Canadian Immigrant Investor Program
The Canadian Immigrant Investor Program was created by the federal government of Canada to promote the immigration of business people and their families. It enabled qualified investors to obtain permanent resident status in Canada. Under the program, successful applicants and their families received permanent and unconditional Canadian residential visas and were then eligible to obtain Canadian citizenship. With the passing of Bill C-31 on June 19, 2014, the program was terminated and undecided applications were cancelled.
The Canadian Immigrant Investor Program was one of the most popular investor immigration programs (IIP) in the world, but its requirements weren't changed since its inception and it had become one of the least expensive ones. As of June 26, 2010, the qualification requirements were doubled and the program was briefly suspended while the new changes came into effect. The new updated program was reopened on December 1, 2010.
At the time of termination, qualified investors needed to have at least two (2) years of business management experience; have a minimum net worth of CAD$1,600,000 (legally obtained); alone or with their accompanying spouse, make an investment of CAD$800,000; and meet certain health and security requirements.
Currently, the federal program has been eliminated. Many of the now-rejected applicants are banding together with the aim of taking legal action. Approximately 65,000 applicants were left hanging when the government announced it was axing the program.