Citizenship and Immigration Canada has announced that, effective immediately, it will now resume the processing of applications for permanent residence to Canada under the federal Immigrant Investor Program (IIP).
In order to temporarily stem the flow of federal IIP applications, an administrative pause on new applications under the federal IIP was implemented on June 26, 2010. At the same time, proposed changes were made to the definition of “investor” and “investment” in s. 88 of the Immigration and Refugee Protection Regulations. These amendments, which increase the threshold requirements for both personal net worth and investment, have since been approved and came into force on December 1, 2010.
Effective immediately, the administrative pause on new applications under the federal IIP is lifted and visa offices are once again required to accept new federal IIP applications. Applications received under this category before June 26, 2010 are to be processed according to the legislation in effect at the time of receipt of the application. Applications received under the federal IIP on or after December 1, 2010, are to be processed in accordance with the new regulatory amendments.
Specifically, the required investment amount has increased from $400,000 to $800,000 and the amount required for legally obtained net worth has increased from $800,000 to $1,600,000. In accordance with the Canada-Québec Accord, these amounts are the same for both federal investor class applicants and for Québec-selected investors.
SIMPLIFIED APPLICATION PROCESS ELIMINATED
Furthermore, effective December 1, 2010, the simplified application process option is no longer available to applicants under the federal IIP. Without exception, all applicants must submit a full application, with all supporting documents, at the time of application in order to be eligible for processing. Applications that do not include all forms and required documentation will be returned, together with the fee payment.
Posted by Melodie Hughes » 1 Comment