Canada: Nature’s Bounty
Canada is the second largest country in the world, situated in North America and is a federation made up of ten provinces and three territories. It is one of the most beautiful countries in the world with varied landscapes. It is abundant in natural resources and one of the most industrialized and technologically advanced nations in the world.
Canada is a federation that is governed as a parliamentary democracy and a constitutional monarchy with Queen Elizabeth II as its head of state. It a bilingual nationwith both English and French as official languages.
One of the world’s highly developed countries, Canada has a diversified and stable economy that is reliant upon its abundant natural resources and upon trade. It also has a highly developed science and technology sector.
Due to its conservative and sensible banking system, it has been affected to a far lesser extent by the recession that has plagued the United States and many European countries in recent years. Canada is a prominent member of the G8, G20, NATO, OECD, WTO,Commomwealth, Francophonie, OAS, APEC, and UN.
Canadian culture has been greatly influenced by immigration from all over the world. Many Canadians value multiculturalism and see Canada as being inherently multicultural. Canadians value human rights very deeply and its constitution guarantees basic human rights to each and every one of its residents. Canada is known for the quality of life and high standard of living it offers to its citizens. It has been voted repeatedly, for several years in a row, as one of the best places in the world to live in by the United Nations.
Residency by Investment in Canada:
Businesspeople and entrepreneurs who wish to immigrate to Canada have two categories open to them under which they can apply for immigration.
- Immigrant Investor Venture Capital Pilot Program (Federal)
- Investor & Entrepreneur Program (Quebec)
- ALL PROVINCIAL NOMINEE PROGRAM Summary December 2017
- Immigrant Investor Venture Capital Pilot Program:
Canada welcomes successful business people and international investors with the skills and abilities needed to contribute to the Canadian economy and integrate into Canadian society. Investors seeking new opportunities and challenges may be eligible to apply for permanent residence in Canada under the Immigrant Investor Venture Capital (IIVC) Pilot Program. This program is designed to encourage and facilitate the admission of such people to Canada.
Who can qualify?
- Personal net worth
Investors must have a personal net worth of CDN $10 million or more. The net worth must have been acquired through lawful, private sector business or investment activities. For example, these could include:
- income or capital gains acquired through the ownership or management of commercial, for-profit entities
- funds acquired through private sector activities, such as public equity investments or private equity placements
Note that personal net worth acquired through inheritance or in the value of applicant’s primary residence does not count, as these are not considered “business or investment activities” for the purpose of this program.
Proof of personal net worth – Citizenship and Immigration Canada requires applicants whose applications can be considered for the second stage review to obtain a due diligence report at their expense from one of the following designated service providers:
- BDO USA, LLP
- Deloitte Forensic Inc.
- KPMG LLP
- PricewaterhouseCoopers (PwC) LLP
- Raymond Chabot Grant Thornton Consulting Inc.
The due diligence report is an independent examination and validation of the applicant’s past business or investment experience, source of funds and personal net worth.
- Non-guaranteed investment in a venture capital fund
The applicant must be willing and able to make an at-risk investment (non-guaranteed) of CDN $2 million in the Immigrant Investor Venture Capital (IIVC) Fund. The applicant is required to enter into an agreement with Citizenship and Immigration Canada (CIC) committing a sum of CDN $2 million to the IIVC Fund for approximately 15 years.
As with any venture capital investment, the applicant could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund’s performance and will be based on its gains or losses, including expenses and fees incurred to manage it.
- Language skills
The applicant must prove his/her proficiency in English or French in all four language abilities (speaking, reading, listening and writing) and must take a language test approved by CIC. The applicant must include the original language test result when applying under this program.
The applicant must have completed a Canadian post-secondary degree, diploma or certificate of at least one yearORa foreign equivalent, as validated by an original Educational Credential Assessment (ECA) report from a CIC-designated organization. The ECA report must indicate that the applicant’s completed foreign education credential is equal to a completed Canadian post-secondary education credential of at least one year.
- Quebec Immigration Investor Program(QIIP):
Following the closure of the Federal Investor Program in June 2014, the Quebec Immigrant Investor Program remains the sole option for high net worth individuals wishing to secure permanent residence in Canada (in the province of Quebec) on the basis of a passive investment.
Who can qualify?
In order to qualify for this program as an investor, an applicant must –
– Have, alone or with an accompanying spouse, including de facto spouse, net assets of at least $1.6 million CD obtained legally. Money / assets received by inheritance or donation or gift can be included in making the total of $ 1.6 million CD in net assets. However, amounts received by donation less than six months before the date on which the application was filed are ineligible and will be excluded.
– Have management experience in:-
(i) A legal farming, commercial or industrial business, or
(ii) A legal professional business (doctor, lawyer, engineer, etc.) where the staff, excluding the investor, occupies at least the equivalent of two full-time jobs, or
(iii) An international agency or the government or one of its departments or agencies.
The applicant must have management experience for at least two years in the last five years from the day of filing the application.
Management experience is defined as the exercise, of duties related to the planning, management and control of financial resources and of human or material resources under your authority; the experience does not include experience acquired in the context of an apprenticeship, training or specialization process attested to by a diploma.
The applicant must invest $800,000 CD in a government bond for a period of five years at no interest. A loan of this investment amount can be arranged with help of a government improved bank or financial institution and the applicant will have to pay only a one-time financing fee that will include the interest amount on this loan.
The assessment of the application will also take into account other factors such as applicant’s age, the nature and duration of his/her professional training and language skills.
The applicant is not required to start a business in Quebec.
Some interesting features of the Quebec Immigration Investor Program are:
- Unlike the old FIIP, the applicant does not have to manage a ‘qualifying business’. Hence there is no restriction on the size and turnover of the business.
- Investors are not required to start any business in Canada, there is no age limit to apply and knowledge of either of Canada’s two official languages is not mandatory, but definitely desirable. However, the applicant and each of his accompanying dependents must pass medical and security clearance. No conditions are imposed on the final visa.
- Investments are fully guaranteed by the Province of Quebec.
- The Province of Quebec controls the investment during the 5 year lock-in period.
- Under the new definition of an Investor, a senior manager of a company who has never owned a business, but whose net worth is $1.6 million CD can also qualify under this program.
- A previous requirement that the investor must create his net worth by his own endeavors have been removed and has been replaced by a requirement that the net worth be legally obtained. For example, a senior manager who meets the business experience requirements and has received a big fortune from his family’s estate is eligible to apply for immigration to Canada under the investor program.
- Spousal assets can also be included when calculating the net worth.
Benefits of Quebec Immigrant Investor Program
- Immigrate with spouse and children.
- Free medical care for all and free school education for children up to grade 12.
- No visitor visa required to visit the USA once you become a Canadian citizen.
- Sponsor your parents and other family members.
- Visit your home country as and when you wish.
- Apply for citizenship after three years of your arrival in Quebec.
- Once you are a Canadian citizen, you can expand your business in the USA under the NAFTA agreement.
- Under the investor program, there is no need to start a business in Quebec.
- Short processing time.
- High quality of life in a vibrant and multi-cultural society and low crime rate.
- Access to the huge North American market.
Visa free countries for Canadian citizens:
Canadian passport is a document well respected throughout the world and permits its holders to travel freely to many countries around the world without the need to apply for a visa.
Important note: the Quebec Government published new regulations related to Quebec’s immigration programs, including the Quebec Immigrant Investor Program. Important changes to the QIIP include the following:
1) Candidates must have net assets of at least $2,000,000 CAD
2) The investment candidates must make has increased to $1,200,000 CAD
It is projected that these regulations will be implemented in August 2018. Until that time, Quebec Immigration will not be accepting any new applications.
DOWNLOAD CANADA PNP BUSINESS IMMIGRATION PROGRAM HERE.