A group that provides economic, financial and business strategy consulting to government agencies and businesses released a study at the end of March that concluded that the Government of Canada needs to increase their opportunities for immigrant investors.

The program they feel needs to be expanded a bit further is the Immigrant Investor Program, which pumps approximately $2 billion into the Canadian economy every year.

The Immigrant Investor Program is in place to attract foreign business people to come and invest in Canada. Citizenship and Immigration Canada requires that applicants can prove they have adequate business experience, have a minimum net worth of $800,000 as well as make a $400,000 investment in Canada. This investment is then managed by Citizenship and Immigration Canada and is used to grow the economies and create jobs in various provinces across the country. The investment is returned to the applicant over five years later, without interest.

Over 34,400 immigrants have used the Immigrant Investor Program to come to Canada. When family members are factored in, this total number grows to 130,000. Immigrant investors are allowed to being three family members with them, almost double the amount that other applicants for immigration in economic categories are allowed.

Almost half of the immigrants who come to Canada through the Immigrant Investor Program settle in British Columbia, and 23 per cent settle in Ontario.

Three prominent Canadian economists said in the study that more immigrant investors would help mitigate Canada’s economic and business issues.

Their recommendations for boosting the program’s effectiveness include reducing the processing time of these applications and improving their integration into Canada, and further analysis of the initial contribution and wealth requirements.

Please contact us should you have any questions regarding the Immigrant Investor Program at info@visaplace.com or 416 410 7484

In Canada there are two Immigrant Investor Programs in Canada (aside from those offered under the Provincial Nominee Programs or PNP Programs.

The two programs the Canadian Federal Investor  Immigration Program and the Canadian Quebec Federal Investor Program. The basic criteria for both programs are as follows:

Federal Investor Program Criteria:

Net Worth (assets minus liabilities)

•    Must have minimum of CAD$800,000 in net worth
•    May include in the net worth all assets owned by the applicant and the applicant’s spouse

Managerial Experience

The potential candidate must meet one of the two following criteria:

•    Within the last five years before the date of the interview, the candidate must have managed the equivalent of five full-time employees per year for a period of at least two years

OR

•    Within the last five years before the date of the interview, the candidate must have owned or managed a business for at least two years and must meet any of the two following requirements:

Requirement       Percentage of Business Ownership
100%    50%    33.3%
1.                            Employees    2    4    6
2.                           Annual Sales ($)    500,000    1,000,000    1,500,000
3.                           Annual Net Income ($)    50,000    100,000    150,000
4.                           Net Assets at Year End    125,000    250,000    375,000

Investment

The candidate must secure a passive investment of $CAD 400,000 on a five-year term through an authorized immigration program facilitator or provide a one-time down payment of $CAD 120,000.

Quebec Investor Program Criteria

Net Worth (assets minus liabilities)

•    Must have minimum of CAD$800,000 in net worth
•    May include in the net worth all assets owned by the applicant and the applicant’s spouse
•    If the candidate wishes to include the spouse’s assets, the candidate must show as much or more than his accompanying spouse in net assets (or not more than 50% of the assets may come from the spouse)

Management Experience

•    Must have 2 years of business management experience in the last 5 years and must have managed the equivalent of two full time employees
•    Candidates who hold high management positions with delegated authority may qualify (namely professionals like doctors, lawyers, and accountants) as long as they are not wage earners and have the authority to run a business

Investment

The candidate must secure a passive investment of $CAD 400,000 on a five-year term through an authorized immigration program facilitator or provide a one-time down payment of $CAD 120,000.

Note that there has been some changes to the Quebec Immigrant Investor Program. See here for details.

For more information about either the Federal or Quebec Investor program, contact Niren and Associates Immigration Lawyers at:

1 416 410 7484 or info@visaplace.com

As of February 2, 2009, new regulations are in effect concerning applications for permanent residence under the Investor Class.

The following is a summary of the highlights of the new rules:

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