The BC government announced on Thursday that it is suspending the Fast Track nomination option in the business stream of the BC Provincial Nominee Program (BC PNP).
Through the business immigration stream of the BC PNP, foreign nationals who invest at least $200,000 to $400,000 to start or purchase and expand a qualifying BC-based business, are nominated for permanent residency by the BC provincial government after two years.
Under the regular BC PNP business program, candidates receive a two year work permit, during which time they are required to meet the business requirements detailed in the PNP performance agreement.
At the conclusion of the two year period, the BC government reviews their business, and if it fulfills the conditions of the program, nominates them for immigration.
The Fast Track option of the BC PNP business program is a special stream that allows candidates who make a $125,000 deposit to the BC government to receive a nomination for permanent residency immediately upon arriving in Canada, instead of being required to wait two years and fulfil their PNP performance agreement first.
Applicants who do not meet the obligations set out in BC PNP performance agreement forfeit their $125,000 deposit but can still keep their permanent residency status.
The BC government said that it would review this Fast Track option to see if it contributes to the province’s economy and that the suspension will not affect the regular business immigration stream of the BC PNP.