IMMIGRANT INVESTOR VENTURE CAPITAL PILOT PROGRAM
The Immigrant Investor Venture Capital (IIVC) Pilot Program has reopened.
CIC will accept applications from May 25 to December 30, 2015, and will process the first 60 complete applications. CIC will also accept up to 60 additional applications that will be placed on a waiting list.
The program may close earlier if 60 immigrant investors are approved for permanent residence, or once 60 applications are in processing and 60 applications are on the waiting list.
If you are an international investor with the skills and abilities needed to contribute to our economy and integrate into Canadian society, you may be eligible to apply for permanent residence under the Immigrant Investor Venture Capital (IIVC) Pilot Program.
FIND OUT IF YOU ARE ELIGIBLE TO APPLY FOR PERMANENT RESIDENCE AS AN IMMIGRANT INVESTOR UNDER THE IIVC PILOT PROGRAM.
Personal net worth
You must have a personal net worth of CDN $10 million or more. Your net worth must have been acquired through lawful, private sector business or investment activities.
Personal net worth acquired by inheritance or in the value of your primary residence will not count towards the personal net worth requirement.
Proof of personal net worth
CIC will require applicants whose applications can be considered for our second stage review to obtain a due diligence report at their expense from one of the following designated service providers:
- BDO USA, LLP
- Deloitte Forensic Inc.
- KPMG LLP
- PricewaterhouseCoopers (PwC) LLP
- Raymond Chabot Grant Thornton Consulting Inc.
The due diligence report is an independent examination and validation of your past business or investment experience, source of funds and personal net worth.
The report will include the service provider’s opinion as to whether your wealth was acquired through lawful, private sector business or investment activities. Their report would also flag any potentially negative information for a CIC officer to consider.
Non-guaranteed investment in a venture capital fund
You must be willing and able to make an at-risk investment (non-guaranteed) of CDN $2 million in the Immigrant Investor Venture Capital (IIVC) Fund.
If you are one of the immigrant investors approved under this program, you will be required to enter into an agreement with CIC committing a sum of CDN $2 million to the IIVC Fund for approximately 15 years.
As with any venture capital investment, you could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund’s performance and will be based on its gains or losses, including expenses and fees incurred to manage it.
However, this would be an at-risk investment. This means that there is no guarantee of a return and it is possible that you could lose some or all of your investment.
Call us to find out more about how investments to the Immigrant Investor Venture Capital Fund will be managed.
Meet the minimum language levels of Canadian Language Benchmark (CLB) 5 in either English or French for all four language abilities (you can use your test results to find your CLB level); and
include the original language test results when you apply
your language test results must be less than two years old on the day CIC receives your application.
If you do not provide original language test results that show you meet the minimum language levels when you apply, your application will not be considered for the next steps.
You must have:
A completed Canadian post-secondary degree, diploma or certificate of at least one year
A foreign equivalent, as validated by an original Educational Credential Assessment (ECA) report from a CIC-designated organization. The ECA report must indicate that your completed foreign education credential is equal to a completed Canadian post-secondary education credential of at least one year.
If you can demonstrate that you have a personal net worth of $50 million or more acquired through lawful, private sector business or investment activities, you can request an exemption from the education requirement when you apply, using the form provided by CIC.
Some people are inadmissible – they are not allowed to come to Canada. Many things can make you inadmissible, such as being involved in criminal activity, in human rights violations or in organized crime.
You can also be inadmissible for security, health or financial reasons.
If you are inadmissible to Canada, you cannot apply under the Immigrant Investor Venture Capital Pilot Program as your application will be refused.