The Maple Leaf Country will begin admitting petitions from millionaire immigrant investors & their families, via a revamped version of a program, some detractors once condemned as nothing but “cash for citizenship.” The administration proclaimed during the month of December, 2014 that it would provide the prized Permanent Residency (PR) to global investors who can make an investment of $2 million in the nation, with a view to draw skilled business persons who could improve the national economy.
The latest Immigrant Investor Venture Capital Scheme will remain up for grabs from January 28 to February 11, or until not more than 500 petitions are obtained, the administration quietly made public prior to parliamentarians came back to Ottawa.
As per the current Immigration Minister, the pilot program is duly tailored to draw immigrant investors who will not only considerably prove useful for the nation’s economy but also better integrate into the Canadian society, which will prove decisive to the country’s long-term affluence & economic development. Even as the administration will admit a maximum of 500 petitions, it will only give PR Permits to not more than 60 candidates–at least for the present.
Allegedly, the original 60 is to be able to appraise in case the new pilot scheme is getting its targets, and to make certain that it is also performing in the best possible interest of the nation’s economy, and the same may be expanded, post the evaluation of this first measure.
It will be essential for every investor to possess a minimum net worth of $10 million, and make a non-assured investment of $2 million, over roughly 15 years into a fund. Immigrant investors–who may prove that they have a lawfully gained net worth of not less than $50 million–may ask for exemption from any of the 4 conditions under the pilot scheme.
The particulars of the scheme–together with the selection conditions to apply–appear in the latest ministerial instructions brought-out in a government journal.
Generate Work Opportunities
The administration stated that the proceeds from the fund will be distributed to the investors every so often while the fund will invest in innovative startups of the nation with high growth potential. The pilot will also generate jobs. The same will produce employment.
Meanwhile as per a critic, he’s has nothing against drawing overseas investors but proffering PR to well-off immigrants is unjust to overseas caregivers & nannies who are already doing jobs in the country, and have been cooling their heels for permanent residency status, in certain specific situations, for as many as three years.
Preceding investors did not contributed much
The administration is looking forward to having superior luck with this scheme, vis-à-vis it did with the previous one. The Pilot Immigrant Investor Scheme arrives; post the administration proclaimed it brought the curtains down on the previous plan–which some detractors had dubbed as “cash for citizenship”—as the same had been plagued with scam.
The scheme had also been put on hold in 2012, thanks to a big build-up of petitions. A large number of millionaires, who had been waiting for permanent residency under the plan–sued the federal administration, post it wiped out the build-up of petitions.
