Business Category - Investor Category

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New Rules for Investors:              

The new Immigrant Investor Program, implemented April 1, 1999, promotes economic growth in Canada, streamlines administrative resources, and reduces the potential for abuse.

Investors must invest a minimum amount in approved projects in Canada. Citizenship and Immigration Canada (CIC) will act as an agent on behalf of the provinces and territories, which will decide where to invest the money. All investors must provide a minimum investment of $400,000 and have a minimum net worth of $800,000. Provinces and territories secure the investment against loss.

The redesigned Program addresses these objectives while retaining the fundamental intent of the original Program: experienced business people are provided with a vehicle to immigrate to Canada and to create economic benefit by making substantial investments in Canada

Under the new system, CIC will act as agent on behalf of provincial and territorial funds. A single federal window will replace the numerous funds currently available to investors. Prior to visa issuance, immigrant investors will pay $400,000 to the Receiver General for Canada. CIC, as agent, will prepare and deliver to the investor a debt obligation in the amount of $400,000, repayable (without interest) 30 days after the expiry of the allocation period. The allocation period will commence on the first business day of the second month following the month that the Receiver General receives the $400,000. The investment is not refundable after visa issuance.

The major changes are:

the investment is increased to $400,000 for all investors, regardless of province or territory of investment (no Tier system);
investor minimum net worth is increased to $800,000 (from the previous $500,000);
a single federal window to accept investors' money is created;
investments are subsequently allocated to approved provincial or territorial funds;
detailed federal rules regarding uses of investors' money are eliminated;
the federal selection process is applied exclusively to those who invest in the federal program, in other words, investors making an investment in a province other than Quebec may settle where they wish except in Quebec; and,
the Quebec selection process is applied exclusively to those who invest in the Quebec program, in other words, investors making an investment in Quebec must settle in that province.

On the first day of the second month after payment, CIC will allocate immigrant investment to approved provincial funds according to an allocation formula: 50 percent divided equally among approved funds and 50 percent distributed according to provincial gross domestic product. Investors will be informed of the share of their investment allocated to each province via the debt obligation prepared and delivered to them by CIC.

The funds will invest their allocations to create or continue employment in order to develop their economies without the current federally imposed restrictions. After five years, the funds will repay CIC, for subsequent repayment to investors. Participating provinces will ultimately be responsible for their fund's repayment to investors.

Financing

For applicants in the Investor Programme, GNA can assist with qualifying for financing of up to 60% of the required funds. The financing is offered through major Canadian financial institutions, which are approved by Citizenship and Immigration Canada. details

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