Last Updated on January 24, 2019
This month the Canadian government launched its new immigrant investor program, which will require potential applicants to find investor backing before entering the country.
One major attracting point of the new Start-Up Visa Program is that once approved for the visa, the applicant gains permanent residency status immediately – regardless of whether or not their business venture succeeds. This point is unique among countries offering such types of immigration programs.
Officials in the United States in particular are expressing their desire to implement a similar investor program south of the border.
“The general idea of taking someone who wants to come to your country and hire Americans or Canadians, it’s such an obvious good idea for the economy,” said Jeremy Robbins a U.S.-based business advocate and policy advisor. “In America, if someone wants to come to start a company, we say there is no visa for them so they can go elsewhere.”
In a recent interview with Bloomberg Business week Immigration Minister Jason Kenney said that the program would initially offer 2,750 visas with plans to expand the program next year. Investor applicants will also have to meet language proficiency requirements as well as have one year of post-secondary education.
Sources: Financial Post