Canadian Immigrant Investor scheme suspended - Investment requirements to double
01 July 2010
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Canadian immigration also intends to significantly increase the investment requirements for the immigrant investor program:
- A personal net worth of $1.6M instead of $800,000
- An investment requirement of $800,000 instead of $400,000
Canadian immigration feels that that the investment requirements are too low. The investment requirements have not changed for more than ten years. The current system attracts more applicants than are required each year under the immigration plan. This has resulted in an increase in processing times.
Canadian immigration will not be accepting any more Canadian immigrant investor applications until the new system is operational. This is to prevent a surge of applicants before the change in the immigration requirements.
Immigration Minister Kenney had the following to say about the immigrant investor program:
"Canada needs investor immigrants."
"These changes are necessary to keep Canada's program competitive with that of other countries, and keep pace with the changing economy."