- Canada: Immigrant Investor Program to Reopen
- November 16, 2010
- Law Firm: Fragomen Del Rey Bernsen Loewy LLP - New York Office
Effective December 1, 2010, Citizenship and Immigration Canada (CIC) will once again accept applications for the Federal Immigrant Investor Program. Once the program reopens, applicants will be required to demonstrate a personal net worth of CAD 1.6 million, up from CAD 800,000, and make a minimum investment in Canada of CAD 800,000, up from CAD 400,000.
CIC suspended the Federal Immigrant Investor Program in June 2010 because high demand for the program led to excessive wait times for applicants. CIC expects the increased net worth and investment requirements to help lower the number of applications it receives, while still attracting investors who can make a substantial contribution to the Canadian economy.
Investor program applications received on or after December 1 will be subject to the higher net worth and investment requirements and be processed alongside any applications that are still pending from before the program was suspended in June. Applications that were submitted before the program was suspended remain subject to the lower net worth and investment requirements.
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