For almost 30 years, the price of the U.S. EB-5 Immigrant Investor Program has remained fixed at USD $500,000. This is subject to change in the current year when the U.S. Congress will vote on raising the minimum capital investment to USD 1.3 million to receive a Green Card. Following the recent ban issued by President Donald Trump, foreign investors are now looking farther north for business immigration solutions.
Canada’s permanent residency programs have seen a spike in interest over the last several months, and it’s no wonder as a country that encourages an open-door policy for immigration. Canada offers a number of Provincial Nominee Programs (PNP) in provinces such as Manitoba, Prince Edward Island , Ontario, British Columbia, and Nova Scotia with minimum investments starting at CAD $150,000. For business investors looking for a cheaper investment, Canada is the way to go.
Although some of Canada’s permanent residency programs have been capped out, retired or phased out, applicants have twenty programs to choose from including twelve Provincial Nominee Programs. Not only does Canada offer variety to business investors, but affordability.
Two of Canada’s more popular programs are the Manitoba Provincial Nominee Program for Business (MPNP-B) and the Prince Edward Island Provincial Nominee Program (PEI-PNP). Both programs require minimum investments into Canada’s economy, minimum business experience at senior management level, as well as an IELTS, medical, and security exam. Although many PNPs have similarities, every PNP still has its own application requirements.
*It is important to note that some PNPs now offer applicants a Canadian work permit, not permanent residency. For applicants seeking permanent residency in Canada, please refer to our Provincial Nominee Program comparison table below.
Immigration through the Manitoba Provincial Nominee Program for Business (MPNP-B)
The Manitoba Provincial Nominee Program for Business (MPNP-B) is the most popular of Canada’s options, and for good reason. Not only does it provide eligible applicants and their immediate family with Canadian permanent residency status, but the minimum investment amount for the MPNP-B is a mere CAD $150,000. With the initial investment, applicants must also sign a Deposit Agreement and make a refundable deposit of CAD $100,000 before applying for permanent residency. The Deposit Agreement and deposit amount are to guarantee that MPNP-B applicants live in Manitoba and contribute to the province’s economy. Those who do not fulfill the Deposit Agreement requirements can lose their refund but still retain permanent residency status.
In addition, applicants must have a legally-obtained minimum net worth of CAD $350,000, 3 years of recent experience as an executive-level manager or business owner, an Expression of Interest (EOI), and approved business intent along with their investment. In total, applicants to the MPNP-B must invest CAD $250,000 (with CAD $100,000 refunded if all requirements are fulfilled). When it comes to PNPs, Manitoba offers one of the most affordable and attractive deals.
Immigration through the Prince Edward Island Provincial Nominee Program (PEI-PNP)
Similar to the MPNP-B, the Prince Edward Island Provincial Nominee Program (PEI-PNP) is one of the more popular programs for Canadian permanent residency. Investments require a minimum of CAD $150,000 into a business, whereby candidates can apply for one-third or complete ownership. However, if an applicant wants to apply as a partial owner or partner, the business must be worth at least CAD $1 million.
Added requirements include a minimum net worth of CAD $600,000 and making a “Good-Faith Deposit” of CAD $200,000 along with the initial investment. While these amounts are double the MPNP-B, applicants are also refunded their deposit amount if all obligations are met. In total, applicants invest only CAD $350,000 (with CAD $200,000 returned). Unlike Manitoba, the PEI-PNP does not require an EOI. However, applicants must provide an invitation letter as well as complete an exploratory visit and mandatory interview before the application is approved.
Provincial Nominee Programs attract only qualified individuals with senior level management or business ownership experience, and it’s no wonder foreign investors wanting to establish or expand a business are now looking to Canada. Unlike the U.S. EB-5 Program which requires a sizeable passive investment, all Provincial Nominee Programs require applicants to take an active role in their business—and for much less. For those seeking affordable Canadian permanent residency, the MPNP-B and PEI-PNP are our top choices for your immigration solutions.
To see a comparison table for Canada’s Provincial Nominee Programs, please click here
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