Canada has become the land for people seeking opportunities and investment. Over past two decades, Canada gets applications for Canada job search, immigration to Canada. Canada Employment invites application for Canada jobs and work permit through an immigration lawyer.
Canada received only six applications from foreign millionaires on the new IIVC pilot program. An alarming number compared to the applications received on the previous immigration investor program.
The federal and Quebec government launched the Canada immigration investment program in the mid-eighties. Foreigners with a net worth of least $ 1.6 million could invest in Canada. They would gain a Canada visa and residential status. It gave foreign investors fast track Canada Visa. The investment limit was a net worth of C$ 800,000 or C$ 400,000 and increased to C$ 1.6 m and C$ 800,000. The language was no barrier. It huge popularity with rich investors from China, Taiwan, and Mainland China.
The government scrapped the program in 2014. It feared of stating fraud and unsubstantiated investors to immigrate to Canada.
The new Canada immigration investor venture capital program
The new immigration investor venture capital pilot program has higher net worth threshold capital. It gave larger loan facilities in line with other countries.
The IIVC program aims to raise the investment threshold from $ 60 million to $120 million. The government will invest money in Canada start-ups and infrastructure projects. This in turn will create more opportunities with employment Canada.
Tedious Pre-requisites of the IIVC program
The new investor immigration venture capital pilot program has the following pre-requisites.
Investors with a personal net worth of $ 10 million are eligible to apply
One should invest $ 2 million. The investment is for a period of fifteen years into government venture capital investment. There is no return on investment and can incur losses.
The investor must reveal the source of income. It has to be from a lawful investment or a profit-making business or equities.
An investor with net worth of $ 10 million from inheritance or a real estate business cannot invest in Canada. There is no educational constrain on investors with a personal gain worth $ 50 million.
The investor has to authenticate the net profit from a designated service provider.
The major flaw for failure
The major hindrance is the mandatory language testing. Canada is the only country to adopt this rule in the investment market among other players. The mandatory language-testing program is a roadblock to foreign investors. Most of the 80% of high net worth investors are from China. This factor is a major setback for Canada. It does not stand a chance in the wide investor industry that dominated for thirty years.
The new immigration investment venture capital program designed has its loopholes hence a poor turnaround of applications. The Canada government, Canadian embassy, and the Canada immigration office have to work together and support each other to resolve this to retain the position in the investment industry.