Millionaires migrate to Canada for a reason

While immigration to Canada is top priority among everyone across the world, owing to the conducive and safe environment it offers for its business class and non-business echelons of the society. Consider this, Canada is one of foremost countries in the world for millionaire immigrants to move to. According to the New World Health Report, Canada gained 4,000 high net worth individuals in the year 2018, which is the third most in the entire world.

Canada is ranked third behind Australia, which has 12,000 millionaires. The second place is owned by the USA, which has 10,000 millionaires. Some of the key reasons why millionaires are moving to Canada include:

• Stability

• Business Opportunities

• Lower crime rates

Apart from Canada, Australia is also considered one of the most migrated destinations for millionaires because of the safety, economic stability and lack of inheritance tax. Australia’s adept location and business links with Asian countries such as China, Japan and South Korea also make it one of the top immigration locations in the world.

Canada has several options for business immigration, the most popular of them being the Quebec Immigrant Investor Program (QIIP). The QIIP is the only passive immigration program leading to Canadian permanent residence. It is noteworthy that the QIIP was revamped for the 2018-2019 intake period. The investment requirement now is $1.2 million and a qualifying net worth requirement of $2 million.

So, what is the Quebec Immigrant Investor Program and what are its requirements?

The eligibility criteria of the program is:

• The money should be legally acquired
• The person should have a personal net worth of $2 million
• Management or business experience accounting for at least 2 years within the 5 years preceding the period of application.
• Investment of $1.2 million in a passive government-guaranteed investment for the period of 5 years bearing no interest
• Willingness to settle in Quebec

The high net worth individuals can also immigrate with the option of buying a business and moving to Canada under the typical federal owner-operator rules.

• Here are certain criterion to be eligible for the owner-operator program:
• He should have verifiable, transferable management experiences
• Sufficient assets to purchase the targeted business
• Language proficiency in English or French to be able to function as a manager in the acquired company
• Owning more than 50% of the targeted business, which cannot be ignored

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Pallavi Sen Gupta

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