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Everything you need to know about citizenship and residence programs around the globe.
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To attract foreign investment to Canada and boost the economy, the government offers several immigration programmes for wealthy individuals and entrepreneurs. They encourage affluent individuals to relocate to Canada and/or do business there, offering them tax and other benefits. Apart from the financial contribution, the government aims to attract foreign talent, experience and innovation.
Funds generated from the investments will be used by Quebec to benefit all its regions and to finance two business support programmes, Business Assistance—Immigrant Investor Program (BAIIP) and Employment Integration Program for Immigrants and Visible Minorities (PRIIME).
Canada’s economy is highly developed mixed economy. It offers endless opportunities for foreign investors and businessmen in exchange for their contribution in the local economy.
Besides making the required investment applicant must comply with the following criteria:
Application for Canadian permanent residence is divided in two phases, regional and federal. An individual who wishes to settle in Canada applies under one of the Quebec immigration programmes. Once they are selected by the Quebec authorities and receive their Quebec Selection Certificate, they must apply to the Government of Canada for permanent residence. If your application is successful, you will get a permanent resident visa.
To apply for citizenship in Canada, you must have permanent resident status for five years and spend in Canada at least 1,095 days, i.e. three years, during the 5 years before you submit your citizenship application.
Canada permits dual citizenship, so you don’t have to renounce your current nationality.
There used to be operating the Federal Immigrant Investor/ Entrepreneur Programmes, but they have been recently terminated. However, there are other regional immigration programmes for business people such as Quebec Investor, Quebec Entrepreneur and Quebec Self-Employed Worker programmes.
An investment agreement must be signed with an approved financial intermediary for the investment of C$1,200,000 for 5 years. The number of signed agreements is subject to a quota. The investment is guaranteed by the Government of Quebec. Financing options are offered to applicants by brokers and trust companies.
Main attraction of this programme is that your investment will be returned to you in 5 years.
There are two components in the programme,
1. Submitting a business project for creation or acquisition of a business in Quebec.
2. Acquisition of a business in Quebec.
A business must be of agricultural, industrial or commercial nature. You must make a start-up deposit and a security deposit at a financial institution with an establishment in Québec with whom you have signed a deposit agreement. You must use the start-up deposit to set up your business. A start-up deposit for a business outside the Montréal Metropolitan Community (MMC) is CAD $200,000 or CAD $300,000 if the business is located in the MMC.
Candidates have been recently encouraged to settle outside metropolitan areas, including they are offered low-skill jobs validated by the state.
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