Canada to Admit 60 Millionaires as Permanent Residents

[caption id="attachment_2229" align="aligncenter" width="640"] All the investment funds received under Immigrant Investor Venture Capital (IIVC) program will be managed by BDC Capital, a part of Business Development Bank of Canada.[/caption]

Canada introduced Immigrant Investor Venture Capital (IIVC) program to grant permanent residency to high-net worth individuals. It aims to admit as many as 60 individuals who could invest $2 Million in Canada over a span of 15 years.

Under the program, the Canadian government will accept applications from international investors between January 28 and February 11, 2015. A total of 500 applications will be accepted and 60 will be shortlisted for permanent residency.

According to Citizenship and Immigration Canada (CIC), individuals have to meet 4 criteria to qualify under the pilot program:

• Invest $2 million over 15 years
• Show a net worth of $10 million obtained from lawful activities
• Language proficiency - either English or French (CLB Level 5+)
• Education - Canadian post-secondary credential or a foreign equivalent of the same

The program seems promising for individuals with high-net worth looking to invest in Canada. Though, on the other hand, short-listed individuals will have to invest money at their own risk without any ROI guarantee from the Canadian government. Just like any other business opportunity, this new IIVC pilot program can bring in profits and losses too. There is uncertainty of returns.

It is more like buying a Canadian PR for an investment of $2 million, which will anyhow, give returns in the long-run, if not immediately.