Applications under the Canadian Immigration Investor Visa program will again be accepted commencing 1 December 2010, Citizenship and Immigration Canada announced.
The Canadian investor immigration program was temporarily closed to new applicants in June to allow the Canadian Immigration department to process outstanding applications.
Under the new program criteria, investor applicants will need to have a personal net worth of $1.6 million, up from $800,000 under the old criteria, and make an investment of $800,000, up from the previous requirement of $400,000.
“These changes were necessary,” said Immigration Minister Kenney.
“The requirements had not been increased in more than a decade and we need to keep pace with the changing economy.”
Canada’s old immigrant investor criteria were the lowest when compared to other countries with similar programs. The new criteria now align it more closely with other immigrant-receiving countries.
The Canadian Investor Visa program was suspended in June because the high volume of applications was leading to wait times that were too long, and by raising the requirements the immigration department hopes they will ensure they attract experienced businesspeople that can make a substantial contribution to the economy.
Higher personal net worth criteria mean the program is now better positioned to attract investors with valuable business links and the resources to make secondary investments in the Canadian economy.
Canada’s Immigrant Investor Program offers several benefits to international investors, including permanent resident status up front and guaranteed repayment of the investment.