The current Immigrant Investor Venture Capital Pilot
Program ("IIVC") is much like the former Immigrant
The Immigrant Investor Program ("IIP") was
established in 1986 to allow foreign nationals the ability to gain
permanent residence status by making a substantial investment into
the Canadian economy. The investment was government-guaranteed and
repaid in full without interest, after a 5 year term. Once
described as the most popular program across the globe, the IIP
went through a few changes before it was ultimately terminated in
July 2012, as illustrated in the chart below.
During 1999 to 2012, the program raised almost CAD$4
Billion from more than 9,500 investors.
The Current Immigrant Investor Venture Capital Program
Although the IIVC's objective is much like the former
Immigrant Investor Program there are some differences. To
qualify foreign nationals will need to meet the following
Be proficient in English or French and complete a designated
Have post-secondary education and obtain an Educational
Credential Assessment from an authorized body;
Have proven business experience;
Have a net worth of at least CAD$10 Million (which must have
been acquired through lawful private business or investment
Be willing and able to invest CAD$2 Million.
This investment of CAD$2 Million is a non-guaranteed
investment for a 15-year term; which will be used to fund
innovative Canadian start-ups with forecasted potential of high
growth. The fund is expected to have the same characteristics
of a typical venture capital investment. The proceeds of the
investment may be requested to be paid out over time or at the end
of the term.
On January 2015, CIC released a Notice that they would
open the pilot program for applications from January 28 to February
11, 2015, or until a maximum of 500 applications were
received. Not much is known about the results of those
foreign nationals who applied.
On May 23, 2015, CIC released a Notice that, from May 25,
2015 to December 30, 2015, they will accept a total of 120 more
applications on a first come first serve basis, 60 applications to
be processed and 60 to be put on a wait list.
It is anticipated that the spots will fill up quickly; any
foreign national that is interested and believes that they are
eligible under the Immigrant Investor Venture Capital Class should
apply as soon as possible.
It is never advised that a foreign investor complete this
process on their own, immigration applications can be lengthy and
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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