Canadian immigration increases investment visa requirements
July 02 2010 by Liam Clifford
Canadian immigration has announced that it is to make the requirements for its Canada investment visa much tougher.
The scheme is to
be suspended for a spell and will also be made much more restrictive, requiring
higher investments from those applying for the special Canada
visas.
Canadian immigration Minister, Jason Kenney, says that the changes
are necessary, but that "Canada needs investor immigrants." He explained, "These
changes are necessary to keep Canada's program competitive with that of other
countries, and keep pace with the changing economy."
The requirements for
personal net worth for applicants has increased from CA$800,000 to CA$1.6
million.
An initial investment in a Canadian company or in starting a
company in Canada has also been increased, to CA$800,000 up from
CA$400.000.
The changes have been made to bring the figures up to date.
They have not been changed for more that ten years. In addition, the changes are
likely to reduce processing times for people applying for investor visas.
Currently, the system results in more applications than are needed under the
immigration plans.
No more Canada investor visa applications will be accepted
until the new system has been put in place.
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