Citizenship and Immigration Canada has announced their Immigrant Investor Venture Capital Class will open for applications on May 25th, 2015.
Under the new processes, they will only be accepting 60 complete applications before December 30, 2015.
Foreign Nationals who meet the following requirements are eligible to apply:
- They intend to reside in any province other than Quebec;
- They have a minimum net worth of $10 million Canadian Dollars
- They meet the required language proficiency and have taken one of the designated language tests (CLB 4 level in listening, reading, writing and speaking)
- They either have the equivalent of a High School Diploma OR they have a minimum net worth of $50 million Canadian Dollars
- They make the required at-risk investment of $2 million Canadian Dollars into the Immigrant Investor Venture Capital Fund.
Only the first 60 complete applications that meet stage two completeness will be put into processing. Intake for the program will remain open under the Immigrant Investor Venture Capital class until one of the following occurs:
- 60 permanent resident visas/approvals are issued under this class;
- 60 complete applications have been received and put into processing and 60 applications that meet the initial completeness check requirements have been retained on the waiting list; or
- December 30, 2015 has arrived
Applications which were received during the previous intake periods that passed the first-stage completeness check will be included in this intake as per the Ministerial Instructions.
All applicants under this Class will be interviewed before their application is finalized to ensure the applicant’s wealth was acquired lawfully. This information will also be confirmed via the required due diligence report. All applicants whose applications is considered for the second stage review needs obtain a due diligence report from one of the following designated service providers in order to confirm their business or investment experience, source of funds and personal net worth:
- BDO USA, LLP
- Deloitte Forensic Inc.
- KPMG LLP
- PricewaterhouseCoopers (PwC) LLP
- Raymond Chabot Grant Thornton Consulting Inc.
If you have any questions or queries on the process, contact us directly for more information.