The Immigrant Investor Programme seeks to attract business experts and their capital to Canada
Each year, Canada opens its doors to thousands of immigrants who come looking for a brighter future. Among the immigrants who choose Canada, a large number opt for the Immigrant Investor Programme (IIP) that seeks to attract experienced business people and their capital to Canada.
The basic rule of immigrating under the IIP is simple: "In order to qualify as an immigrant investor, an applicant must commit to making a passive, risk-free investment, which is guaranteed by the government, of C$400,000 for a period of five years.
"In addition, the investor candidate must possess worldwide assets of at least C$800,000 and have a minimum of three years of working at a managerial position," says Garry Rodayan, Marketing Assistant, Desjardins Trust.
Elizabeth Joseph of Aries International feels IIP is an increasingly popular choice among the immigrants in the Middle East.
On the upswing
"I have seen a marked rise in the number of people going to Canada on IIP because it focuses on finances and not on educational qualifications or language skills. This category is ideal for investors, entrepreneurs and self-employed people," she says.
The Immigrant Investor Programme was created by the government of Canada to offer qualified business people from around the world a convenient way to immigrate to Canada by contributing to the development of its strong and prosperous economy.
"Since its inception, a large number of immigrants have come to Canada under this category. With two programmes to choose from - one administered by the Canadian federal government and the other by the Quebec government, each with its own distinct advantages and opportunities - investors can choose the one that best suits their needs," says Rodayan.
Investors can also borrow capital to finance their investment by taking advantage of financing options offered by financial institutions authorised by the government to manage the IIP.
These options qualify investors to receive pre-approved financing which substantially limits their initial down payment.
A majority of people who come on the IIP manage to establish a profitable business and continue living in Canada.
"IIP is exceedingly successful because it is designed for business people wishing to settle in Canada, with simple and straightforward criteria. In order to ensure their best chance of success, investors should choose a reputable financial institution to act as an intermediary," advises Rodayan.
Once investors and their families immigrate to Canada, they are immediately granted permanent residency status that provides them the same rights and freedom as a Canadian citizen.
They can, therefore, live, study, work and travel anywhere in Canada. If an individual wishes to immigrate to the province of Quebec, the rules differ slightly.
Immigration to Quebec
"To qualify for the IIP in Quebec, an individual should have worldwide net assets of at least C$800,000 acquired through legal economic activities," says Rodayan.
"You cannot include money that you have inherited in this figure. You should also have at least three years of management experience (planning, direction and supervision of human, material and financial resources) in the last 10 years before the date of application, acquired through a profitable and lawful business, government or an international agency."
An individual also has to undertake an investment for a five-year term, a minimum of C$400,000 in a Province of Quebec Term Note.
