Canada considers introducing new investment immigration programme

The Canadian government is considering introducing a new investment immigration programme with an intention of attracting ultra high net worth individuals.

John McCallum, Immigration Minister, was quoted by investmentimmigration.com as saying that they were working on a plan that would award applicants of this programme permanent residency for investing a significant amount of money in Canada.

If that proves to be economically viable by generating quite a few local jobs and substantial investment, then the government would give it a go-ahead, he said.

In 2014, the former government headed by Harper annulled the CIIP (Canada Immigrant Investor Program), though there was a backlog of over 15,000 candidates, mostly Chinese.

They instead put in place the Immigrant Investor Venture Capital Pilot Program, which proved to be unsuccessful as this had failed from its commencement owing to unrealistic terms and conditions.

The present dispensation has now suggested terms of the new investment immigration programme, which are as follows:

* The minimum investment should be around c$1.2 million and c$2 million.

* There will be no minimum net worth so that it would be more attractive for an investor and easier to manage.

* Investors can choose the asset classes.

* Real estate sector would be excluded from investment as it fluctuates in most sought after areas.

* Third parties would conduct strict due diligence and compliance

* Processing fees would cost c$20,000, besides additional fees for accompanying dependents. Processing fees would make up for programme management costs.