Jonathan Arias - 10 July, 2015
The period for which Citizenship and Immigration Canada (CIC) will accept applications for the Immigrant Investor Venture Capital (IIVC) Pilot Program has been extended until April 15, 2015. CIC had stated previously that it would accept applications for the program, which selects up to 60 high-net-worth applicants for Canadian immigration, until February 11, 2015.
The pilot program has been criticised in some quarters due in part to the initial limited period during which applications would be accepted. Given that candidates are required to submit language test results and post-secondary education credentials as part of their application, the limited window of opportunity effectively made it extremely difficult for them to submit their candidacy in time. The extended window of opportunity provides additional time for them to do so.
The government of Canada will give permanent resident status to up to 60 high-net-worth immigrant investors and their families under the pilot program. The government says that the program aims to attract experienced millionaire investors who will contribute to economic growth and prosperity.
Each investor will be required to have a net worth of $10 million CAD and make a non-guaranteed investment of $2 million CAD over 15 years. These funds will be invested in innovative Canadian-based start-ups with high growth potential.
Applicants selected for processing will also be required to obtain a due diligence report demonstrating that they obtained net worth of at least $10 million from lawful, profit-making business activities.