Canada re-opens investor visa program
Canada, 12th November: Canada immigration department has once again opened its investor visa program for immigrants.
The CIC(Citizenship and Immigration Canada) will start accepting applications for Canada immigrant visas under the Federal Immigrant Investor Program with effect from 1st December 2010 onwards.
Canada immigration minister Jason Kenney has revealed that under the new criteria for the immigrant investor visa program, all investor applicants will have to show at least 1.6 million Canadian dollars as their personal net worth and will have to invest 800,000 dollars equivalent to US dollars 798,400.
Earlier, the requirement for an immigrant investor for getting a Canadian visa was 800,000 and 400,000 dollars respectively. The Canadian ministry claimed that the earlier criteria was the lowest as compared to other nations as the program had the same requirement since the year 1999.
The UK requires a minimum personal net worth of 3.3 million Canadian dollars under the immigrant investor status while Australia asks for a personal net worth of 2.2 million from aspiring immigrant investors.
Speaking about the changes, Mr. Kenney said that these changes were compulsory in order to help Canada keep pace with the changing needs of the economy.
Way back in June this year, the Canadian government had suspended the Canada investor visa program partly due to the overwhelming number of applications reaching the immigration department resulting in longer processing times. The time period from June till December 1 is helping Canada immigration department for dealing successfully with the backlog of Canada immigrant visa applications.
So, by increasing the minimum investment requirement limit, the total flow of applications will get reduced and help in attracting only the most experienced businessmen who can make a significant positive contribution to the Canadian economy.
Also Canada will now invite those investors who have valuable business links as well as the resources for making secondary investments in the economy of Canada.
The immigration minister Kenney asserted that by increasing investment amount, Canadian territories and provinces will get higher investment capital helpful for creation of new jobs and vital economic development projects.
Immigrant investors under the Canada immigrant investor scheme get opportunity to gain the status of permanent residents in Canada along with a guaranteed repayment of their investment amount.