Canada has received just six applications for its pilot
immigration program for millionaires, far fewer than for its
immigrant investor class program that was scrapped last year amid
government claims it was not achieving program objectives.
The federal government launched its new Immigrant Investor
Venture Capital (IIVC) Pilot Program which aims to raise $120
million from 60 eligible ultra-high net worth investors. The funds
are intended to be invested in Canada-based start-ups with high
growth potential. Ironically, the new program, unofficially
confirms Canada's definitive retreat from the global
residence-through-investment industry, which it created in 1986
with the Quebec government.
Under the new program, approved applicants with a personal net
worth of $10 Million, must invest at least $2 million into a
government approved VC fund for a minimum period of 15 years, with
no guarantee for return of capital. Applicants must demonstrate
their net worth threshold was obtained from lawful, for
profit-making management, business or investment activities
providing capital or equity gains. Inheritances or assets from
principle residential real estate are excluded.
Additional requirements include mandatory language testing and
proof of completed Canadian post-secondary education of at least
one year, or proof of a foreign educational equivalent. Education
assessment can be exempted for applicants with a personal net worth
of $50 million. A maximum of 500 applications will be accepted
during the current subscription period which ends December 30, 2015
and which has been twice extended.
Interested employers: Kindly contact us
here to receive further information. Interested candidates: Find out whether you
qualify to Canada by completing our
free on-line evaluation. We will provide you with our
evaluation within 1-2 business days.
The content of this article reflects the personal insight of
Attorney Colin Singer and needs no disclaimer.
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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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