ARTICLE · 10 AUGUST 2016

Federal Government Considering New Investment Immigration Program

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Canada is considering a new investment immigration program designed to attract ultra high net worth individuals.

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Canada is considering a new investment immigration program designed to attract ultra high net worth individuals.

Immigration Minister John McCallum says a new program is being worked on that would award permanent residency in return for a significant investment.

"If that could actually work and generate major jobs and investment, then, yes, we would consider it," McCallum said.

The former Harper government scrapped the Canada Immigrant Investor Program (CIIP) in 2014, despite a backlog of more than 15,000 candidates, who were mainly Chinese.

The Conservatives replaced it with the Immigrant Investor Venture Capital Pilot Program, but this has been a failure from the start due to unrealistic terms and conditions.

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