Citizenship and Immigration Canada (CIC) has announced extension of Immigrant Investor Venture Capital (IIVC) pilot program. The deadline of the program has been extended from 11 Feb, 2015, to 15 April, 2015, or until a maximum number of 500 applications are received by the CIC.
Investor program was reopened on 28 Jan, 2015, asking for high net-worth individuals with a net-worth of $10 million to apply to migrate to Canada. CIC expected to receive 500 application in 15 days from date of reopening, however, since it fell short of the applications, the date is extended for another two months.
The reason for date extension is mainly to let candidates take language proficiency test and accumulate all required documents, which anyway requires more than 15 days time. The recent time extension is either till 15 April, or 500 applications, whichever is earlier.
The program requires selected individuals to invest $2 million in Canada in 15 years and contribute to Canadian economy. Only those with legitimate net-worth of $10 million or above, skills, experience and abilities required by the Canadian market will be eligible to apply.
Other criteria to migrate to Canada under IIVC pilot program were discussed in Canada to Admit 60 Millionaires as Permanent Residents.
For more news and updates on immigration and visas, please subscribe to Y-Axis News