Canadian immigration to accept Immigrant Investor applications again
15 November 2010
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Starting on 1 December 2010, Citizenship and Immigration Canada will again start accepting applications under the federal Immigration Investor Program.
Applicants under the Immigration Investor Program will need to have a personal net worth of $1.6 million CAD, which doubles the previous net worth requirement of $800,000. Moreover, applicants will be required to make an investment of $800,000. Under the previous rules, only a $400,000 investment was needed.
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According to Immigration Minister Jason Kenney, changes to the criteria for the immigration investor program were overdue.
"These changes were necessary," said Kenney. "The requirements had not been increased in more than a decade and we need to keep pace with the changing economy."
Citizenship and Immigration Canada (CIC) said that Canada had the lowest requirements for their investor immigration schemes compared to other countries with similar programs. To reduce the backlog of applications and to avoid a rush of applications before the changes take place Canada suspended the Immigration Investor Program in June 2010.
"The new criteria now align it more closely with other immigrant-receiving countries," CIC said in a statement.
CIC said that the previous requirements were leading to a backlog of applications. By raising the net worth and investment requirements, Canada hopes to reduce the number of applicants and only let in those who can make a substantial investment in the Canadian economy.
"Higher investment amounts mean provinces and territories will receive more investment capital to put toward job creation and economic development projects," Kenney said.
Canada's Immigration Investor Program grants applicants a permanent residence visa and a guaranteed repayment of their investment. The immigrant investor program was already an expensive way of gaining permanent residence in Canada. Doubling the investment requirements is bound to put off some people. It remains to be seen if the changes will in reality result in increased investment into Canada. There are already a number of ways in which you can emigrate to Canada and a number of other Countries around the World without having to invest any money.