Effective December 1, 2010, Citizenship and Immigration Canada will again allow applications under the federal Immigrant Investor Program. Under the new program criteria, investor applicants will require having an individual net worth of $1.6 million, doubled from $800,000 in the previous criteria, and make an investment in Canada of $800,000, up from the preceding requirement of $400,000.
“These changes were essential,” said Minister Kenney. “The requirements had not been improved in more than a decade and we require keeping pace with the changing market.”
Canada’s old immigrant investor criteria were the lowly when contrast to other countries with alike programs. The new criteria now bring into line it more directly with other immigrant-receiving countries.
The investor program was stopped in June, in part for the reason that the high volume of applications was leading to wait times that were excessively long. Increasing the requirements will assist reduce the flow of applications at the same time as ensuring we are a magnet for experienced businesspeople that can make a more considerable contribution to the financial system? Higher individuals net worth criteria mean the program is now improved placed to be a magnet for investors with precious business links and the resources to create secondary investments in the Canadian financial system.
“Advanced investment amounts mean provinces and territories will take delivery of more investment capital to put toward job creation and financial development projects,” added the Minister.
Canada’s Immigrant Investor Program offers more than a few benefits to worldwide investors, including permanent resident status outspoken and definite repayment of the investment.
Under Canada’s previous criteria, the volume of applications present under the Program had grown exponentially and meting out times had increased. By stopping applications among June 26, 2010, and December of this year, the government prohibited further delays. Applications received on or after December 1 will be topic to the latest criteria and will be processed beside the old ones. In this fashion, Canada can begin to understand the benefits of the changes the moment possible.