After scrapping a similar program earlier this year, Canada's Citizenship and Immigration Minister Chris Alexander has announced a new pilot program that would give permanent residency to 50 millionaires.
Photo Credit: Sean kilpatrick/CP

Canada prepares to give permanent residency to 50 millionaire investors

Canada will be launching a new immigrant investor pilot project which will give 50 millionaire investors and their families permanent residency in the country, Citizenship and Immigration Minister Chris Alexander announced on Tuesday (December 16).

“Through the launch of this pilot program, we are attracting investors who can make a significant investment and who have the education and proven business or investment experience necessary to achieve success in Canada.” said Minister Alexander in Tuesday’s press release.

According to the release “The new Immigrant Investor Venture Capital Pilot Program is part of a series of transformational changes that build on the Government’s commitment to build a fast and flexible economic immigration system.”

The investors will be expected to invest “$2 million for a period of 15 years and having a net worth of $10 million, immigrant investors will be required to meet certain program eligibility criteria related to language and education, and have proven business or investment experience.”

Earlier this year, in February, the government cancelled a very similar program because it felt it was ineffective.

Hong Kong’s South China Morning Post headlined the story Wednesday “Canada’s new millionaire migration scheme will be tiny, costly and strict”. The article suggested “with rules so tight and an intake so small it will thwart all but a handful of the 45,000 rich Chinese who were dumped from the old scheme’s queue.”

More information:
Immigration and Citizenship Canada press release – Promoting Job Creation and Economic Growth – Government unveils new Immigrant Investor Venture Capital Pilot Program – here
CBC News – Canada seeks 50 millionaire immigrant investors under pilot program – here
South China Morning Post – Canada’s new millionaire migration scheme will be tiny, costly and strict – here
RCI (February, 2014) – Fast-track entry to Canada for wealthy immigrants scrapped – here

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