Image via Wikipediaby Sammy - February 6, 2011
In order to promote economic growth and employment, develop new commercial opportunities, and to improve access to growing foreign markets, Canada is attracting people around the world who are familiar with markets, people with capital, business acumen as well as people who have entrepreneurial skills into the country together with their special requirements and customs.
Canada is offering foreigners with business skills and who has had obtained a big net worth and is willing to live in the territorial provinces of Canada, to help support provincial as well as the territorial economic objectives in the country.
Canada’s banking system was again voted as the “soundest” in the world as it promoted the Immigrant Investor Program which would attract wealthy immigrants to invest in the Canadian economy in return of granting them Canadian visas.
Two ways in which investors can get Canadian visas
There are 2 routes in which wealthy business people who are planning to get a quick way to move into Canada. One is through applying through the Federal Investor Program, and the other would be to apply to the Quebec Investor Program if they are going to invest in Quebec which offers a different program from other Canadian territories.
Applicants in the program must have a minimum net worth of about $1,600,000 CAD that is legally obtained and liability-free, and is willing to invest the amount of $800,000 CAD into the Canadian economy, and with meeting other requirements such as having an experience in owning and managing a business, has an experience of managing employees not to be less than 5, and must confirm into writing, the intention to invest at least $800,000 CAD by transferring funds to the Receiver General or show documents proving that such investments have already been made.
Other incentives offered by the program
Investors are also entitled to opt for the Permanent Resident Card in which permanent resident card will be issued to the investors, the spouse as well as the dependents after their entry to Canada as a resident. The card together with the holder’s passport can also be used to travel freely within and outside Canada.
And if the investor, spouse or dependent has been present in Canada for 3 years out of the 4 years before the application for citizenship, the permanent resident, could apply for Canadian citizenship. And he/she can also be allowed to apply for a dual citizenship if he/she is qualified.
Visa application period
In applying for the visa however, the investment must be made prior to receiving the immigration visa, and in situations where the application for permanent residence is declined, the investor has 90 days to be able to claim the invested sum, and to receive a full refund guaranteed by the government of Canada.
The funds invested in a period of 5 years and are returned to the investor after that period, in which the government has full discretion in managing the funds.
