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SC Media Centre - Lalani Associates

Canada doubles requirement for Investor Immigration Program, Quebec Program to follow

Karachi: June 29, 2010 – Pakistan's leading immigration consultants Lalani Associates today reported that the Citizenship and Immigration Canada announced a regulatory proposal to double the required investment amount and minimum net worth requirement for foreign nationals wishing to immigrate to Canada under the Canadian Investor Immigration Program (IIP).

Previously, the IIP required that an applicant have a minimum net worth of CDN $800,000 and be willing to invest CDN $400,000 with the Government of Canada, without any interest or profit, for a period of five years. Applicants also had the option to finance the CDN $400,000 investment through an authorized Canadian financial institution for a one-time upfront cost of CDN $120,000.

Sikander Lalani, CEO Lalani Associates said, "Under the new regulations, applicants would be required to prove a minimum net worth of CDN $1.6 million and make an investment of CDN $800,000 with the Government of Canada, without any interest or profit, for a period of five years. Applicants will still have the option to finance the CDN $800,000 investment, but the one-time upfront cost is also expected to rise to a range of CDN $200,000 to CDN $240,000. Citizenship and Immigration Canada will no longer accept applications for the Investor Immigration Program under the current regulations unless the applications have been received or postmarked by June 26, 2010."

He added, however, the Canadian province of Quebec, under the Quebec-Canada Accord, has its own Investor program, called the Quebec Investor Immigration Program (QIIP). The QIIP is required to harmonize its investment and net-worth requirements with the Canadian Investor Immigration Program, but has not yet published any changes nor announced an administrative pause. It is expected that the Quebec Investor Immigration Program will continue to accept applications under the current regulations (as one time cost of CDB$120,000) for the next 30 to 60 days, allowing businessmen, senior executives, senior government officials and agriculturalists a last chance to apply for immigration to Canada according to the current program.

In order to take advantage of this window of opportunity, those interested in pursuing Canadian immigration under the Investor category should start the application process immediately.