With the extension of intake of the Immigrant Investor Venture Capital (IIVC) Pilot Program, now applicants can file their applications to the CIC (Citizenship and Immigration Canada) for the IIVC program till 15 April 2015.
CIC stated that it would accept applications for the program, which selects a maximum of 60 high-net-worth applicants for Canada immigration till 11 February 2015.
Sources stated that applicants were worried about the limited period to lodge the applications as they need to submit language test results and post-secondary education qualifications as part of their application. The extended time gives a chance for them to abide by the requirements.
Apparently, the Canadian government will give permanent resident status to 60 high-net-worth foreign investors and their families under the pilot program. The government said the program plans to entice experienced millionaire investors who will contribute to the development of the economy.
Reportedly, each investor will be required to hold a net worth of $10 million CAD and need to invest $2 million CAD over 15 years of non- guaranteed type. These funds will be invested in new Canadian start-ups with high growth potential. And, applicants selected for processing are required to acquire a due diligence report proving that they obtained net worth of minimum 10 million from legitimate and profit-making business activities.