60 millionaire immigrant investors to be offered permanent residency

Still distasteful ‘selling of citizenship,’ the only difference is the price. After all, these are not active investors or entrepreneurs, just people with money to put into an arms-length venture capital fund:

The new Immigrant Investor Venture Capital program will open on Jan. 28 to Feb. 11 or until a maximum of 500 applications are received, the government quietly announced before MPs returned to Ottawa this week.

“This pilot program is designed to attract immigrant investors who will significantly benefit the Canadian economy and better integrate into our society, which will contribute to our long-term prosperity and economic growth,” Immigration Minister Chris Alexander said in a written statement.

No more than 60 principal applicants will receive permanent resident visas under the pilot program, even though the government says it will accept up to 500 applications.

Each investor will be required to make a non-guaranteed investment of $2 million over approximately 15 years into a fund managed principally by BDC Capital, the investment arm of the Business Development Bank of Canada.

The government said the fund “will invest in innovative Canadian startups with high growth potential.”

“Proceeds from the IIVC fund will be distributed to the immigrant investors periodically… based on the performance of the investments,” a spokesman for Alexander said in an email to CBC News.

The details of the program along with the selection criteria to apply appear in the latest ministerial instructions published in a government publication over the weekend.

The government is hoping to have better luck with this program than it did with the last one.

“Under the former Immigrant Investor Program (IIP), immigrant investors had to invest $800,000 in Canada’s economy in the form of a repayable loan, without meeting skills and abilities requirements of most of Canada’s economic immigration programs,” the government acknowledged in a public statement before MPs returned to Ottawa this week.

“Research indicated that immigrant investors under the previous program were less likely than other immigrants to stay in Canada over the medium to long term. Also, they contributed relatively little to the Canadian economy, earning very little income and paying very little tax.”

60 millionaire immigrant investors to be offered permanent residency – Politics – CBC News.

About Andrew
Andrew blogs and tweets public policy issues, particularly the relationship between the political and bureaucratic levels, citizenship and multiculturalism. His latest book, Policy Arrogance or Innocent Bias, recounts his experience as a senior public servant in this area.

2 Responses to 60 millionaire immigrant investors to be offered permanent residency

  1. Marion Vermeersch says:

    Distasteful is putting it mildly. I understand there are lots of hardworking people waiting to acquire permanent residency. And I am guessing I am not the only one who has been refused renewal of a permanent resident card because my documents are no longer deemed acceptable.
    It’s becoming hard to recognize that this is the same country in which I have spent my life, since 1946. And Canada may need wealthy investors, but surely there is also a need for other types of people in our population.

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