New Immigrant Investor Pilot Program
CIC announced that Canada will launch a pilot program in January 2015, to attract experienced business persons who can actively invest in Canadian economy, stimulating innovation, economic growth and job creation.
Immigrant Investors will be required to meet certain program eligibility criteria such as language and education level, proven business or investment experience, as well as an investment of $2 million for a period of 15 years and having a net worth of $10 million. Immigrant investors who are selected will be required to obtain a due diligence report from a designated service provider in order to prove that their net worth of at least $10 million has been obtained from lawful, profit-making business activities.
This will ensure that the applicants will have a strong impact in the Canadian economy, and that those admitted for permanent residence will be well prepared to integrate into Canadian business landscape and community. The investments will be gathered into the Immigrant Investor Venture Capital Fund, and will be used to seed innovative Canadian start-ups with high growth potential.
This new Immigrant Investor Capital Pilot Program will begin accepting application in late January in the year of 2015, and will provide a pathway to permanent residence for approximately 50 immigrant investors and their families.
The Immigrant Investor Venture Capital Pilot Program is designed to fulfill the government of Canada’s commitment in Economic Action Plan 2014 to create a more focused and effective pilot program that will ensure that immigrants who come to Canada deliver meaningful benefits to Canadian economy, as part of the transformational changes in order to build a fast & flexible economic immigration system.
The Government of Canada ended the previous Immigrant Investor Program and the Entrepreneur Program as neither program was determined to have contributed to Canada’s economic growth. Research indicated that immigrant investors under the previous programs were less likely than other immigrants to stay in Canada over the medium to long term. By requiring a non-guaranteed investment of $2 million and including more selection criteria for skills and abilities, the Immigrant Investor Venture Capital Pilot Program will test a new approach to immigrant investor program in Canada.
“Our Government is focused on building an immigration system that meets Canada’s economic and labour market needs. Through the launch of this pilot program, 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.”
— Chris Alexander, Canada’s Citizenship and Immigration Minister