Canadian media reports suggest that the country’s government is seriously considering launching a new immigrant investment visa.
It is believed that investors would need to make an investment worth between CDN$1 million to CDN$2 million, with investors required to put money into a venture capital mutual fund.
So far Citizenship and Immigration Canada has refused to confirm any details regarding the programme or even give a date of when it may come into effect. “The policy is still in development. We’ll have more to say when we’re ready to announce,” said a spokeswoman for Canada’s Immigration Minister Chris Alexander.
This would not be the first time Canada has offered a visa route to wealthy immigrants. A similar scheme, which required investors to part with CDN$800,000, was ended earlier this year, with critics stating the investment value was not high enough, especially compared to similar scheme run in other countries.
It was also noted that as well as charging investors less than schemes operated by the governments of Australia, New Zealand and the United Kingdom, it was also the only country that offered immediate permanent residency status while Canada’s competitors required successful applicants to wait for between two and five years to get residency status.
Article published 5th December 2014