Asian Journal- The Filipino-American Community Newspaper

THE rumors are true: the Canadian Government has made big changes to their immigration policies. The most shocking announcement was that the Federal Investment Program is closed to new applicants for the time being. Meaning no new applications are going to be accepted as of June 26, 2010. The good news is that the Quebec Investor Program is still open.

The Federal Investment Program was a very popular option for immigrants who wanted to acquire permanent residency in Canada. In comparison with other countries’ investment programs the amount of money required was very minimal.

It is expected that the Federal Government will begin accepting applications again in September when the Canadian Parliament reconvenes. However, the Federal Investment Program will be significantly altered. A candidate will now be required to invest $800,000CAD (instead of $400,000) and a candidate must have assets valued at 1.6 million (instead of $800,000). The amount required for the new financing option is still unknown, but it is expected that it will cost a candidate between $200,000 to $240,000CAD to finance the investment.

The good news is that the Quebec Government (a Province within Canada) is still accepting applications under the old requirements. This means for a very limited time applicants can still apply if they meet the following requirements:

The investor must be willing to make an investment in Canada. There are two ways the investor can go about this:

A.) The investor can invest $400,000CAD into the Canadian Government. They are guaranteed to receive the entire $400,000 back after five years. There is no risk and this approach is completely passive. The funds are guaranteed by the Canadian Government; OR

B.) The investor can go through a designated Canadian bank. The investor pays the bank $120,000CAD, and the bank in turn makes an investment in Canada. With this option, none of the investor’s money will be returned.

The investor must also have a net worth of $800,000CAD.

The investor must either have two years of business experience or two years of managerial experience.

However, it is very important to note that this can change any day. It is speculated that the Quebec Investor Program will accept applications under the old requirements until September, yet nothing has been promised or guaranteed. It is guaranteed that the Quebec Government will have to raise its program’s requirements to match the Federal Investment Program eventually. It is therefore essential that those who will not qualify under the new financial requirements or those who just want to get in under the lower requirements must act fast.