On June 26, 2010, the Canadian Immigration Government announced major changes to their popular Investment Program. The new released program will now require foreign national investors to prove a higher net worth and invest an amount that is double the previous program in order to become eligible for expedited investment migration.
Los Angeles, CA (PRWEB) June 29, 2010 -- The rumors are true: the Canadian Government has made big changes to their immigration policies.
The most shocking announcement was that the Federal Investment Program is closed to new applicants for the time being. Meaning no new applications are going to be accepted as of June 26, 2010. The good news is that the Quebec Investor Program is still open.
The Federal Investment Program was a very popular option for immigrants who wanted to acquire permanent residency in Canada. In comparison with other countries' investment programs the amount of money required was very minimal.
It is expected that the Federal Government will begin accepting applications again in September when the Canadian Parliament reconvenes. However, the Federal Investment Program will be significantly altered. A candidate will now be required to invest $800,000.00CAD (instead of $400,000.00) and a candidate must have assets valued at 1.6 million (instead of $800,000.00). The amount required for the new financing option is still unknown, but it is expected that it will cost a candidate between $200,000.00 to $240,000.00CAD to finance the investment.
The good news is that the Quebec Government (a province within Canada) is still accepting applications under the old requirements. This means for a very limited time applicants can still apply if they meet the following requirements:
1. The investor must be willing to make an investment in Canada. There are two ways the investor can go about this:
A.) The investor can invest $400,000CAD into the Canadian Government. They are guaranteed to receive the entire $400,000 back after five years. There is no risk and this approach is completely passive. The funds are guaranteed by the Canadian Government; OR
B.) The investor can go through a designated Canadian bank. The investor pays the bank $120,000CAD, and the bank in turn makes an investment in Canada. With this option, none of the investor's money will be returned.
2. The investor must also have a net worth of $800,000CAD.
3. The investor must either have two years of business experience or two years of managerial experience.
However, it is very important to note that this can change any day. It is speculated that the Quebec Investor Program will accept applications under the old requirements until September, yet nothing has been promised or guaranteed. It is guaranteed that the Quebec Government will have to raise its program's requirements to match the Federal Investment Program eventually. It is therefore essential that those who will not qualify under the new financial requirements or those who just want to get in under the lower requirements must act fast.
A word of caution when hiring a paid representative, Citizenship and Immigration restricts who can represent applicants in Canadian immigration matters. The restrictions are in place because there have been many instances of fraud, where people posing as trained professionals have taken client's money and performed no service or inadequate service. Therefore, when choosing a representative make sure you retain one of the following: a licensed Canadian attorney, a consultant in good standing with the Canadian Society of Immigration Consultants, or a notary in good standing with the Chambre des notaires du Québec.
Our Office is keeping on top of the status of the Quebec Investment Program. Please do not hesitate to call us for the most recent update.
This article is not intended to provide legal advice, but to provide general information.
This article was brought to you by Darren Silver & Associates. Our firm consists of both U.S. and Canadian Licensed Attorneys. The Firm has concentrated and excelled in the area of immigration law for over 15 years.
Please contact our office for a free consultation.
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[Via Legal / Law]