Canadian citizenship is a popular topic, especially following the U.S. election of Donald Trump. While there are several Citizenship by Investment Programs (CIPs) available to foreign nationals in Caribbean and European countries, it remains an unavailable feature for individuals interested in investment opportunities in Canada. Nevertheless, investor visas will allow you to obtain permanent residency abroad, and some of the programs offered in North America and Europe are the hottest tickets in the market right now.
Many Residency by Investment Programs offer a wide selection of powerful passports to choose from and afford applicants a multitude of social, economic, and healthcare-related amenities.
In recent years, the popularity of Citizenship and Permanent Residency by Investment Programs has skyrocketed to new heights, with many countries now motivated to break into the growing market. For those interested in immigrating to countries like Canada, you can find more than one investment opportunity. At present, Canada offers a whopping twenty programs that are available province by province, with each regional program requiring applicants to meet specific eligibility criteria to successfully immigrate. When it comes to Canada’s options for immigration, there is a sea of information—and wading through it can be difficult.
MPNP-B vs. OINP: which program is best for you?
Even with Canada’s overwhelming number of programs to choose from, the two larger and more well-known regional investment options are the Manitoba Provincial Nominee Program for Business (MPNP-B) and the Ontario Immigrant Nominee Program (OINP) Entrepreneur Stream. Both are Provincial Nominee Programs (PNPs) that are designed by each province to find skilled entrepreneurs and business-minded men and women to nominate for Canadian residency.
Each PNP requires a minimum investment into the economy, business experience at a senior management level, as well as language, medical, and security exams. Although many PNPs have similar criteria to qualify, every PNP has specific requirements that vary from program to program. The following information in this article will outline both similarities and differences for the MPNP-B and OINP Entrepreneur Stream options.
Each of the Provincial Nominee Programs offers applicants different benefits or opportunities. For example, the MPNP-B grants applicants and his or her immediate family permanent residency, whereas the OINP provides applicants with a work visa that can lead to permanent residency status after two years. The difference between a work visa and permanent residency is enormous as it is important—but why?
It is important to note that Canadian permanent residency offers all the benefits of Canadian citizenship, with the exception of certain high-security government positions, running for political office, and participation in elections. Many interested in Canadian Residency by Investment Programs like to know that their permanent residency status is guaranteed, which by default makes some programs more popular and/or desirable than others.
Both the MPNP-B and OINP Entrepreneur Stream programs require an Expression of Interest (EOI), approved business plan, and economic investment into the province. However, MPNP-B applicants must have a legally-acquired minimum net-worth of CAD $350,000 and make a minimum investment amount of CAD $150,000. Applicants are also required to start a business or purchase an existing one as well as actively manage their chosen business for two years. To help ensure that MPNP-B applicants reside in Manitoba and contribute to Manitoba’s economy, a Deposit Agreement must be signed along with a CAD $100,000 deposit prior to submitting the permanent residency application to the federal government immigration office. Applicants who do not fulfill the requirements outlined in their Deposit Agreement risk losing their CAD $100,000 deposit.*
For the OINP Entrepreneur Stream, conditions for applying are slightly steeper with a minimum investment amount of CAD $800,000 to CAD $1 million. Eligibility for the OINP depends on several factors such as location, business experience (at least three years of experience as a senior manager or business owner), and having a legally-acquired net worth of CAD $1.5 million. Similar to the MPNP-B, OINP investment options include establishing a new business, purchasing an existing one, or applying with a business partner. Investment amounts vary for each business plan, so it is important for applicants to research which is the best choice for their own immigration needs.
Unlike the MPNP-B, a deposit to the Canadian government is not required. However, as previously mentioned, applicants are not immediately granted Canadian permanent residency through the OINP. If an application is approved, the applicant is granted a temporary work permit to establish their business in Ontario. If the business is successful, he or she can be nominated for permanent residency.
*Applicants who do not fulfill the MPNP-B Deposit Agreement requirements, and by consequence forfeit their refundable deposit, are still able to retain permanent residency status.
Although applicants can find similarities between Provincial Nominee Programs, it is important that applicants choose a PNP that best suits their personal immigration needs and/or financial circumstances. For instance, the OINP Entrepreneurial Stream is an excellent choice for high net worth individuals (HNWIs) seeking to break into Toronto’s booming business scene, whereas the MPNP-B, with its lower investment threshold, less-demanding program requirements, and immediate permanent residency makes it a more appealing option for others.
No matter which Canadian immigration program is chosen, it is important that applicants fully research their options and contact a qualified immigration lawyer or immigration consultant. At QICMS, our team of immigration specialists will provide guidance tailored to your needs with regards to global citizenship and residency solutions.
For more information on Canada’s Provincial Nominee Programs, please click here.
For more information on Canadian Permanent Residency by Investment, please click here.
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