Citizenship and Immigration Canada would again start accepting for the Federal Immigrant Investor program. The applications can be filed from 1st December 2010. As per the new qualifying criteria for the program, all the investors applying must have $1.6 million as their personal net worth.
Initially, the personal net worth was $800,000 where in the applicant had to invest $800,000 which was an increase from the previous $400,000. According to the Immigration Minister, Jason Kenney, there amends were very important to be brought about. This criterion had not been amended for over 10 years now. So, change had to be brought about in order to keep moving with the constantly changing economy.
When compared with other nations with respect to this program, Canada was the lowest. Now, with the modified requirements in place, this program would be more in tandem with such programs offered by other nations.
The Immigrant Investor program was debarred in June due to the increased number of applications. This was leading to long processing timelines for each application. At the same time, while amending the requirements for the program would also cater to a reduced number of applications. This would continue to attract the entrepreneurs who could contribute significantly to the economy of Canada.
With a personal net worth which is much higher, the foreign investors who have business links along with the relevant resources would be in a position to make a secondary investment in the economy of Canada.
This implies more capital for investment for provinces and territories. This would further lead to more number of jobs as well as other projects pertaining to economic development.
The Immigrant Investor Program offered by the Government of Canada caters to many benefits for foreign investors. Some such benefits include the permanent resident status, investment repayment which is guaranteed and so on.
All the applications that would be accepted in December would be assessed as per the new criteria mentioned above. However, these applications would also be processed along with the old pending applications.