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Canada seeks 50 millionaire immigrant investors

Staff writer |
The Canadian government will give permanent residency to approximately 50 millionaire immigrant investors and their families under a pilot program set to begin in the new year.

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Under the Immigrant Investor Venture Capital pilot program announced Tuesday, each investor will be required to make a non-guaranteed investment of $2 million over 15 years and have a net worth of $10 million.

"Through the launch of this pilot program, we are attracting investors who can make a significant investment and who have the education and proven business or investment experience necessary to achieve success in Canada," Immigration Minister Chris Alexander said in a news release.

"The funds will be invested in innovative Canadian-based start-ups with high growth potential."

Industry Minister James Moore said the pilot program was part of Canada's efforts "to attract experienced business leaders to Canada while leveraging their business expertise and personal investments."

The government said it will begin accepting applications under the pilot project in late January.

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