New Immigrant Investor Program to Attract Select Group of Wealthy Entrepreneurs
The new scheme, known as the Immigrant Investor Venture Capital Pilot Program, will be unveiled for immigrants who are able to invest in the Canadian economy, helping to stimulate economic growth.
Who Can Apply to the Immigrant Investor Program?
The program is mainly geared towards wealthy entrepreneurs with a net worth of around $10 million – and who must be able to make an investment of $2 million over 15 years. Along with having proven investment or business experience, applicants must also meet a certain set of criteria to be eligible for the scheme, which will include language proficiency and education.
According to Citizenship and Immigration Canada (CIC), this new program has been specially designed to ensure maximum positive impact towards improving the Canadian economy, and those who are granted permanent residence will be well-equipped for a smooth transition into the world of Canadian business, and will also be able to adapt socially.
Here’s what Minister Chris Alexander had to say about the new program: “Our government is focused on building an immigration system that meets Canada’s economic and labour market needs. Through the launch of this pilot program, we are attracting investors who can make a significant investment and who have the education and proven business or investment experience necessary to achieve success in Canada.”
Greater Long-term Impact
The new scheme is hopefully set to provide a means for permanent residence for around 50 new immigrant investors and their families. According to Canadian Immigrant, those who are interested in the pilot program can start applying towards the end of January 2015.
Let’s hope the Canadian government has learned from its mistakes, having previously put an end to the last Immigrant Investor Program, along with its Entrepreneur Program, as neither were deemed to have a positive effect on Canada’s economic growth. In fact, research carried out at the time seemed to indicate that immigrants coming to Canada under those schemes were the least likely to stay in Canada in the long-term, compared to some of the country’s other immigration programs.
A Stronger Venture Capital Environment
So, what will happen to your investment if you were to be accepted into the new immigrant investor program? Well, investments will mainly be used to fund innovative new Canadian start-ups that have been selected due to their growth potential.
Industry Minister James Moore said of the scheme: “This new pilot program will help build a stronger venture capital environment in Canada and ensure that immigrant investor capital can have a greater long-term impact on our economy.”
To sum it all up, Canada is looking for wealthy entrepreneurs with business or investment experience who have a long-term interest in Canada, and who can invest at least $2 million over 15 years. If you have a family, you’re welcome to bring them with you to build a new life in Canada.
Are you Interested in the New Immigrant Investor Program?
If the immigrant investor program sounds like the best way for you to finally make the move to Canada, VisaPlace can help get your journey started today. All you need to do is use our free online immigration assessment form here or contact us here.
About Michael Niren
Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the Associate Member of the American Bar Association. Read more
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