Canada’s Immigrant Investor Program Bringing More Millionaires to the Country
A permanent residency was offered to the first 50 immigrant millionaires and their families in the entire month of January of 2015. A non-guaranteed investment has to be made amounting to $2 million dollars for the span of 15 years. One must also prove to possess a $10 million dollars net worth. This program proved to be very successful that is why now, Quebec Immigrant Investor Program resumed for a limited offer which has started last 31st of August 2015 and will last until the 31st of January 2016.
“Through this program, we are able to attract investors who can afford for a significant amount of investment, has education and needed experience in business that will help him to be successful in the country” Immigration Minister Chris Alexander stated.
“The money will be used for investment on the country’s based start-ups intended for the Canada’s growth potential”, Chris added.
“Through the pilot program, experienced businessmen around the world have the opportunity to leverage their investments and business expertise”, Industry Minister James Moore said.
In reality, this program is not new. In 1986, the country initiated its visa offers to foreign businessmen who have a net worth of %1.6 million dollars and above. To be allowed permanent residency, they also need to allow the country to borrow $800,000 for 5 years term. Critics of this program called the money “cash for citizenship”. And immigrant investor program was cancelled by the government. In 2012, this was also put on hold due to applicant backlogs. As a result, 1,000 millionaire applicants who long for permanent residency in Canada sued the country’s federal government after it has cancelled a lot of applications. However, the country’s federal court judge ruled against the country’s would-be investors amounting to as much as 1,000 applicants.
Currently, the Province of Quebec has announced acceptance of applicants for such immigrant investor program. And for those looking for a promising investment scheme consider this as good news. Such offer is only limited to Quebec. And they are ready to accept 1750 applications. This includes 1,200 applicants coming from the countries of Macao, Hong Kong and China. And those who will file their applications early will have better chances of getting approved.
Requirements for Quebec Immigrant Investor Program include a net worth of C$1.6 million dollars, C$15,000 processing fee, 2 years’ experience in a senior managerial position within the last 5 years, must intend to settle in Quebec and an interest fee of C$800,000.