New immigrant investor program is a promising upgrade, lawyer says

Ottawa is accepting applications for its new immigrant investor program, which aims to provide up to 60 “high-net worth immigrants” a path to permanent citizenship in exchange for a sizable contribution to the program’s investment fund.

The Immigration Investor Venture Capital Pilot Program replaces the government’s previous Federal Immigrant Investor Program, which was cancelled last year following criticism relating to lax requirements and the opportunity for fraud.

Under the new program, applicants must prove they have a “legally obtained” net worth of at least $10 million and are also committed to a $2-million, “non-guaranteed” investment to the Immigration Investor Venture Capital Fund.

Those monies will be invested into Canadian startup companies with “highgrowth” potential, according to a government release.

Applications will be accepted until Dec. 30.

Vancouver immigration lawyer Richard Kurland says the new program looks like a promising upgrade from the old one. And the way it’s designed, he said, prevents the potential for fraud.

“This looks like an elegant, simple design,” he said. “I expect these 60 places to be filled rather soon.”

The federal government says it will accept up to 500 applications, which will be randomly selected for processing until the 60 spaces are filled. Applicants are also required to show proficiency in one official language, and a Canadian post-secondary degree, diploma or foreign equivalent. The legality of their net worth will be accessed by an appointed “due diligence service provider,” according to a government statement.