Canada Announces New Investor Program
Recently the governments of Canada and Quebec have both released information about upcoming investor programs. The main aim of these programs is to attract high-net-worth investors. Successful applicants, as well as their spouse or common-law partner and dependent children under the age of 19, will have a PR card and become permanent residents of Canada.
The aim of these programs, under its new Immigrant Investor Venture Capital Pilot Program, is to give permanent resident status to around 50 high-net-worth immigrant investors, as well as their spouse or common-law partner and dependent children under the age of 19. This program is scheduled to begin accepting applications in late January, 2015, and aims to attract experienced millionaire investors who will contribute to economic growth and prosperity.
Potential eligible candidates must:
- Demonstrate a legally obtained net worth of at least CAD $10 million derived from lawful, profit-making business activities, which will be verified by a designated due diligence service provider. The selected applicants need to provide a report from service providers.
- Make a CAD $2 million non-guaranteed investment for 15 years into the Immigrant Investor Venture Capital fund. And these funds will be invested in innovative Canadian-based start-ups with high growth potential.
- Provide a proof of language proficiency in one of Canada’s official languages, either English or French; and
- Submit education credentials: a Canadian post-secondary degree, diploma or certificate, or proof of a completed foreign education credential and an equivalency assessment from a designated organization.
Citizenship and Immigration Canada (CIC), within the specified time period would accept a maximum of 500 applications for review. This specified period will be announced in January, 2015. Applications will be selected randomly for processing until approximately 50 approved applications are finalized. CIC aims to grant a decision on each application selected for processing within six months of receiving the complete applications. Applications that are not retained will be returned to the applicant.