Canada Rethinks Immigrant Investor Program Criteria
By Iman Omar
According to a press release from Citizenship and Immigration Canada (CIC), the nation’s federal Immigrant Investor Program which had been suspended on June 26, 2010 has begun accepting applications once again, but with new criteria.
Beginning December 1, 2010, applicants are required have a personal net worth of $1.6 million, up from the previous $800,000, and must make an investment of $800,000, up from $400,000, into a Canadian business.
Canada’s Minister of Citizenship, Immigration, and Multiculturalism, Jason Kenney, stated that the amendment was necessary because the program’s requirements had not been increased in over a decade, and Canada had to keep pace with the changing global economy. Compared to other countries with similar immigration through investment programs, Canada had the lowest financial requirements until the recent change, which has now aligned it with other immigrant-receiving countries.
Excessively long wait times, caused by a high volume of applications due to the low financial requirements, also factored into the decision to suspend the program in June 10. The increased requirements are expected to reduce the volume of applicants, which in turn would shorten processing times.
Canada’s Immigrant Investor Program is similar to the U.S. EB-5 Visa Program, which requires a minimum investment of $500,000. As of yet, the U.S. has not filled their annual quota for investor green cards issued, but this may change now that the EB-5 has the lower requirement in North America.
Following Canada, Singapore is also set to revise their investor immigration policy.
Reference:
Citizenship and Immigration Canada – http://www.cic.gc.ca/english/department/media/releases/2010/2010-11-10a.asp