Residency Visa Programme in Canada
Former Canadian Programmes
The Canadian Immigrant Investor Program had been in place for a number of years but was terminated in June 2014 by the federal government. Under the programme qualified investors were able to gain permanent residence in Canada and ultimately citizenship through the investor visa.
An alternative was offered in the form of the “Immigrant Investor Venture Capital Pilot Program” requiring a net worth of $10 million and to make a $2 million Canadian dollar investment into the “Immigrant Investor Capital Fund” for 15 years. The investment immigration programme was eventually scrapped after just seven applications and the government failing to grant residency to any applicant.
Quebec Immigrant Investor Visa Programme
From 2017 there is no investment immigration programme at the federal level in Canada. There are options at the provincial level. The most popular of these is the Quebec Immigrant Investor Programme (QIIP) largely because the QIIP is the only provincial program allowing for passive investment.
Applicants must have acquired a $2.0 million Canadian dollar net worth, agree to invest $1,200,000 Canadian dollars for 5 years, show intention to reside in Quebec and have a minimum of two years’ management in a company during the last five years and have had a minimum of two full-time employees.
The Quebec Immigrant Investor Programme will accept an annual 1900 applicants. No more than 1330 applicants will be accepted from any single country. Completing an application is a lengthy process and only completed applications will be considered.
Financing the QIIP
Most investors elect another route to meeting the QIIP requirements, known as “walkaway financing.” Instead of investing the full CAD$800,000, investors may obtain financing from a Financial Intermediary where they will receive no return at all. Instead, they pay a substantially lower amount. Under current market terms, most investors can receive “walkaway financing” with an approximate CAD$350,000 investment.
Canadian Residency Permit
After obtaining approval by the provincial immigration body, the investors are eligible to apply for immigration (a Residency Permit) through the Federal system.
Applicants interested in the Quebec Immigrant Investor Programme should contact La Vida for further advice and apply as soon as possible for consideration in this year’s quota.