth of at least 10 million Canadian dollars and must make a non-guaranteed investment of $2 million over 15 years.
Other requirements for candidates include a proficiency in either English or French, which will be evaluated by designated language tests, post-secondary education of at least one year, which will be evaluated by designated Educational Credential Assessment (ECA) organizations, and a due-diligence report proving the candidate’s net worth coming from lawful and profitable sources.
According to Chris Alexander, the Minister of Citizenship and Immigration, this program will attract “investors who can make a significant investment and who have the education and proven business or investment experience necessary to achieve success in Canada.” Minister of Industry James Moore also offered his support for the new program, explaining how it is part of the Canadian government’s attempt to “attract experienced business leaders to Canada while leveraging their business expertise and personal investments.”
Along with the federal government, the Quebec government is also planning on revamping their investor program. Accepting applications until March 20, 2015, the Quebec provincial government is looking for up to 1,750 new investor applicants, with a maximum of 1,250 applicants coming from the People’s Republic of China.
Unlike investors in the federal program, these candidates must have a net worth of at least 1.6 million Canadian dollars, must make an investment of $800,000 guaranteed by the Quebec government for a 5-year term, must have managerial experience, and must plan on settling in Quebec. The funds collected through this provincial program will be used to support the development of Quebec companies, job creation, and economic growth.
With so few immigrant investor applications being accepted by both the federal and Quebec provincial governments, ensuring the quality of an application to this program becomes even more important. Make sure that your application for the new Immigrant Investor Venture Capital Pilot Program stands out and presents the best possible argument for your acceptance as a permanent resident to Canada with the help of FWCanada!
FWCanada is a Montreal-based immigration law firm that provides professional legal services on Canadian immigration. For more tips and updates on Canadian immigration, follow FWCanada on Facebook, Twitter, and Linkedin.