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Canada is known as one of the best countries in the world to live. With “free” health care, low unemployment, a newly thriving economy, and an unparalleled equal currency to the U.S. dollar, Canada is a wise investment destination. It may come as no surprise that Canada welcomes foreign nationals who are in a position to make a sizeable monetary investment in the country. What you may not know, however, is just how fast and simple the process can be to become a permanent resident of Canada based on the investment immigration program.
Canada’s Immigrant Investment Program (IIP) allows a foreign national who has owned and managed a “qualifying business” in two of the prior five years to qualify for the program. If they did not actually “own” the business, it may be enough for prospective investors to show that they managed at least 5 employees in a business in two of the last 5 years. It is important to know that the “qualifying business” can be made up of a number of separate businesses. Documentation about the business(es) will be required, including corporate tax returns and financial statements for the business.
Investors must invest $800,000 Canadian funds in a locked-in government guaranteed fund. This money is kept by the government in a recognized banking institution for 5 years, after which time it is returned to the applicant, without interest. In addition, the candidate must show a net worth of $1,600,000 and the required business experience. Currently, the investment class program is frozen until further notice.
There is a point system, whereby each candidate must earn 35 points, which are awarded based on age, education, language ability and business experience. However, do not worry if you cannot speak English or French. Points can usually easily be acquired as the points threshold is almost half what it is for the foreign skilled worker program, where 67 points are required. You can get 20 points for only 2 years of business experience, with an additional 5 points for each additional year of business experience. And a business exploration trip to Canada, for example, can yield 5 points.
The Province of Quebec has its own Immigrant Investment Program with its own requirements.
An experienced Canadian immigration attorney will help you determine whether you qualify for the investment program, and guide you as to which official institution you may direct your government investment. This is a safe, risk-free investment of your money, as Canadian official banks are licenced, chartered and honorable. The attorney will also prepare your complete application for submission to Canadian Immigration and Citizenship. Proper completion of the application and timely submission of the information required is essential.
Can I come to Canada if I am self-employed?
Self-employed individuals can apply to come to Canada if they have the required business experience and the intention and ability to make a significant contribution to the cultural or athletic life in Canada. Another avenue is to prove that they have managed a farm and intend to purchase and manage a farm in Canada.
With the recent Canadian economical boom showing no signs of slowing down, now is the time to invest and make the move to this beautiful country. CONTACT US