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
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.