Citizenship and Immigration Canada has implemented a pilot of the Immigrant Investor Venture Capital Pilot (IIVC) program. Five hundred applications will be accepted for the program in late January, out of which 50 experienced investors will be provided a path to permanent residence. Applicants will be subject to financial audits by private sector accountants, according to initial data.
Applicants must have a net worth of CAD $10 million and must make an investment of CAD $2 million into the IIVC fund for 15 years. The funds will be invested in innovative Canadian start-ups with high growth potential. Applicants must also meet certain language and educational criteria, and have proven business or investment experience.
This is the first federal investor program since the Immigrant Investor Program and the Entrepreneur Program were suspended in 2012 and 2011, respectively. The programs were officially terminated in June 2014 after CIC determined that the programs suffered from application backlogs and provided little economic benefit to Canada.
Financial Audits and Background Checks
Applicants will be subject to financial audits by private-sector accountants, according to a tender notice website that posted information about the program. Applicants may also be subject to criminal and political background checks, and may have to submit documentation to allow auditors to confirm their investment checks.
What This Means for Employers and Foreign Nationals
Potential applicants for the IIVC pilot program should contact their immigration professional to obtain information about the organizations conducting language tests and assessments of foreign educational credentials.
This alert is for informational purposes only. If you have any questions, please do not hesitate to contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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