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.

To read this article in its entirety please click here

(Note: This article first appeared in the National Financial Post on February 9, 2015 http://business.financialpost.com/2015/02/09/canada-losing-lucrative-immigrant-investors/)

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.