I wrote about the cancellation of the Immigrant Investor Program
(IIP) in my 2014 budget blog.
The IIP was created in 1986 to attract wealthy foreigners to
Canada, on the premise that their presence would create jobs for
Canadians. The idea was for immigrants to make an investment of
$800,000 or more, as an interest-free loan to the government. In
return, the investor would be granted permanent residency status
(eventually leading to citizenship, it was hoped). It was a very
successful program. 130,000 people used it.
In February 2014, just before the budget was released,
Citizenship and Immigration Canada scrapped the program. The
government decided it smacked of selling citizenships and that
offended its notion of citizenship standing for something more.
Apparently, the government has reconsidered its position. It
turns out that wealthy investors are actually good for the economy,
so the program is back, with a slightly different name.
The Immigrant Investor Venture Capital Pilot Program
Each immigrant under the program will be required to invest $2M
into a venture capital fund for a period of 15 years. The
government says the fund will invest in "innovative
Canadian-based start-ups with high growth potential."
To a wealthy investor, perhaps the loss of some or all of these
funds will be seen merely as a price to pay for access to Canada.
After all, it is one of the most desirable countries for immigrants.
A fat wallet is a prerequisite, but not the only one. Applicants
The ability to speak English or French;
Education credentials equivalent to a Canadian post-secondary
Net worth of at least $10M, legally obtained (sorry Russian
Canada expects to accept 500 such individuals. The initial group
accepted is likely to be limited to around 50. An individual coming
to Canada under this program will be allowed to bring family members.
The bottom line
Well, it seems that Canadian residency (and ultimately
citizenship) is for sale – it was only the price we were
haggling over (with apologies to Max Aitken, aka Lord
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October 12th, 2016 - Immigration authorities conducted the 21st round of invitations under Express Entry in 2016 and 44th overall, inviting 1518 applicants for permanent residence with a lowest CRS score of 484.
October 19th, 2016 - Immigration authorities conducted the 22nd round of invitations under Express Entry in 2016 and 45th overall, inviting 1804 applicants for permanent residence, the largest number ever. The lowest CRS score was 475, a decline from the previous draw.
September 21st, 2016 - Immigration authorities conducted the 20th round of invitations under Express Entry in 2016 and 43rd overall, inviting 1288 applicants for permanent residence with a lowest CRS score of 483.
A unique feature of the new Canada express entry immigration system is that candidates can improve their comprehensive ranking score while in the express entry pool, without submitting a new application. We review important strategies.
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