Manitoba has revised the requirements of its provincial nominee program for business, increasing the required deposit amount from foreign investors to $100,000. In addition, investors will have to pay a non-refundable processing fee and will be subject to regular assessments of their businesses.
The changes are a result of the increasing number of non-Canadians accessing the program as a relatively inexpensive way to get permanent residency for themselves and their immediate families.
Under the old rules, immigrants interested in getting into business in Manitoba were given permanent residence in return for a $75,000 deposit, which would be refunded if they invested up to $150,000 in a business within two years of landing.
But an increase in the number of nominees who forfeited their deposits and moved to other provinces has prompted the latest change to the rules and led to an increase in the required deposit amount.
Experts remain unconvinced that these changes will be sufficient to prevent nominees from leaving the province as previously.
Attorney Colin Singer Commentary:
The intention component of submitting an application under a provincial program remains one of the biggest challenge for policy makers. It is doubtful that these changes will impact on the current retention rates for Manitoba.