Image by mostlyconservative via FlickrStarting today, newcomers can now begin applying for the Immigrant Investor Program (IIP).
The Canadian government initially suspended the IIP in June due to a high volume of applications and long wait times.
The program which grants permanent residency, among other benefits, to successful applicants has changed investment criteria that will require immigrants to have a net worth of $1.6 million, up from $800, 000 and ask individuals to invest $800, 000 up from $400, 000.
New criteria will bring Canada’s foreign investor policies in line with the rest of other western countries said Immigration and Citizenship Minister Jason Kenney.
“These changes were necessary,” Kenney. “The requirements had not been increased in more than a decade and we need to keep pace with the changing economy.”
According to Immigration Canada, the country had one of the lowest investor programs compared to other countries due to the fact that the program had not been changed since 2005.
Currently, Australia requires businesspeople to have a net worth of $2 million and invest just under $1.5 million. The U.K. asks for $3.3 million in assets and an investment of $1.6 million.
The changes will also help communities across Canada said Kenney. Provinces and territories can expect to financially benefit from the influx of money which can be used for a variety of projects.
“Higher investment amounts mean provinces and territories will receive more investment capital to put toward job creation and economic development projects.”