Ottawa, November 10, 2010 — Effectual December 1, 2010, Citizens and Immigration Canada will once again accept applications under the federal Immigrant Investor Program.
According to the new criteria, the investor applicants need to have a personal net worth of $1.6 million, up from $800,000 under the old criteria, and make an investment of $800,000, up from the previous requirement of $400,000.
"These changes were necessary," said Minister Kenney. "The requirements had not been increased in more than a decade and we need to keep pace with the changing economy."
Higher investment amounts mean that provinces and territories will receive a greater amount of capital to put toward economic development within their regions. Higher personal net worth criteria mean that the program is now better positioned to attract investors with valuable global business links and the resources to make secondary investments into the Canadian economy.
The old immigrant investor criteria were the lowest when compared to other countries with similar programs.The new criteria will now align it more closely with other grant-receiving countries.
The investor program was been suspended in June, in part because the greater volume of applications was leading to wait times whcih was taking too long. Increase in requirements will help reduce the flow of applications, attracting experienced business people who can make a more substantial contribution to the economy. Higher personal net worth criteria program is now better positioned to attract investors with valuable business links and the resources to make secondary investments in the Canadian economy.
The Program offers several benefits to international investors, including permanent resident status up front and guaranteed repayment of the investment.
As according to old criteria,number of applications submitted under the Program had grown exponentially leading to an increase in processing times. By stopping applications between June 26, 2010, and December of this year, the government prevented further delays. Applications received on or after December 1 will be subject to the new criteria and will be processed alongside the old ones. In this way, Canada can begin to realize the benefits of the changes as soon as possible.