Canada’s Citizenship and Immigration Minister Chris Alexander yesterday announced that Canada will unveil a pilot programme in January 2015 designed to attract experienced business immigrants who can actively invest in the Canadian economy, stimulating innovation, economic growth and job creation.
In addition to making an investment of CDN$2 million for a period of 15 years and having a net worth of CDN$10 million, immigrant investors will be required to meet certain programme eligibility criteria related to language and education, and have proven business or investment experience. This will ensure that immigrant investors will have a strong impact on the Canadian economy, and that those admitted for permanent residence will be well prepared to integrate into the Canadian business landscape and society.
Previous investor immigrant visas that had been offered by the Government had been criticised for the criteria being too low and the level of minimum investment not significantly high enough. Research also indicated that immigrant investors under the previous programmes were less likely than other immigrants to stay in Canada over the medium to long term.
“Our Government is focused on building an immigration system that meets Canada’s economic and labour market needs,” explained Alexander. “Through the launch of this pilot programme, 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. As we move forward, our Government will continue to ensure that our economic immigration programs provide a direct benefit to Canada and contribute to long-term prosperity and economic growth,” he added.
The new Immigrant Investor Venture Capital Pilot Programme will begin accepting applications in late January 2015 and will provide a pathway to permanent residence for approximately 50 immigrant investors and their families.
Article published 17th December 2014