‘Millionaire Visa’ Less Appealing to Investors

“Would you give two million dollars with no monitoring, no oversight, no control; and hope to see your money in 15 years? Would you do that with your family’s money?”

That’s what immigration lawyer Richard Kurland said when asked about the lack of interest in Citizenship and Immigration Canada’s latest immigration program targeting investors.

The program Kurland was referring to is called the Immigrant Investor Venture Capital (IIVC) pilot program. Under it, investors are required to have a personal net worth of C$10 million or more, and make a non-guaranteed investment of C$2 million over approximately 15 years.

When the program was announced last January, the federal government said that it would accept up to 500 applications, and give a maximum of 60 permanent-resident visas.

But through a Freedom of Information request, Kurland learned that the government only received six applications as of June 8.

Read the full story here.

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