The government will accept 500 applications between January 28 and February 11, 2015 and up to 60 of those applicants (and their families) will receive permanent residency.  These spots are expected to fill up very quickly. As published by Citizenship and Immigration Canada, applicants must meet 4 criteria:

• Make a $2 million investment for approximately 15 years;
• Have a legally obtained net worth of at least $10 million;
• English or French language ability (CLB Level 5+); and
• A Canadian post-secondary credential of at least one year (or a validated foreign equivalent).

This new Immigrant Investor program is a pilot program.  The federal government had not accepted new applications to the previous immigrant investor program since July, 2012 and terminated all applications in its backlog in June, 2014. While the new pilot program is good news for would-be immigrant investors, the terms of this program are much more onerous.  The new language requirements will disqualify many hopeful applicants.  Under the old program, the investment was guaranteed.  The government would return the investment, without interest, approximately five years later.  Under the new program, applicants must enter into an agreement with the government for an at-risk investment term of approximately 15 years, with no guarantee of returns and the possibility of losing some or all of the investment. There is also the possibility of profiting from the investment. More information regarding the program can be downloaded here. Please contact us for legal advice as to whether you qualify for this new Immigrant Investor category or for preparing and submitting your Immigrant Investor application. About the author: Brett is an associate in the Saskatoon office where he focuses on corporate and commercial law, international business transactions, employer-side immigration, as well as finance and securities service areas. About McKercher LLP: McKercher LLP is one of Saskatchewan’s oldest, largest law firms with offices in Saskatoon and Regina. Our deep roots and client-first philosophy have made us a top ranked firm by Canadian Lawyer magazine (2011, 2013). Expertise, experience and capacity provide innovative solutions for our clients’ diverse legal issues and complex business transactions.