The new Canadian pilot investment visa programme, the Immigrant Investor Venture Capital, has received only six applications since it was launched in January.
The programme replaced the previous Investor Class visa category, introducing a far higher minimum investment threshold and placing more demanding criteria on would-be investors. Upon the programme’s launch, Citizenship and Immigration Canada had stated its intention to welcome up to 50 applicants a year through the category.
Under the current pilot programme, would-be immigrants must invest a minimum of CDN$2 million in Canada for a 15-year period and have a net worth of at least CDN$10 million. Among other criteria, they must also meet a new requirement that they speak fluent English or French.
The previous immigrant investor programme offered fast-track visas for foreigners with a net worth of CDN$1.6 million and CDN$800,000 to invest. There was no language requirement. However, the programme was criticised for being too easy for people looking to buy their way into the country.