Are you planning to get a Canadian citizenship by investment but you don’t know the steps on how to obtain it? You’ve come to the right article as in this article we are going to be looking at a step by step guide on how to obtain Canadian Citizenship by investment, including the programs available and the requirements needed to obtain the Canadian Citizenship by Investment. But before we go into the details, let’s understand what Canadian Citizenship by Investment means
What is Canadian Citizenship by Investment?
Citizenship by investment in Canada is a program that enables foreigners to get Canadian citizenship or permanent residency for investing into the country’s economy. However, it is important to note that unlike some countries, Canada’s does not currently have a direct citizenship by investment program. Instead, there are various immigration programs which can lead to permanent residency and hence citizenship in future. Among these are:
Quebec Immigrant Investor Program (QIIP): The lowest amount of money an investor must spend on Quebec as an immigrant through this process is CAD 1.2 million.
Federal Immigrant Investor Program (FIIP): Although this program is closed now, earlier it demanded minimum investment of CAD 800,000.
Entrepreneur Immigration Programs: These programs involve making minimum investments in Canadian businesses and ensuring job creation.
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More Information On The Available Investment Programs
We are going to to be looking at each of thee available Investment programs, looking at not only their investment amount, their net worth, and the experience you need before you apply
Quebec Immigrant Investor Program (QIIP)
Quebec Immigrant Investor Program (QIIP) is known as one of the most common investment immigration programs in Canada and targets individuals who have high net worth and would like to make significant passive investment in Quebec.
1.Investment Amount: Applicants should invest CAD 1.2 million into сonfederation
A candidate must have a net worth of not less than CAD 2 million acquired legally.
Applicants should have at least two years of experience as managers within five years prior to the date of application.
They must be willing to settle in Quebec.
Start-Up Visa Program
Being a program that targets entrepreneurs with novel business ideas that can create employment for Canadians and compete on global standards, the Startup visa program is meant for such people.
Business Requirements: There has to be an eligible business supported by a designated organization (venture capital fund, angel investor group or business incubator).
Language Proficiency: The language requirements in English or French must also be met by applicants.
Settlement Funds: Must show sufficient proof of funds to settle in Canada.
Intention to Settle: It is more flexible than QIIP because there is no specific province requirement.
Provincial Nominee Programs (PNPs)
Several Canadian provinces offer PNPs aimed at entrepreneurs and investors; each province has its own criteria but generally they include:
Investment Amount: Ranges from CAD 150,000 to CAD 600,000 depending on the province
Net Worth: Various across provinces, mainly between CAD 350,000 to $1.5 million.
Business Plan: A well-documented business plan must be submitted by the applicants.
Experience: Different from one province to another and may involve management or entrepreneurial background.
Eligibility Criteria for the Acquisition of Citizenship through Investment in Canada
Let’s now move on to eligibility criteria that can allow you acquire Canadian citizenship by investment
1.Financial requirements
Each program has its own specific financial obligations that an applicant should fulfill; this usually includes a proof of minimum net worth and making significant investments. QIIP is a passive investment while Start-Up Visa and PNPs are active business investments.
2.Managerial and Business Experience
Applicants must show pertinent managerial or entrepreneurial experience such as QIIP which requires two years’ relevant experience in management but Start-Up Visa needs a viable business supported by a designated organization.
3.Language Proficiency
Language proficiency is an important requirement for most immigrant investor programs and especially so for the start-up visa program where applicants are required to take a language test approved by the Immigration, Refugees, and Citizenship Canada (IRCC) with minimum Canadian Language Benchmark (CLB) scores.
4.Settlement Plan
Applicants should provide a settlement plan encapsulating how they will integrate and settle in Canada, specifically Start-Up Visa and PNPs where great importance is attached to the viability of the business idea as well as its potential impact on the local economy.
How To Submit Your Application
Choose the Right Program
To begin with, one needs to select an appropriate investment program based on their financial condition, business background and preference for settlement. It is better to engage an immigration lawyer or any other consultant so that one can make the right choice of programs easily.
Gather Required Documentation
The required documents include net worth statements, proof of investment funds, proof of business experience, language proficiency scores and sometimes a detailed business plan.
Application Submission
Once ready, an applicant can submit his application package to respective immigration authorities. QIIP would be submitted to Quebec immigration office while Start-Up Visa; PNP would be submitted to provincial or federal immigration offices.
Receiving Permanent Residency
A. Application Review and Approval
Upon submission of documentation for consideration by the immigration authorities. Depending on the program and the number of applications, this process can take months to years.
b. appropriate interviews and assessments
Applicants may be required to undergo interviews and due diligence to verify their documents and the legality of their funds.
c. Provision of permanent residence
Once the application is approved, the applicant will receive a Confirmation of Permanent Residence (COPR) and a Permanent Resident Visa, allowing them to immigrate to Canada and begin their journey to citizenship.
5. Meet accommodation responsibilities
a. Physical space required
To permanently reside and qualify for citizenship, one must satisfy the physical presence requirement. Generally, this requires a minimum of 1095 days (three years) of residence in Canada in the five years prior to the application for citizenship.
b. Hold on to stay forever
Permanent residents must ensure compliance with Canadian law and not engage in activities that could jeopardize their status. They should also update their PR card as needed.
6. Apply for Canadian citizenship
A. Eligibility for citizenship
Once an applicant meets the physical presence requirement and maintains permanent resident status, they can apply for Canadian citizenship. Additional requirements include knowledge of Canada (measured by a citizenship test) and fluency in English or French.
b. Apply for citizenship
Applicants must complete all required documents, complete the Citizenship Application Form, and pay the application fee. The application is then sent to IRCC for processing.
c. Citizenship Survey and Interview
Applicants aged 18-54 must take a citizenship test to demonstrate knowledge of Canada’s history, values, institutions and symbols. They may also be required to attend an interview.
D. Citizenship ceremony
Once the application is approved, applicants will be invited to attend a citizenship ceremony where they will be sworn in as citizens. This validates their status as Canadian citizens.
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