Canada is one of the most highly desirable destinations in the world for immigration and has been attracting ex-pats from across the globe for many years. Back in 2014, Canada closed its Immigrant Investor Visa programme which limited the country’s immigration via investment options. Quebec’s Immigrant Investor Visa Programme has offered an alternative route for many, but the programme is expensive and investors are limited to only residing in the province of Quebec.
In 2013 Canada piloted the Start-Up Visa (SUV) programme for five years, which was then made permanent in 2018. Since then the SUV programme has become increasingly popular with entrepreneurs and business investors looking to obtain Canadian Permanent Residency.
The SUV programme is the ideal solution for entrepreneurial investors with the skills and potential to build innovative businesses in Canada. By ”innovative”, we emphasise that the business must be a new and exciting concept. A regular restaurant or small shop is unlikely to cut it. The business must create jobs for Canadians and be able to compete on a global level.
Eligible applicants must invest CAD $350,000 into a Canadian “authorized designated organisation”. There are a selection of authorised organisations that have been approved by the Canadian Government to assist and fund prospective entrepreneurs’ business models. Such entities consist of venture capital funds, angel investor groups and business incubator groups. Once applicants have gained their funding they will become a 10% owner of the new start-up business and are required to partake in incubation training and general management meetings where they will provide their advice and expertise.
It is necessary to reside in Canada for 730 days (two years) within five years to maintain the PR status. Accredited investors must also demonstrate their net worth with an income of at least $200,000 or proof of $1,000,000 in financial assets.
What makes this programme really stand out from the crowd is that, unlike other business immigration paths, Permanent Residency status is granted from day one, and it is not tied to the business’s success. Another hugely attractive benefit is that once an investor has held PR for five years, they can then apply for Canadian Citizenship, which would give them one of the world’s strongest passports. To qualify, investors must reside in Canada for three out of the five years and demonstrate adequate knowledge of English and/or French.
As with most of the investment migration programmes available, the main investors can include their spouse and children up to the age of 21 years. On average the application process takes between 12 – 18 months to complete.
It is important to note that this programme is very much aimed at business professionals with a specific desire to re-located to Canada. If you are simply looking for a low-key, passive investor visa programme, then there are many other options to consider, which may be better suited to you.
For a detailed consultation, please contact La Vida’s experts.
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