“Is it possible to get Canadian Citizenship by Investment?”
Plenty of investors and entrepreneurs wish to settle in Canada. However, there is a common misconception about investing in the country and obtaining citizenship. In this immigration guide, we will go over the correct process investors can use to get Canadian citizenship through investment.
Can I Obtain Canadian Citizenship Directly By Investing?
Canada currently offers many programs for investors who wish to invest in the country and then move there. Investors, self-employed individuals or business owners can obtain Canada PR by investment through 20+ Canada Investment Visa programs.
People who have obtained permanent residence can eventually work their way toward getting Canadian citizenship in the future. However, there is no method for investors to directly obtain Canadian citizenship without first becoming a permanent residents.
Can I Use the Immigrant Investor Program to Get Canadian Citizenship?
The Immigrant Investor Program was a popular immigration program that allowed foreign investors to get Canadian permanent residence by investing $800,000. It did not provide investors with a direct method for obtaining Canadian citizenship. The Canadian Government shut down this program in 2014.
How to Obtain Canadian Citizenship by Investment?
As described above, there is no direct way to get Canadian citizenship through investment. However, investors can follow a multi-step process to eventually obtain Canadian citizenship. The steps to do this correctly are outlined below.
Step 1: Select a Canadian Investment Visa Program
There are 20+ Canada Investment Visa programs tailored for entrepreneurs and investors. Some of these programs allow you to obtain Canada PR by Investment. Others require you to start or purchase and successfully operate a business in Canada.
Each of these programs has varying eligibility requirements. For example, to apply for BC PNP Regional Pilot program, you need 100,000 CAD. However, it is advised to invest at least $250,000 in a Canadian business.
Step 2: Get an Entrepreneur Work Permit
You can apply for a work permit as a business immigrant after starting or buying a business in Canada. Depending on your background and immigration objectives, various work permits are available. Some of these options are mentioned below:
You must run your business for a certain amount of time after arriving in Canada as a foreign worker before becoming a permanent resident. The duration of the operation depends on the kind of business you have (i.e., whether it is new or established) and the type of work permit you have.
Step 4: Get Canadian PR and Spend Time in Canada
You can apply for permanent residency as the management of your Canadian company once it is operating. After obtaining permanent resident status, you must live in Canada for 1,095 days or three years in the following five years.
Step 5: Apply for Canadian Citizenship
Once you have met the requirements, you can apply for Canadian citizenship. This involves filling out an application, paying a fee, passing a citizenship test, and undergoing an interview.
How to invest in a Business to Get Canadian PR and Citizenship?
The road to getting Canadian Citizenship by investment immigration is not direct and it may take 14-24 months to obtain permanent residency. But the
Foreign business owners and investors must first obtain permanent resident status in Canada to become Canadian citizens. After physically being in Canada for three years, only permanent residents are eligible to apply for citizenship.
There are three main ways to invest in a Canadian business to obtain Canada PR and Citizenship:
Starting a New Business: It involves a low cost (50,000 CAD), high risk and at least one year of business operation time before obtaining permanent residency.
Buy a Business: It is a more favourable option for investors with a minimum investment amount ranging from 50,000 CAD to 250,000 CAD.
Buy a Franchise: It is the safest way out of the three options and involves a minimum investment starting from 100,000 CAD.
Discover your Canadian Business Immigration Options
Most of the benefits you get after becoming a Citizen of Canada are the same as on permanent residency. You can live and work anywhere in Canada and access publicly financed healthcare and education, and the Canadian Charter of Rights and Freedoms protects your civil liberties. These are some benefits you obtain by exchanging your status as a permanent resident for Canadian citizenship.
Right to Vote
Run for Political Office
Travel Anywhere, No PR Renewal
Get a Canadian Passport
Apply for a Federal Government Job
Next Generation Get Canadian Citizenship
As you can see, getting Canadian citizenship through investment is a multi-step process that requires careful planning. For assistance in choosing the right business immigration program, please get in touch with our experts here.
Book a Strategy Meeting with our skilled team of Business Immigration experts who are familiar with the requirements for all types of Canada Investment Visa Programs. We can guide you in choosing the most accessible pathway toward permanent residence and, eventually, Canadian citizenship.