Federal Immigrant Investor Program
On November 22, 2011, in response to an assessment of Iran’s nuclear program by the International Atomic Energy Agency, Canada imposed new sanctions under the Special Economic Measures Act. Citizenship and Immigration Canada has now provided instructions on how it will apply these economic sanctions to Iranian immigrant investors.
On November 10, 2010, Citizenship and Immigration Canada published regulations in the Canada Gazette, which reinstate the Canadian Federal Immigrant Investor Program (“IIP”). However, the new IIP now requires an investment of $800,000CAD and a personal net worth of $1.6 Million CAD. The regulations come into force on December 1, 2010.
On June 25, 2010, Citizenship and Immigration Canada published Ministerial Instructions and proposed regulations that significantly alter the Federal Skilled Worker Program, Federal Immigrant Investor Program and Canadian Experience Class. An overview of the resulting changes, which became effective on June 26, 2010, is provided herein.