On January 23, 2015, Citizenship and Immigration Canada (CIC) announced that Canada will accept applications from January 28 to February 11, 2015, under the Immigrant Investor Venture Capital (IIVC) Pilot Program.
The new IIVC Pilot Program allows for millionaire immigrant investors to invest in the Canadian economy, in exchange for permanent residency.
The IIVC Pilot Program is open to individuals between January 29 to February 11, 2015, or until a maximum of 500 applications have been received. From this pool of applications, a random selection will be made until 60 completed applications are selected. After the selection has been made, additional documents will be required to complete the process, including a due diligence report of finances from one of six service providers listed by CIC.
All selected applicants must have a net worth of CDN $10 million or more and must be willing to make an at-risk, non-guaranteed investment of CDS $2 million over approximately 15 years. The IIVC Pilot Program has been designed to help elevate the Canadian economy, ensure long-term prosperity and grow Canada’s venture capital system.