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.
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