Canada Golden Visa: How to apply and benefits explained

Over the years, Canada has been among the top choices for immigrants across continents due to its high standard of living, quality education, and strong economy.

The Canada Golden Visa (though not officially called that) is the investor program allowing foreigners to obtain permanent residency in Canada, tailored for high-net-worth individuals who want to relocate.

This blog will break down the process for applying for the Golden Visa in Canada, what it entails, and the benefits that come with this pathway to Canadian residency.

What is the Canada Golden Visa?

While Canada doesn’t exactly have a Golden Visa program per se, they do offer various investment immigration programs that can deliver the same results. These programs offer the ultra-wealthy a way to buy their way into Canadian residency.

Among the top, for example, is the Quebec Immigrant Investor Program (popularly referred to as QIIP), which was a widely used channel by many investors in search of an easy path for residency as well.

Though the QIIP is a mainstay, there are other programs like the Start-Up Visa Program and Provincial Nominee Programs (PNPs) available to those looking for paths towards Canadian residency as business investors or entrepreneurs.

Key Requirements for the Canada Golden Visa (Quebec Immigrant Investor Program)

The Quebec Immigrant Investor Program (QIIP), as the Canadian equivalent of a Golden Visa, has traditionally offered one of the most investor-friendly immigration routes in Canada. The principal requirements are as follows:

• Minimum investment amount

In order to be eligible for the QIIP, you will have to make an investment of CAD 1.2 million in the program. It is a government-guaranteed and repayable (without interest) investment after 5 years, as little or no return is associated with it.

A finance option may also be available for those clients who are not looking to tie up so much cash via approved financial intermediaries. This type of option allows a lower initial payment (around CAD $350,000) for you to make through an investor by the financial institution.

• Requirement of the net worth

Applicants must have at least net worth of CAD $2 million. The net worth should have been acquired through a legitimate means of gaining wealth, such as house ownership, business, or other forms of investment. Please note that you will be required to provide proof of how your net worth was acquired; it needs to be through legal means.

• Management experience

One of the other major requirements to be eligible for consideration under QIIP is that you must have at least two years of management experience within five years preceding the application. The experience must be associated with managing financial, human, or material resources and could have been gained in a business, government, or NGO.

• Intention to settle in Quebec

While the QIIP does provide permanent residency status to Canada, it is in fact a Quebec program, and all participating applicants commit to residing there. Candidates have to intend and prove that they are going to live in Quebec as well as actually help this area in terms of its economy. However, after residency is granted, residents can leave the province of Quebec and move to any part of Canada, and there are no restrictions as to where to work.

How to apply for the Canada Golden Visa

There are a number of steps for applying to the Canada Golden Visa through QIIP:

1. Submit an expression of interest (EOI)

The first move is a declaration of Interest (EOI) for Quebec’s immigration authorities. This essentially lets them know you are applying to the QIIP and gives some information about who you are, your qualifications, and where your money is coming from.

2. Prepare and submit your application

If your EOI is successful, you will be invited to apply. At this point, you will need to provide extensive documentation showing your net worth, investment funds, and management background. Make sure all documents are one hundred percent accurate and complete to prevent delays or rejections.

3. Make the required investment

Once the application is approved, you are to transfer a sum of CAD 1.2 million into Quebec’s financial market. Should you choose the financing path, a certified intermediary would conduct it for you. The government holds on to the investment for five years before returning your cash without any interest.

4. Obtain permanent residency

Then, when the investment is made and all prerequisites are met, you will gain permanent residency for you as well as your spouse or children under 22. This status allows you to live, work, and study in Canada anywhere.

Benefits of the Canada Golden Visa

There are a range of benefits that come from obtaining the Golden Visa in Canada that make most of the investors take this route. Here are some key advantages:

1. Permanent residency for the whole family

One of the prime benefits associated with the Canadia Golden Visa is that it comes along with family members, including spouses and dependent children. As soon as you attain PR status, then your family holds the same rights and benefits as yourself, be it services of public health or education.

2. Access to Canada’s healthcare system

Canada has one of the best healthcare systems that is accessible to all. The good thing is that with permanent resident status, as a citizen, they get to utilise this system, and hence you no longer need to pay more exorbitant amounts towards private healthcare insurance.

3. Quality education for your children

Canada is among the countries that have some of the best schools and top-class universities. As permanent residents, your children will be entitled to the public education system, which offers high-quality schooling with minimum to no cost. They are also entitled to the local tuition rates at Canadian universities, drastically reducing the higher educational costs.

4. Road to Canadian Citizenship

Once you have lived in Canada as a permanent resident for three out of five years, you are able to apply for your Canadian citizenship. You then hold all the rights of a Canadian citizen, which includes the right to vote and possess a Canadian passport-one of the most powerful passports in the world.

5. Freedom to travel and work across Canada

Once permanent residency is achieved, one has full rights to live, work, or even pursue studies in any part of Canada and not necessarily only in Quebec. This freedom allows the setting up of one’s life where jobs are available, or as family needs may be, or whatever other types of lifestyles best suit one’s needs.

Achieving the Canada Golden Visa with FRR Immigration’s expertise

Application for the Canada Golden Visa is rather complex, with thorough documentation and careful planning. FRR Immigration guides the investors right from gathering the required financial documentation to preparing your application for submission.

Our team can assist you in deciding on the best way to satisfy the investment and residency requirements, whether a full investment or financing option is chosen.

With our experience, your application will be comprehensively prepared to ensure that it meets all government-set criteria, hence making the whole process easy and swift.