Dear Mr Brown:

I have been following your column for some time and I find the information very helpful. I understand that there is a new way of applying for Canadian Permanent Residence as an investor. Please provide some guidance with this process. Thank you.

— JH

Dear JH:

Citizenship and Immigration Canada has announced the launch of the new Immigrant Investor Venture Capital Pilot Programme in late January 2015.

It is important to note that the progamme is designed to attract very high net-worth investors, as described below, as I believe a common mistake is that the programe is available to those who wish to migrate to Canada as an investor or entrepreneur, regardless of net worth and background.

Programme goals

This programme was designed to attract experienced business people to immigrate to Canada and invest in the Canadian economy in order to stimulate innovation, economic growth, and job creation.

It has been suggested that a globalised economy requires a shift of focus towards innovation and productivity to compete on a global scale, rather on merely creating localised jobs. The programme is guided by this principle.

Termination of previous programmes

The goals may seem obvious, in relation to high net-worth individuals. However, achieving them cannot be taken for granted. The Government of Canada ended the previous Investor and Entrepreneur programmes, as neither programme achieved the desired goals regarding the contribution to economic growth. In fact, it was reported that employment and investment income of the investors and entrepreneurs was below Canadian averages and other economic immigrants. Data from surveys also suggested that immigrant investors had lower official language ability. They also did not remain in Canada over the medium; to long-term.

The new programme will foster a stronger venture capital environment in Canada. Long-term sustainability and integration are deemed to be of paramount importance, which will provide a pathway to permanent residence for the investors and their families. It is expected that selected applicants will receive a decision on their applications within approximately six months.

Requirements

Citizenship and Immigration Canada will accept up to a maximum of 500 applications. Applications will be selected randomly for processing until approximately 50 approved applications are finalised.

The requirements for the programme include, inter alia:

1. Making a non-guaranteed investment of CDN$2 million (approximately J$199 million) for a period of 15 years into a fund, which will be used to seed innovative Canadian-based start-ups with high growth potential;

2. Having a net worth of CDN$10 million (approximately J$993 million);

3. Demonstrate business or investment experience;

4. Obtain a due diligence report from a designated service provider to establish their net worth has been obtained from lawful profit-making business activities, if selected;

5. Meet eligibility criteria related to English and/or French language proficiency; and

6. Meet eligibility criteria related to education, such as a Canadian post-secondary degree, diploma or certificate, or proof of a completed foreign education credential and an equivalency assessment from a designated organisation.

These requirements are imposed to ensure the goals are met, as well as the integration of the investors as permanent residents in Canada.

Please visit jamaica2canada.com for additional information on Canadian Permanent Residence programmes, including Express Entry, the study and work progamme, visitor’s visas or Appeals, etc.

Antonn Brown, BA, (Hons), LLB, MSc, RCIC, is an immigration counsel, education agent and managing director of JAMAICA2CANADA.COM — a Canadian immigration & education firm in Kingston. Send questions/comments to jamaica2canada@gmail.com.