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].
Explore more at Fragomen
Video
Manager David Makau discusses Oman's recent introduction of a Golden Visa program.
Media mentions
Partner Louise Haycock highlights the inclusion of performing arts occupations on the temporary shortage list and what it means for international talent in the sector.
Media mentions
Partner Louise Haycock highlights opportunities for easier access to overseas talent for the UK creative sector while guiding businesses through evolving visa rules.
Blog post
Associate Amelia Haynes and Paralegal Clare Macmillan Bell discuss the legal considerations surrounding British citizenship for children born through adoption or surrogacy.
Media mentions
Partner Bo Cooper provides insight on how evolving US and UK immigration policies, including recent H-1B changes, are shaping corporate mobility and compliance strategies.
Video
O Diretor Executivo da Fragomen Brasil, Diogo Kloper, destaca uma atualização importante na política migratória brasileira, que muda significativamente o que estrangeiros podem fazer no país sob o status de visitante.
Media mentions
Partner Rajiv Naik provides insight on how immigration frameworks across the UK, Europe and EMEA are evolving to support start-ups and entrepreneurial talent.
Media mentions
Partner Jo Antoons discusses the rollout of the EU's new Entry/Exit System.
Media mentions
Fragomen is featured in The Times as a key immigration adviser highlighting Abu Dhabi’s rising demand for golden visas, especially among UK nationals seeking long-term, self-sponsored residency.
Video
Brazil Managing Partner Diana Quintas highlights Brazil’s visitor visa rules and what travelers should know.
Blog post
Senior Manager Kinka Tonchev and Paralegal Emily Whalley discuss how upcoming UK visa changes will affect skilled worker dependants and reshape tech sector mobility.
Fragomen news
Partner Marius Tollenaere provides key insights on labour migration, procedures and employer obligations in the latest edition of "Einwanderungsrecht".
Video
Manager David Makau discusses Oman's recent introduction of a Golden Visa program.
Media mentions
Partner Louise Haycock highlights the inclusion of performing arts occupations on the temporary shortage list and what it means for international talent in the sector.
Media mentions
Partner Louise Haycock highlights opportunities for easier access to overseas talent for the UK creative sector while guiding businesses through evolving visa rules.
Blog post
Associate Amelia Haynes and Paralegal Clare Macmillan Bell discuss the legal considerations surrounding British citizenship for children born through adoption or surrogacy.
Media mentions
Partner Bo Cooper provides insight on how evolving US and UK immigration policies, including recent H-1B changes, are shaping corporate mobility and compliance strategies.
Video
O Diretor Executivo da Fragomen Brasil, Diogo Kloper, destaca uma atualização importante na política migratória brasileira, que muda significativamente o que estrangeiros podem fazer no país sob o status de visitante.
Media mentions
Partner Rajiv Naik provides insight on how immigration frameworks across the UK, Europe and EMEA are evolving to support start-ups and entrepreneurial talent.
Media mentions
Partner Jo Antoons discusses the rollout of the EU's new Entry/Exit System.
Media mentions
Fragomen is featured in The Times as a key immigration adviser highlighting Abu Dhabi’s rising demand for golden visas, especially among UK nationals seeking long-term, self-sponsored residency.
Video
Brazil Managing Partner Diana Quintas highlights Brazil’s visitor visa rules and what travelers should know.
Blog post
Senior Manager Kinka Tonchev and Paralegal Emily Whalley discuss how upcoming UK visa changes will affect skilled worker dependants and reshape tech sector mobility.
Fragomen news
Partner Marius Tollenaere provides key insights on labour migration, procedures and employer obligations in the latest edition of "Einwanderungsrecht".