The Canada Investor Program, also known as the Immigrant Investor Program (IIP), was a federal immigration program that allowed individuals with a high net worth to obtain Canadian permanent residency by investing a significant amount of money in Canada.
Under the program, applicants were required to have a net worth of at least CAD $1.6 million and make an investment of CAD $800,000 in a prescribed investment fund for a period of five years. After five years, the investment would be returned to the investor without interest. The program was suspended in 2014, and no new applications are currently being accepted.
However, the program has been replaced with the Quebec Immigrant Investor Program, which is a similar program offered by the Quebec government. The Quebec program has similar investment requirements as the previous federal program, but with a higher investment amount of CAD $1.2 million and a net worth requirement of CAD $2 million. Successful applicants under the Quebec Immigrant Investor Program are granted permanent residence status in Canada and can eventually apply for Canadian citizenship.
It is important to note that while the Investor Program is no longer available, Canada has several other immigration programs that may be suitable for individuals interested in immigrating to Canada, including programs for skilled workers, entrepreneurs, and self-employed individuals.
Federal Investor Program
The Federal Investor Program, also known as the Immigrant Investor Venture Capital (IIVC) Pilot Program, is a federal immigration program that was launched in 2015 as a replacement for the previous Canada Investor Program.
Under the program, individuals with a high net worth and business experience can obtain Canadian permanent residency by making a non-guaranteed investment of CAD $2 million in a government-approved venture capital fund for a period of 15 years. The investment must be made through a designated financial intermediary and is returned without interest at the end of the 15-year period.
The program has a limited number of applications that are accepted each year, and there are specific eligibility criteria that applicants must meet. For example, applicants must have a net worth of at least CAD $10 million and have managerial experience in a qualifying business. In addition, they must meet certain language proficiency requirements and undergo a security and background check.
It’s important to note that the Federal Investor Program is currently a pilot program that is set to expire in 2023. The program has been criticized for being expensive and having a long processing time. In addition, the investment is non-guaranteed, meaning that applicants could potentially lose their investment. As a result, the program has been less popular than other immigration programs, such as the Federal Skilled Worker Program or the Provincial Nominee Program.
Federal Venture Capital Program
The Federal Venture Capital Program is a federal program designed to promote investment in Canadian startups and small and medium-sized businesses. The program aims to provide venture capital to promising startups and entrepreneurs and support the growth and development of innovative companies in Canada.
Under the program, the federal government provides funding to private sector venture capital funds that are focused on investing in early-stage and high-growth potential businesses in Canada. The program aims to stimulate investment in areas where there is a shortage of venture capital, such as outside of major cities or in certain sectors.
The program works by providing matching funds to private sector venture capital funds. For every dollar that a private sector venture capital fund invests in an eligible business, the federal government provides a dollar in matching funds, up to a maximum of $4 million per investment.
To be eligible for the Federal Venture Capital Program, businesses must meet certain criteria, such as being a Canadian-based company, having less than $25 million in revenue, and demonstrating high-growth potential. Venture capital funds must also meet certain criteria, such as having a minimum amount of capital and a focus on investing in early-stage and high-growth potential businesses.
The program has helped to provide funding and support to innovative startups and small and medium-sized businesses in Canada. It has also helped to increase investment in areas where there is a shortage of venture capital, such as in rural areas or in certain sectors such as cleantech or biotech.
Provincial Nominee Programs for Investors
Several Canadian provinces have their own Provincial Nominee Programs (PNPs) for investors, which allow individuals to obtain permanent residency by making a significant investment in the province.
Under these programs, individuals with a high net worth and business experience can obtain Canadian permanent residency by making an investment in the province’s economy. The investment requirements and eligibility criteria vary by province, but generally, applicants must have a minimum net worth, make a minimum investment, and have a certain level of business experience.
For example, the British Columbia Entrepreneur Immigration Program requires applicants to have a net worth of at least CAD $600,000, invest at least CAD $200,000 in a new or existing business in the province, and have a minimum of three years of business ownership or management experience. The Manitoba Business Investor Stream requires applicants to have a net worth of at least CAD $500,000, invest at least CAD $250,000 in a business in the province, and have a minimum of three years of business ownership or management experience.
The benefit of applying for a PNP for investors is that each province has its own specific requirements and application processes, which may be more suitable for some individuals than others. In addition, the processing times for PNPs can often be faster than for federal immigration programs.
It’s important to note that each PNP for investors has its own specific criteria and requirements, and some may require applicants to create new businesses in the province, while others may allow investments in existing businesses. Prospective applicants should carefully review the requirements and eligibility criteria for each program before applying.
Conclusion
In conclusion, Canada offers several immigration programs for investors and entrepreneurs, including the Federal Investor Program, the Federal Venture Capital Program, and various Provincial Nominee Programs for investors. These programs aim to attract individuals with a high net worth and business experience to invest in the Canadian economy, support the growth of innovative startups and businesses, and create jobs in the country. Each program has its own specific requirements and eligibility criteria, so prospective applicants should carefully review the options and consult with immigration professionals to determine which program is best suited to their needs and goals.
