Immigrant Investor Program re-opens today

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.”

Related articles

• New rules to double entry fees for investor immigrants (canada.com)
• Canada holds immigration levels steady (theglobeandmail.com)
• Ottawa keeps 2011 immigration levels steady (ctv.ca)

Nova Scotia hoping to attract more immigrants

Image via WikipediaNova Scotia officials want to lift immigration caps for the province in order to attract more skilled newcomers but face opposition from the federal government even though Immigration Minister Jason Kenney does agree more newcomers may resolve the province's labour shortage.

"I think it’s admirable that Nova Scotia is focused on growing its population," said Immigration Minister Jason Kenney according to the Chronicle Herald. "Immigration is part of the solution to the challenge of shrinking population in general and in Atlantic Canada in particular."

The eastern province has a rapidly shrinking population and therefore has been a keen supporter of newcomers moving to the province. In the past decade, officials have spent millions of dollars trying to persuade immigrants to relocate to Nova Scotia under the provincial nominee program and increased spending for settlement programs.

Last year 2,2424 immigrants moved to Nova Scotia and officials would like to see that increase to 7,200 each year by 2020. However, in order to do that they need the federal government to remove cap restrictions on immigration. A notion that minister Jason Kenney isn’t too keen to do just yet citing growing needs by other areas in Canada.

"In general it’s a positive goal, but every province needs to remember we need to work together in the federation," he said. "We can’t have 10 provinces arbitrarily setting their own goals, because ultimately there’s one pipeline for immigration, if you will, and that runs through the government of Canada, through my ministry."

The provincial nominee program gives newcomers the opportunity to work in positions that are unfilled by Canadians.