The Canadian Government is proposing new eligibility criteria for the immigrant investor program so it makes an even greater contribution to the Canadian economy. Proposed regulatory changes will require new investors to have a personal net worth of $1.6M, up from $800,000, and make an investment of $800,000, up from $400,000. These proposals were pre-published on June 26, 2010 in the Canada Gazette for a 30-day public comment period.
Canada’s current criteria for investors are the lowest in the world, and have not been changed since 1999. As a result the program draws a larger number of applicants than can be admitted every year under the immigration plan, and processing times are increasing.
Until the changes are finalized, the Canadian Government will stop accepting new investor applications to prevent a flood of applications before the new criteria take effect, which would stretch processing times even further. When the new criteria are in place, new applications will be processed alongside the old ones.
Please contact us for further information regarding Canadian Immigration.
Ashish (“Ash”) Duvadie
Barrister & Solicitor (Immigration Lawyer)
Ottawa, Canada
