Canada Citizenship and Residency by Investment
CANADA RESIDENCY BY INVESTMENT
Canada has a history of residency by investment programs at both the federal and provincial levels. The Quebec Investor Program, which has been suspended as of 2021 and is not currently accepting new applications, was a popular program that allowed high net worth individuals to obtain permanent residency in the province of Quebec in exchange for a minimum investment of CAD 1.2 million for a period of 5 years. Other provinces, such as British Columbia and Ontario, have their own Provincial Nominee Programs (PNPs) that allow foreign nationals to obtain Canadian permanent residency by investing in businesses or creating jobs in those provinces. Currently the most attractive program available with the lowest investment criteria is the Canadian SUV.
Canada Citizenship by Investment
Citizenship through investment is possible in Canada but applicants will need a period of residency first before being eligible to apply. There is no direct Canadian Citizenship by Investment program.
CANADIAN START-UP VISA PROGRAMME
The Canadian Start-Up Visa Programme (SUV) targets immigrant entrepreneurs with the skills and potential to build innovative businesses in Canada that can create jobs for Canadians and compete on a global level. La Vida is able to link prospective entrepreneurs with suitable businesses and appropriate training to qualify for residency. Applicants must demonstrate their net worth with an income of at least CAD$200,000 or proof of CAD$1,000,000 of financial assets.
The SUV programme offers a fast and cost-effective immigration route into Canada with fees from CAD$260,000 – CAD$360,000 that provides Permanent Residency (PR). Unlike other business immigration paths, the PR status is not tied to the success of the business.
Investors can include their spouse and children 21 years of age and younger. Successful applicants can live anywhere in Canada other than the province of Quebec. This programme takes as little as 12 – 18 months.
CANADIAN PERMANENT RESIDENCY AND CITIZENSHIP
Following a successful application, investors and their families will be issued Permanent Residency status from day one. Investors must reside in Canada for 730 days (two years) within five years to uphold the PR status. If investors live in Canada for three out of the five years (1,095 days) it is then possible to apply for Canadian Citizenship. Applicants must demonstrate adequate knowledge of English and/or French and have no criminal record.
Canadian Passport Strength
For those fortunate enough to obtain it, Canadian citizenship ultimately offers the benefit of a strong passport. The Canadian passport offers visa-free travel to 197 countries worldwide. In terms of mobility for investors, it offers visa-free access to 79.7% of the world’s wealth (as measured by GDP) and a quite substantial measure of 92.2% of the global travel popularity. It ranks 30th overall in La Vida’s comprehensive Global Passport Ranking with an overall score of 86.2.
Yes, it is also possible to gain Canadian citizenship through the Start-Up Visa Program (SUV). The Start-Up Visa Program is a federal immigration program aimed at attracting innovative entrepreneurs to Canada to build and grow their businesses. Successful applicants receive a permanent resident visa and can apply for Canadian citizenship after meeting eligibility criteria, including physical presence in Canada and knowledge of English or French.
The amount required to invest in Canada in order to obtain citizenship varies, depending on the specific immigration program you are interested in. For example, the Quebec Investor Program, which has been suspended as of 2021 and is not currently accepting new applications, required a minimum investment of CAD 1.2 million for a period of 5 years. On the other hand, the Start-Up Visa Program does not have a specific investment amount, as the focus is on the potential for the business to generate economic benefits for Canada rather than the size of the investment.
There are several recent residency investment programs for Canada:
- Quebec Investor Program: This program, which has been suspended as of 2021 and is not currently accepting new applications, allows high net worth individuals to obtain Canadian permanent residency in exchange for a minimum investment of CAD 1.2 million for a period of 5 years.
- Start-Up Visa Program: This program is aimed at attracting innovative entrepreneurs to Canada to build and grow their businesses. It does not have a specific investment amount requirement.
- Immigrant Investor Venture Capital (IIVC) Pilot Program: This is a new program that provides a pathway to Canadian permanent residency for qualified immigrant investors. The minimum investment required under this program is CAD 2 million for a period of 15 years.
Investing in real estate in Canada does not directly lead to residency. The Canadian government is not encouraging passive investment in return for residency but is actively encouraging business investment by attracting entrepreneurs. Hence the Canadian Start-Up Visa program. There are alternative Golden Visa programs elsewhere that offer residency through real estate investment. These are offered in Europe where you will find the Portuguese Golden Visa is the most popular and attractive.