Canada is the pioneer of investor immigration programs being the first country in the world to introduce such program around thirty years ago. Since introduction, Canada has attracted, and continues to attract, thousands of investors who bring their business ideas and know-how to the country. Immigrant Investors around the world have transferred a huge amount of funds into Canada, started new businesses and created new jobs for thousands of Canadians. These investor immigrants made an enormous positive contribution to Canadian economy and life, despite the fact that they made up only a small percentage of total immigrants coming to Canada each year.
When Canada’s first investor immigration program was introduced, it was the only one of its kind in the world. However, as other countries started introducing competing investor immigration programs, Canada started to fall behind. The former federal investor immigration program as well as Quebec’s current Immigrant investor program QIIP have not been sufficient to sustain Canada’s global leadership in terms of investor programs. As millions of investors are transferring their wealth in search for second homes, and second citizenships or residency elsewhere in the world, perhaps it is time for the Canadian government to step up its immigrant investor programs. Canada’s infrastructure deficit, for instance, could be paid by a new immigrant investor program as it could certainly benefit from investor funds. A new federal immigrant investor program will significantly help Canada boost its economy.
The following points are to be considered for a new program that would meet the objectives of all parties concerned by benefiting both the Canadian government as well as the foreign immigrant investors.
1. Processing time of applications
As Canada wants the program to attract only the best investors from around the world, the processing time of applications needs to be significantly reduced to remain competitive. Investors are in search for programs with the quickest processing times available. Canada should consider setting up a central processing center for investor applicants only, in order to allow for a processing time of not more than a year. Funds can perhaps be placed in an escrow account in order to guarantee this processing time.
2. Investment amount required
Canada wants investments that will create jobs as well as help with substantial projects including paying down the infrastructure deficit. The amount required must make the immigrant investor program worthwhile though. As it stands, the former Federal investor program as well as the current Quebec Immigrant Investor Program require too low an investment amount when compared to other programs of this nature around the world, including countries in Europe, and Australia. For the investors, the investment amount needs to remain competitive.
3. The mobility allowed for investors
Canada wants to attract not only investor funds, but wants to require investors to actually establish themselves in Canada. Investors want a program that offers the flexibility to travel back to their home countryin order to handle family and business affairs over as long as five years. Investors are also looking for a program that will allow them to acquire citizenship reasonably soon in order to obtain the much respected Canadian passport.
Individuals currently looking to immigrate to Canada through investment can do so through the Quebec investor program or any of the various provincial nomination programs. These programs offer extremely competitive rates as a means to Canadian residency and to the eventual receipt of the highly esteemed Canadian passport.
To find out if you qualify for any of these Canadian programs, please fill out our Free Assessment today.