How to Get Canadian Citizenship by Investment
Citizenship through investment is possible in Canada, but applicants will need a period of residency first before being eligible to apply. In addition, there is no direct Canadian Citizenship by Investment program. This article summarizes everything you need to know about getting Canadian citizenship by investment.
In comparison to other immigration offices across the world, Immigration, Refugees and Citizenship Canada (IRCC) take pride in having one of the most obscenely comprehensive offerings of immigration programs. With more than 100 immigration visa streams and programs, Canada welcomes people who wish to immigrate for various reasons, including employment, education, travel, and tourism.
It even offers visa sponsorship options for those who want to relocate to Canada with their dependents—their spouse/partner, family, and children. Most recently, the IRCC has developed new investor/entrepreneurship initiatives to try to draw bright business individuals to the country to capitalize on the government of Canada's increased efforts to boost the country's economic potential and competitiveness.
We suggest you take a chance on Canada as your country of choice if you're a businessperson interested in launching a new enterprise in another nation. Some of the more accessible and frequently used immigration programs for businesspeople and entrepreneurs moving to Canada are listed below.
Reasons to Move to Canada Through Investment
As one of the most economically competitive nations in the world, Canada has been rising in the rankings. One of the major financial hubs of the Americas is its flagship city, Toronto, along with New York, Mexico City, and Sao Paulo.
Natural resources, including shale oil, natural gas, crude oil, coal, and other priceless minerals like gold, copper, zinc, iron, uranium, potash, and diamonds, are abundant in the country due to its broad and diverse geography. There are enormous amounts of all of these mineral reserves that can be used for future economic growth. Canada, which has one of the most extensive coasts in the world, is also rich in marine wealth, as evidenced by its whaling and fishing industries, large merchant maritime fleet, and access to abundant catch.
Additionally, Canada has been investing a lot of effort into developing a sizeable industry and raising the economic contribution of small firms. This is done in acknowledgment that small companies serve as a pillar of employment and economic growth for sovereign economies and a safeguard against the economy's collapse during downturns in an economy's boom cycle. Furthermore, to make it simpler and more accessible for small business owners to seek and receive finance, Canada has implemented legislation and reduced red tape.
How to Get Canadian Citizenship by Investment
Several immigration programs exist in Canada to help foreigners immigrate and obtain citizenship. Most set strict requirements for applicants' qualifications, age, and occupation. However, if applicants make economic investments or start a business there, they can become residents or citizens of Canada more quickly and easily.
All family members, including common-law partners and minor children, are eligible for immediate citizenship by investment. Children who are adults must apply and contribute on their own. Citizenship is passed down to future generations once it has been acquired. However, the husband and wife's parents cannot be added to the initial application because they can only immigrate to Canada once the investor's family has already done so.
Up to three years after investing, one can apply for a Canadian passport through investment. First, a permanent residency application must be filed. The candidate must then reside in Canada for three years, staying there for a minimum of 183 days per year. Then they can submit a citizenship application. The investor and their family are given the same privileges and obligations as Canadian citizens, except the ability to vote and hold public office.
Canadian Immigration by Investment Programs
Meanwhile, below is a list of Canada's immigration by investment programs:
Start-up Visa Program
The Startup Visa Program is a type of "Investor" or Business Immigration Visa that enables you to immigrate to Canada by launching a business anywhere in the country. For your application to be accepted, your organization and you must fulfill several requirements. Generally speaking, your company must be creative, produce jobs for Canadians, and be able to compete globally. In addition, you can apply for a temporary work visa to keep you employed while you wait for your application to be approved.
Start-up visa program requirements:
Once a designated organization commits to your business:
- all applicants (up to 5 people can apply as owners) must each hold at least 10% of the voting rights attached to all outstanding shares of the business; and
- together with the designated organization, they must hold more than 50% of the voting rights attached to all outstanding shares of the business.
Once you receive permanent residence, you must make sure that:
- you play an active role in the ongoing management of your business while living in Canada;
- the essential operations of the business must partly take place in Canada; and
your business is incorporated in Canada.
Letter of support:
You must get a letter of support from a designated organization that proves they are willing to invest in and support your startup. These organizations include:
- Venture Capital Firms ($200,000 investment);
- Angel Investor Groups ($75,000 investment); and
- Business Incubators.
You must score a minimum of a Canadian Language Benchmark level 5 in speaking, reading, listening, and writing in English or French.
Because the Canadian government doesn't give financial support to this "investor" visa, you will have to be able to prove that you have enough money to settle yourself and your family in Canada.
Investment in the Canadian Tech Industry
Some of the biggest tech innovators in the world, such as Google, Microsoft, Apple, and Sage, have their headquarters in Canada, which has grown to be quite the tech titan over the years. Outside of Silicon Valley, the Toronto-Waterloo area has the most prominent tech hub in North America. Four of the top 20 markets for tech talent in North America are located in Canada, specifically:
With contributions totaling $5.1 billion, it has already supported 99 projects, generating $53.8 billion in investments and supporting 87,000 new employees! Additionally, it has an $8 billion plan to fund initiatives to help Canada lower its domestic greenhouse gas emissions.
Investment in the Canadian Agricultural Industry
The most profitable industries in Canada are those related to agriculture and food. It exports agricultural products in the fifth-largest volume internationally and has 7,800 companies that manufacture food and beverages. Some of its biggest exports are canola, cattle and calves, meat and veal, vegetables and poultry, maple syrup, and several other products.
Provincial Nominee Program Entrepreneur and Investor Visa Options
The Provincial Nominee Program (PNP) gives each province and territory in Canada the authority to extend invitations to potential residents who meet the required qualifications in terms of education and work experience. Most PNPs feature at least one category for entrepreneurs or investors who wish to establish new businesses or expand existing ones in Canada. The primary source of investment attractiveness for each province is briefly described below.
Starting a business in Alberta is a terrific idea. Although Calgary, Alberta, is home to the third-most liveable city in the world, according to the Economist Intelligence Unit's (EIU) yearly rankings, the real investment opportunities are in the province's farmlands. The region is the second-largest agricultural producer in Canada, and its varied landscapes make it ideal for raising crops, raising cattle, and doing much more. In Alberta, the Farm Stream Investment Visa is the sole option now available.
British Columbia is a top choice for your new or enlarged business because it offers one of Canada's most adaptable, diverse, and competitive economies. Vancouver, the provincial capital, is strategically situated to facilitate trade with countries like the United States, Asia, and Mexico. In addition, the fiscally disciplined government provides significant business support, which makes it simpler and less expensive to launch a firm in the province. Lastly, British Columbia is a business powerhouse with a skilled workforce of approximately 2,4 million people.
Currently, there are two possibilities for Investor Visas in British Columbia: the Regional Pilot Program and the Provincial nominated Entrepreneur Immigration Stream. You will need to fulfill a particular set of requirements for each choice in order to launch a business in Canada.
The world is taking notice of Winnipeg, the nation's capital, for its robust economy, affordable way of life, and prospects for rewarding employment. In the first five years of settling in Manitoba, 76% of immigrants become homeowners due to the low cost of living. This is undoubtedly one of the factors contributing to the fact that 95% of them choose to remain in Manitoba after coming to Canada. In addition, there are now two investor visa tracks available for the consistently famous Business Investor Stream: the Farm Investor Pathway and the Entrepreneur Pathway.
Your business will find a talented workforce in New Brunswick. The province is a top location for productivity since it boasts the nation's highest graduation rate and the quickest internet. In addition, the province has the lowest operating costs in Canada and the United States, which helps new enterprises thrive there. The capital of New Brunswick, Fredericton, was named the startup community of the year in 2016 for these and many other reasons. You must fulfill the prerequisites for either the Post-Graduate Entrepreneurial Stream or the Entrepreneurial Stream to launch your firm in New Brunswick.
Natural gas extraction, agriculture, fishing, mining, forestry, and other lucrative businesses have all benefited from the wealth of natural resources in Nova Scotia. Your business in the province will undoubtedly be successful thanks to abundant resources and the inexpensive cost of living. There are now two alternatives for the Entrepreneur Visa in Nova Scotia.
Agriculture, fishing, and manufacturing have all experienced growth and success in recent years. With Canada having one of the lowest company tax rates and one of the fastest-growing GDPs in the world, these industries are set to continue to prosper. In addition, the local government has established several business and investment incentive programs to realize corporate investment's value. You must meet the requirements for the Firm Stream if you wish to launch your business in the Northwest Territories.
Newfoundland and Labrador
Small businesses drive the economy of Newfoundland and Labrador. In actuality, these companies employ 40% of the whole population. The terrain of Newfoundland and Labrador is conducive to adventure and ecotourism, and there are growing tech industries there. There is also plenty of space to invest in the agricultural sector, given the province's pressing need for a more excellent food supply. The International Entrepreneur and International Graduate Entrepreneur streams are two new Entrepreneur and Investor Visa alternatives available to those looking to launch a business in Newfoundland and Labrador.
Do you want access to the best-skilled workforce on the planet? Ontario is the only place to look. The most educated population in the world is found in Ontario, where 68% of individuals hold post-secondary degrees. Compared to other business hubs in the United States, Ontario offers lower business costs for your company. Your spending on housing and healthcare will be significantly reduced, and you will pay less corporation tax. The Ontario Corporate Stream and the Ontario Entrepreneur Stream are your two alternatives if you want to start, invest in, or buy a business in Ontario to obtain Canadian permanent residency.
Prince Edward Island
Recognizing the significance of new business growth, the PEI government offers numerous initiatives to assist entrepreneurs wishing to launch a new company in the province, such as the Ignition Fund. Your business in PEI will undoubtedly prosper with the abundance of resources at your disposal and the laid-back vibe of the seaside communities. Unfortunately, only one type of business visa is available in the province, the Prince Edward Island Work Permit.
Your business will benefit from lower operating expenses in Saskatchewan, which has the lowest provincial tax in Canada and vast reserves of resources in the forestry, mining, agricultural, and energy industries. In addition, Canada's third-highest proportion of young workers can be found in this prairie province. Therefore you should think about establishing a business there as well.
When you start a business in the Yukon, you have access to a wealth of resources, and an area still needs to be explored for commercial innovation. The film, forestry, technology, mining, oil, gas, and tourism industries have all been named the province's leading economic sectors by the Yukon government. A company focusing on one of these industries will have a significant chance of success, mainly if it employs Yukoners, who have the highest rate of college degrees in Canada.
The Self-Employed Program
Applicants must show they have the required creative or athletic experience that has allowed them to be self-employed while residing in their country of origin to be eligible for business immigration to Canada under the Self-employed Program. In addition, to succeed in their application, the candidate must also be able to use their relevant experience and abilities in Canada to contribute reasonably significantly to one of these sectors.
The Self-employed Program's fantastic feature that distinguishes it from an Entrepreneur's Visa Program is that there is no minimum net worth criterion. One more benefit of the Self Employment Program in Canada is that you can practice in your chosen sector of culture or athletics with just two years of experience.
One of the most crucial factors is ensuring you meet the eligibility standards before applying for the self-employed program. The qualifying requirements you must fulfill to qualify for the self-employed immigration visa program are broken out in the following table.
- Work Experience: At least two years experience in your field (points up to five years)
- Education: Relevant tertiary or skills qualification in your field
- Age: Ideally between the ages of 18 and 35
- Language Skills: Proficient in Canada's official languages (primary, moderate, high)
- Adaptability: How easy it would be to assimilate into Canadian society.
Furthermore, here are some of the most frequently asked questions about getting Canadian citizenship by investment:
How much do you need to invest in Canada to get citizenship?
Depending on the particular immigration program you're interested in, a different amount must be invested in Canada to become a citizen. For instance, the Quebec Investor Program needed a minimum investment of CAD 1.2 million for five years. However, it has been discontinued since 2021 and has yet to start taking new applications. On the other hand, the Start-Up Visa Program does not specify an investment level because the potential for the business to produce economic advantages for Canada is of greater importance than the magnitude of the investment.
Is it possible to move to Canada without any money?
You must enter Canada with at least C$2,500 as evidence of your financial independence.
Can I start a business in Canada without any cash but collateral assets?
You must launch a company in Canada with unliquidated assets or money.
Is there a general corporate tax bill in Canada?
Canada's general corporate tax rate is 15% of a business's income.