Canada Kick-starts Immigrant Investor Venture Capital Pilot Program

20 Jan 2015


Immigration News

In a bid to allure skilled millionaire investors, who can contribute to the Canada’s financial growth and affluence, the federal government has introduced a program entitled as Immigrant Investor Venture Capital Pilot Program for more affluent immigrants.

The Canadian government is going to offer permanent resident status to approximately 50 highest net worth immigrant investors and their family members, under the new investor pilot program, which commences this month.

According to the terms of new pilot program, each immigrant investor needs to have a net worth of $10 million and create a non-guaranteed investment of $2 million for more than 15 years. The government stated that these finances will be invested in pioneering Canadian start-ups with elevated growth potential.

However, prospective candidates should prove their proficiency either in French or English languages and must provide their post-secondary education certificates.

Candidates will also need to get due attentiveness report indicating that they acquired a net worth as a minimum of $10 million from legalized, profitable business activities.

The minister for Citizenship and Immigration Canada (CIC), Chris Alexander, has said that with the start-up of this pilot program, Canada is alluring investors who could make a considerable investment and holds the education and confirmed experience in business or investment needed to attain triumph in Canada.

The minister for industry, James Moore, said that Canada’s Immigrant Investor Venture Capital Pilot Program is a part of country’s attempts in alluring experienced and skilled business leaders to Canada at the same time, influencing their business skills and personal investments.

Under the previous immigrant investor program, essential applicants worth at least $1.6 million to loan Canada $800,000 without interest for a period of five years. A study revealed that the net gain to Canada averaged only $20,000 for each applicant as the Canadians provinces were also involved in the program invested the migrant’s loans in low-yield country bonds.

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