December 22, 2014 – The Government of Canada has announced that it will grant Permanent Residency to approximately 50 Immigrant Investors as part of its Immigrant Investor Venture Capital Pilot Program. This pilot program replaces the now-defunct Federal Immigrant Investor Program. That program, widely criticized as a “cash for citizenship” program, was put on hold in 2012 and cancelled in early 2014 over fraud concerns.
Under the new pilot program investor applicants will be required to demonstrate that they have a net worth of at least $10 million, proven business or investment experience, as well as meet certain education and language requirements. Investors will receive Permanent Residency in exchange for making a $2 million investment for a period of 15 years. The investment will be used to seed Canadian start-ups and is not guaranteed.
The pilot program is expected to begin accepting applications in late January 2015. We will continue to provide updates on this pilot program as information becomes available. For further information about this update, or to discuss making an application, please contact Green and Spiegel LLP.