Canada has many ways for people from other countries to move there and become citizens. These programs have rules about your education, age, and job.
If you want to live in Canada, you can start a business or invest money there to become a resident or citizen.
This article is meant to give you peaceful answers. If you’re curious about becoming a Canadian citizen by investing, we’ll explain what you need to do and how to apply.
Update of Canada Citizenship by Investment 2024
Canada used to have a program where you could get citizenship by investing money, but they stopped it in 2014.
However, there was a similar program in Quebec, which is currently on hold and might come back later.
Now, the only option for entrepreneurs and investors is to get permanent residency through investment. It’s called the Canada Start-Up Visa Programme.
This is for people who want to live in Canada, bring their family, raise kids, and pay taxes there. It’s not for those who just want a passport for travel or tax reasons.
With this program, all family members can get permanent residency, including spouses and kids under 18. Adult kids need to apply separately.
Citizenship can be passed down to the next generation. However, the parents of the main applicant can’t be included at first; they can only move to Canada after the investor’s family has settled there.
About the Canada Start-Up Visa Program
The Canada Start-Up Visa Program is the only way to get Canadian citizenship by investing right now.Â
Canada is a wealthy country, and this program aims to give permanent residency to entrepreneurs and investors who want to start or grow businesses there.
Unlike some other programs, there’s no age limit, so even older people can apply. It’s great for those with startup ideas, especially in fields like IT, pharmaceuticals, biotech, and agriculture.
If you’re accepted, you and your family can become permanent residents in Canada.
The process usually takes about six months, and they accept around 2750 applications every year.
Eligibility Requirements of the Canada Start-Up Visa Program
One of the Steps to Becoming a Citizenship by Investment in Canada is applying for the Canada Start-Up. Here are ways to do so:
- Business Incubation: No minimum investment is needed.
- Angel Investment: Depending on your business stage, you need to raise CAD 75,000 from an angel investment group.
- Venture Capital Fund: Depending on your business stage, you need to raise CAD 200,000 from a venture capital fund.
Remember, there are extra fees for things like immigration filing, government charges, optional consulting, and processing business documents.
Requirements for Investors:
- You need to have basic English or French skills at level CLB/IELTS 5.
- You must have a clean criminal record and be in good health.
- You should have enough money to live in Canada.
- You must be a business owner, or shareholder, or have worked in a managerial position for at least two years in a company making CAD 50,000 (about $39,400) annually.
- You need to meet certain qualification criteria, like scoring at least 40 points out of 100 based on factors like age, language skills, education, management experience, and time spent in Canada.
- It’s important not to have socially dangerous diseases like HIV.
- You must have no criminal record or violations of Canadian immigration laws or visa requirements.
Process/Wait TimeÂ
The process usually takes between 12 to 31 months.
First, you’ll need to send in a business proposal. This gets reviewed by a government business organization.
If your proposal is accepted by your chosen fund (like a business incubator, angel group, or venture capital fund), you’ll get a support letter.
With this letter, you and your family can apply for permanent residency.
To keep your permanent resident status, you’ll need to be in Canada for at least two out of every five years (or 730 days).
Required Documents for Canada Permanent Residency by Investment
The following documents are primary for Canadian residence by investment:
- Completed application form
- Notarized and translated copies of passports for all family members listed in the application
- Proof of family relationship, like birth or marriage certificates
- Police clearance certificates for all family members
- Proof of financial status, including bank statements and property ownership documents
- Payment receipt for fees
- Photographs
- Confirmation of investment in the Canadian economy
Remember, any documents not in English need to be translated and notarized.
Steps to Becoming a Citizenship by Investment in Canada
Here’s how to apply for the Canada Permanent Residence Start-Up Visa Program:
- Submit Documents: Gather documents proving your experience as an entrepreneur or manager, your investment amount, and other requirements. Send them to the Comparative Registration and Evaluation Office.
- Receive Certificate and Permit: If your application meets the requirements and the quota, you’ll get a special certificate and a temporary residence permit.
- Fulfill Investment: Transfer the required investment amount as specified in the program terms.
- Apply at the Canadian Embassy or Consulate: Pay a fee of 15,235 CAD (around $12,000) when submitting documents. If you qualify, you’ll get an entry visa allowing you to move to Canada within a year. You’ll also receive a permanent resident card. If you don’t move within a year, you may need to reapply.
- Wait for Decision: After living in Canada for three years (at least 183 days each year), you can apply for citizenship. A decision on the citizenship application is usually made within a year. If approved, you’ll need to pass a language and history test and have an interview with migration officials. People over 54 might not need to take the test.
FAQs
#1. How long does residency by investment take?
12 to 31 months on average.
#2. What are the benefits of Canadian residency by investment?
Live, work, and study in Canada, access healthcare, and social services.
Conclusion
You can’t get a Canadian passport by investing right now, but it might be possible later if the Quebec program starts again.
To become a citizen, first, you apply for permanent residence, live in Canada for three years, and then apply for citizenship.
Being a permanent resident means you and your family can do most things Canadians do, but you can’t vote or hold government jobs.