The Canadian Immigrant Investment Programme (CIIP) is an exclusive program under the Start-Up Visa umbrella available only through Step Global. The program was devised to bring qualifying business interests into Canada that would contribute to the country’s economy. Would-be immigrants that meet the requirements, can obtain direct PR for both themselves and their families (including spouse and any children under the age of 22.) This is obtained by making the required financial investment and business commitment into a qualified Start-Up.
Each applicant must meet at least ONE of the following eligibility criteria:
• The investor must have a net worth of $1,000,000 CAD excluding real estate assets.
• The investor must make $200,000 CAD individually in income (including bonuses) in the past three years, or $300,000 CAD along with a spouse.
• The investor must have a net worth of at least $5,000,000 CAD including real estate assets.
Unlike other similar programs in Canada, candidates should realize that this is not a points-based program. Although candidates are found eligible through meeting any one of the above criteria combined with their employment and personal profiles, they are not given points on the merits of those profiles. The choice of who to accept is based on the subjectivity of the business support organization and is done at the very start of the process before Step Global accepts the individual as a client.
Under an eligible profile, the candidate should have high-level executive or business ownership experience and should have completed post-secondary education.
Once found eligible, documents are collected and an investment is made into a pre-vetted business via a government-approved business support organization. A portion of the investment affords the investor 10% equity in the pre-vetted business. The other portion of the investment goes into a general business fund and is refunded to the investor after 7 years. During the 7 year period, the investor may receive between 10% to 12% annually in returns on their investment.
One appealing point of the program is that although it is not completely passive, it can be considered a semi-passive investment. This means that the investor is not responsible for the daily operations of the business, maintaining the business, or even for the business idea. All of this is done through the business support organization on the investor’s behalf. The investor will be expected to act as a mentor to the business founder from time to time via his/her business or executive skills and experience.
The affordability of this program in comparison to other programs on the market such as the United States EB-5 Program, Portugal Golden Visa, Spain Golden Visa, and Malta program also make it appealing to investors. Not only does the investor receive a coveted Canadian permanent residency within 12 to 16 months, but they are also on their way to a Canadian passport. The total cost of the program is only $310,000 CAD (approximately $245,000 USD) including all investments and associated fees.
With returns on the investment and the fact that a portion of the investment is refundable, one can essentially say the total cost of the program turns out to be less than $200,000 CAD by the end of the process.