CANADA: Update on Federal Immigrant Investor Program
On July 1, 2012, Citizenship and Immigration Canada (CIC) imposed a moratorium on the Federal Immigrant Investor Program (FIIP) to reduce the existing large number of applications while the program is reviewed. This pause on new applications will continue until further notice from CIC.
In August 2012, CIC invited various stakeholders and the public to participate in an online consultation on improving the FIIP, including how such a program can best support Canadian economic priorities.
By way of background, the Economic Action Plan 2012 included reforms of business immigration programs to target more active investment for Canadian growth companies. In April 2012, the Minister of Citizenship, Immigration and Multiculturalism announced that CIC was considering whether it should use its authority under the amended Immigration and Refugee Protection Act (IRPA) to create small short-term programs that may have a great impact on Canada's economy.
In response, until September 2012, CIC received numerous submissions from stakeholders and the public on how the Department could:
- increase the economic benefit that immigrant investment capital brings to Canada;
- attract experienced international investors with the skills and resources needed to ensure they integrate into Canada's economy; and
- develop efficient and cost-effective ways of delivering an investment program.
A summary of the results of the policy papers and recommendations is expected to be published on the CIC website in early 2013.
Back to Home