Yes, this is the latest announcement by Canada immigration department CIC(Citizenship and Immigration Canada).
Canada Immigrant Investor Program to be abolished—Canada’s Immigrant Investor Program will get terminated soon. This has been announced by CIC.
In addition, another Canada immigration program named FEP(Federal Entrepreneur Program) is also going to share the same fate by getting abolished soon. It needs to be noticed that both these Canada immigration programs had been halted for quite some time now.
Canada immigration department announced termination of its two main investor immigration schemes, namely Immigrant Investor Program and Federal Entrepreneur Program soon.
Step aimed to reduce immigration backlog--As per the details, this decision of termination of two Canada immigrant investor schemes has been made for eliminating the current backlogs. Canada opened an entrepreneur program(a substitute for FIIP and Entrepreneur immigrant investor program closed by Canada in 2012 and 2011 respectively)named Canada Start Up Program.
However, still, a huge backlog of applications exists. Around 75,000 applicants for Canada permanent resident visas are waiting under Canada’s Immigrant Investor Program.
And it’s going to take as many as six years or even longer for these applications to get processed. So, Canada is going to return the application fee to such applicants and terminate their applications.
The CIC website has clearly stated that the existing files in the backlog will be eliminated for moving forward with other immigration programs that cater to the requirements of Canada.
This means Canada will work for new pilot schemes that are suitable for economic and labor needs of the nation, the CIC website further clarified.
When will be the new immigration schemes be launched?—Well, its not yet determined as to when will be new Canada immigration schemes be introduced. However, foreigners wanting to come to Canada as entrepreneurs can do so by applying either under Canada provincial nominee programs or Canada Start-Up program meant for foreign entrepreneurs.
This Canada immigration scheme will remain effective for the next five years period.
The eligibility condition for Canada Start Up Program(enabling Canada permanent resident visas for such entrepreneurs) is a significant investment from either any venture capital fund or a Canadian angel investor group.
In addition, an applicant needs to show language proficiency(listening, reading, speaking and writing) at Canada Language Benchmark 5 along with a minimum of one year education at any post-secondary education institute.