This was announced by Canada immigration minister Jason Kenney.
Canada immigrant investor program—Federal Immigrant Investor Program (IIP) will be launched by Canada in the first half in the current year. Under this program, rich foreigners wanting to come and settle in Canada are allowed to immigrate by making certain amount of investment.
As per the rules, foreign nationals having assets more than $1,600,000 are granted Canada permanent residency in lieu of five-year loan to the tune of $800,000. This is one of the most popular immigration program attracting rich foreigners to settle in Canada permanently.
And its growing popularity can be understood from the fact that in sheer span of just 30 minutes, the annual quota of 700 applicants was filled in the year 2011.
Canada’s immigrant investor program requires foreign nationals wanting to become Canada permanent residents to have 1,600,000(CAN) of assets(legally acquired) along with 800,000(CAN) for investment purposes.
Temporary half on immigrant investor applications–Canada government has placed a temporarily halt on the acceptance of any new applications under this immigrant program since July 2012. This was done keeping in view the huge backlog of applications which could take as long as ten years for getting clearance by the immigration department.
Moreover, Kenney hinted out on the likelihood of increasing the investment money required from foreign investors under this program.
And he also wanted that the investment should not be a passive loan but an active amount so that the applicant undertakes some amount of risk. But, there was no possibility of wiping out the 25,000 immigrant investor application backlog, Kenney affirmed.
Rather, the Citizenship and Immigration Canada (CIC) is likely to chalk out plans for fast-tracking applications lying in backlog if the new rules are met by the applicant, Kenney maintained.
As the Federal Immigrant Investor Program starts accepting fresh applications in the mid of 2013, it will attract an increased number of rich foreigners especially from Dubai to get settled in Canada forever by making required amount of investments here and also become Canada permanent residents.