August 20th, 2023 at 01:16 am

Canada Citizenship By Investment: Everything You Need to Know

A lot of business people and investors want to move to Canada. But there is a common misunderstanding about how investing in a country and getting citizenship work together. In this guide to immigration, we’ll talk about the right way for investors to get Canadian citizenship by investing.

Can I directly become a Canadian citizen by investing?

After making an investment in Canada, prospective residents can take advantage of one of the many immigration programs that the country offers. Investors, people who are self-employed, and business owners all have the opportunity to obtain permanent residency in Canada by making an investment through one of the more than 20 different Canada Investment Visa programs.

Those who have been granted permanent residency in Canada have the opportunity to apply for citizenship in the country in the future. However, there is no way for investors to immediately obtain Canadian citizenship without first becoming permanent residents in the country.

Can I become a Canadian citizen through the Immigrant Investor Program?

The Immigrant Investor Program was a popular immigration program that lets foreign investors move to Canada permanently by investing $800,000. It didn’t give investors a straightforward way to become Canadian citizens. In 2014, the Canadian government ended this program.

Obtaining Canadian Citizenship by Investment

As was said above, investing is not a direct way to become a Canadian citizen. But investors can get Canadian citizenship by going through a process with several steps. Here are the steps you need to take to do this right.

Step 1: Choose a Canadian Investment Visa Program

There are more than 20 visa programs for entrepreneurs and investors in Canada. Some of these programs let you get Canadian permanent residency by investing. Others require you to start or buy a business in Canada and run it successfully.

Each of these programs has different requirements for who can join. For example, you need 100,000 CAD to apply for the BC PNP Regional Pilot program. But it’s best to put at least $250,000 into a business in Canada.

Step 2: Get an Entrepreneur Work Permit

As a business immigrant, you can apply for a work permit after you start or buy a business in Canada. Different work permits are available based on your background and what you want to do with your immigration. Below is a list of some of these choices:

• Work Permit for ICT in Canada
• Permit to work based on LMIA
• Program for Provincial Nominees

Step 3: Operate Business

Before you can become a permanent resident of the country as a foreign worker, you are required to have owned and operated your own company for a predetermined period of time. The length of time that you are allowed to run your company depends on the type of business that you own, whether or not it is new, and the type of work permit that you have. The length of time that you are allowed to run your company also depends on whether or not it has been around for a while.

Step 4: Get permanent residency in Canada and spend time there

If you want to apply for permanent residency in Canada after your Canadian business is up and running, you can do so once it is. In the five years after you become a permanent resident of Canada, you must spend at least 1,095 days or three years living in the country.

Step 5: Apply for Canadian Citizenship

After fulfilling all of the requirements, you will be able to submit an application to become a Canadian citizen. This process entails a number of steps, including filling out an application, paying a fee, successfully completing a citizenship test, and going through an interview.

Investing in a business to get permanent residency and citizenship in Canada

The process of obtaining permanent residency can take anywhere from 14 to 24 months, and investing in Canada is not a direct path to becoming a citizen of that country. But what else?

Foreign investors and business owners who are not Canadian must first establish themselves as permanent residents in the country before they can apply for citizenship. Only those who have been granted permanent residency in Canada are eligible to submit an application for citizenship after meeting the residency requirement of three years.

There are primarily three ways to invest in a Canadian company in order to obtain permanent resident status and citizenship in Canada:

• Starting a new business: it involves a low-cost ($50,000 CAD), high risk, and takes at least a year before you can get permanent residency.
• Buy a Business: This is a better option for investors who have at least 50,000 CAD to 250,000 CAD to invest.
• Buy a franchise: This is the safest option out of the three, and it will cost you at least 100,000 CAD.

Benefits of Becoming a Canadian Citizen

When you become a citizen of Canada, you are entitled to the vast majority of the same benefits as when you have permanent residency in the country. You are eligible for free healthcare and education no matter where in Canada you choose to work or live. The Canadian Charter of Rights and Freedoms ensures that your constitutional rights are safeguarded at all times. When you make the transition from being a permanent resident to a citizen of Canada, you are entitled to a number of benefits, some of which are outlined below.

• Right to vote
• Run for Political Office
• No PR Renewal
• Get a passport from Canada.
• Apply for a job with the U.S. government
• The next generation will become citizens of Canada.

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