• First Reference
  • About us
  • Contact us
  • Blog Signup 📨
  • 22nd Annual Ontario Employment Law Conference 📢

First Reference Talks

Discussions on Human Resources, Employment Law, Payroll and Internal Controls

  • Home
  • About
  • Archives
  • Resources
You are here: Home / Immigration / Citizenship and Immigration Canada announces new federal immigrant investor program

By Henry J. Chang, Dentons LLP | 2 Minutes Read November 18, 2010

Citizenship and Immigration Canada announces new federal immigrant investor program

On November 10, 2010, Citizenship and Immigration Canada (“CIC”) published regulations in the Canada Gazette, which reinstate the Canadian Federal Immigrant Investor Program (“IIP”). These regulations come into force on December 1, 2010.

beaver-canada
Image: thefourcornersclassroom.wikispaces.com

On June 26, 2010, CIC published proposed regulations in the Canada Gazette, which would increase the personal net worth and investment amounts utilized by the IIP. Under the proposed regulations, the investment required under the IIP would increase from $400,000.00CAD to $800,000.00CAD. In addition, the personal net worth required to qualify under the IIP would increase from $800,000.00CAD to $1.6 Million CAD.

CIC also published Ministerial Instructions in the Canada Gazette, which established a moratorium on new IIP applications from June 26, 2010, until the date that the final regulations became effective. According to the Ministerial Instructions, no applications under the program were to be accepted unless they were post-marked or received by CIC before June 26, 2010. The stated purpose of the moratorium was to mitigate the growing surge in such applications under the lower investment and personal net worth levels.

According to CIC, a net worth of $800,000CAD in 1999 was considered substantial enough to attract applicants with the financial wherewithal and expertise to make a significant positive economic contribution to Canada. However, due to increasing global wealth, CIC believed that a net worth of $800,000 was now within easy reach of a modest property owner in a large city, who may not have other transferable resources as originally envisioned. In addition, CIC stated that most other countries with similar programs now required an investment closer to $1 Million CAD.

The new regulations, which were published on November 10, 2010, reinstate the IIP and implement the higher investment and net worth levels that were initially announced on June 26, 2010. As of December 1, 2010, applicants under the IIP are required to invest $800,000CAD and to establish a personal net worth of $1.6 Million CAD.

Henry J. Chang
Blaney McMurtry LLP

  • About
  • Latest Posts
Follow me

Henry J. Chang, Dentons LLP

Corporate immigration lawyer at Dentons LLP
Henry J. Chang is a partner in the firm’s Employment and Labor Group. He currently practices in the areas of Canadian and United States business immigration law, international business law, and cannabis law.
Follow me

Latest posts by Henry J. Chang, Dentons LLP (see all)

  • Due to the COVID-19 outbreak, foreign nationals in Canada may receive interim employment authorization while their inland work permit applications are pending - May 22, 2020
  • An analysis of US travel restrictions along the Canada-US border and US-Mexico border due to the COVID-19 outbreak - April 16, 2020
  • Government of Canada announces mandatory self-quarantine of international travellers in order to reduce the spread of COVID-19 - April 16, 2020

Article by Henry J. Chang, Dentons LLP / Immigration / Canada Gazette, canadian employment law, Citizenship and Immigration Canada, employment law, Federal Immigrant Investor Program, Immigration Law, recruiting

Share with a friend or colleague

Learn the 10 essential HR policies in the time of COVID-19

Get the Latest Posts in your Inbox for Free!

About Henry J. Chang, Dentons LLP

Henry J. Chang is a partner in the firm’s Employment and Labor Group. He currently practices in the areas of Canadian and United States business immigration law, international business law, and cannabis law.

Footer

About us

Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.

First Reference Talks

  • Home
  • About
  • Archives
  • Resources

Main Menu

  • About First Reference
  • Resources
  • Contact us
  • 1 800 750 8175

Stay Connected

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

We welcome your comments on our blog articles. However, we do not respond to specific legal questions in this space.
We do not provide any form of legal advice or legal opinion. Please consult a lawyer in your jurisdiction or try one of our products.


Copyright © 2009 - 2021 · First Reference Inc. · All Rights Reserved
Legal and Copyright Notices · Publisher's Disclaimer · Privacy Policy · Accessibility Policy