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In Canada, the golden visa program has gained popularity due to the country’s stable economy, high quality of life, and welcoming environment for immigrants and foreign entrepreneurs. By understanding the different programs, meeting the eligibility requirements, and following the application process, you can embark on a successful journey toward obtaining permanent residency and potential citizenship in Canada. At Sobirovs Law Firm, we help foreign entrepreneurs succeed in Canada. Schedule a consultation and take your first steps to gain permanent residency in Canada.
What is Golden Visa in Canada in 2024?
The golden visa program, also known as an investor visa, offers foreign individuals and their families the opportunity to obtain permanent residency and even citizenship in Canada by purchasing a business or investing in a Canadian business. In Canada, the golden visa programs can be categorized into two main types: the federal investor programs and the provincial investor immigration programs.
- Intra-Company Transfer (ICT): Designed for individuals who are transferring to a Canadian branch of their company.
- Start-Up Visa Program (SUV): Geared towards entrepreneurs who wish to start or invest in innovative businesses in Canada.
- Entrepreneur Visa (C11): Intended for individuals who plan to establish or acquire, and actively manage a business in Canada.
- LMIA Work Permit Program: Allows foreign entrepreneurs to work in Canada while managing their own businesses.
- Managed by AAIP in collaboration with Alberta Agriculture and Forestry.
- Targets individuals with farm management skills and financial resources for investing in farming businesses in Alberta.
- Encourages the growth and development of the agricultural industry in the province.
- Designed for foreign-educated graduates from outside Canada.
- Allows graduates to launch start-up enterprises in Alberta and obtain permanent residence.
- Fosters innovation and entrepreneurial talent from around the world.
- Specifically tailored for international graduates from Alberta post-secondary institutions.
- Enables graduates to establish and operate businesses within the province.
- Supports the retention of talented individuals who have already studied in Alberta.
- Geared towards entrepreneurs interested in starting or purchasing a business in a rural Alberta community.
- Aims to promote economic growth and opportunities in rural areas.
- Encourages entrepreneurial investment outside urban centers.
- Establish or improve a new or existing business in B.C.
- Minimum investment of $200,000 in the business.
- Create at least one new full-time job for a Canadian citizen or permanent resident.
- Minimum net worth of $600,000.
- Canadian Language Benchmark Level 4 proficiency in English or French.
- Business and/or management experience.
- Legal immigration status in Canada.
- Community Involvement: Communities actively participate in attracting and supporting foreign entrepreneurs.
- BC PNP Referrals: Communities can refer entrepreneurs aligned with their economic priorities.
- Community Concierge: Participating communities have access to dedicated BC PNP support.
- Invitations and Prioritization: Referred candidates register separately and receive priority processing.
- Population of less than 75,000.
- Located more than 30km from a municipality with a population of over 75,000.
- Capacity to support entrepreneurs with settlement and business support agencies.
- Completion of immigration and pilot-specific training by community representatives.
- Desire to start a business and settle in a B.C. regional community.
- Complete an exploratory visit.
- Minimum $100,000 investment in the business.
- Minimum personal net worth of $300,000.
- Ownership of at least 51%.
- Creation of at least one new job.
- Canadian Language Benchmark Level 4 proficiency in English or French.
- Foreign-controlled companies establishing an eligible business in B.C.
- Minimum equity investment of $500,000.
- Creation of at least three new jobs per proposed foreign key staff member.
- Establishment or purchase and expansion of a company in B.C.
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- The Entrepreneur Pathway is a program under Manitoba's Business Investor Stream.
- It is designed for experienced business owners and entrepreneurs who wish to start or purchase an existing business in Manitoba.
- Applicants must have a minimum personal net worth of $500,000 and be willing to make a minimum investment of $250,000 in a business in Manitoba's capital region (Winnipeg) or $150,000 outside of the capital region.
- A deposit of $100,000 must be made to the Manitoba government and will be refunded upon meeting the terms and conditions of a Business Performance Agreement.
- Applicants must have at least 3 years of business ownership or senior management experience, and they must actively participate in the day-to-day management of the business in Manitoba.
- They are required to submit a comprehensive business plan outlining their proposed business venture and its potential economic benefit to Manitoba.
- English or French language proficiency must be demonstrated through standardized language tests.
- A point-based system is used to assess applicants, taking into account factors such as age, language proficiency, business experience, education, and adaptability.
- The Farm Investor Pathway is another program under Manitoba's Business Investor Stream, specifically targeting individuals with farming experience and the intention to establish a farm business in Manitoba.
- Applicants must have a minimum net worth of $500,000 and make a minimum investment of $300,000 in a primary production farming business in rural Manitoba.
- A refundable deposit of $75,000 must be made to the Manitoba government, which is refunded upon meeting the terms and conditions of a Business Performance Agreement.
- Applicants must have a minimum of 3 years of farm ownership and operation experience or have a minimum of 5 years of farm management experience.
- They are required to submit a comprehensive farm business plan, outlining their proposed farming operations and their contribution to the provincial economy.
- English or French language proficiency must be demonstrated through standardized language tests.
- Similar to the Entrepreneur Pathway, the Farm Investor Pathway uses a point-based system to assess applicants, considering factors such as age, language proficiency, farming experience, education, and adaptability.
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- To be eligible for the Entrepreneurial Stream, applicants must have a minimum personal net worth of $600,000, with at least $300,000 in unencumbered, personal, and verifiable assets.
- Applicants must also demonstrate a minimum of 3 years of business ownership or 5 years of senior management experience in the last 5 years.
- Successful applicants under the Entrepreneurial Stream are required to make a minimum investment of $250,000 in a New Brunswick business.
- They must also actively participate in the day-to-day management of the business and hold at least 33.33% ownership.
- Eligible applicants must have completed at least 2 years of full-time studies in a post-secondary program in New Brunswick and have a valid post-graduation work permit.
- To qualify, applicants must also meet the minimum language requirements and demonstrate a genuine intention to settle in New Brunswick.
- Successful candidates under the Post-Graduate Entrepreneurial Stream are not required to meet the minimum net worth and investment requirements of the Entrepreneurial Stream.
- Instead, they must present a business concept that is considered economically beneficial to New Brunswick and commit to establishing or purchasing a business within one year of obtaining a work permit.
- Applicants must have a net worth of at least $600,000 and be willing to make a minimum investment of $150,000 into a new or existing business in the province.
- Applicants are required to submit a detailed business plan outlining their proposed business venture and how it aligns with the economic priorities of Nova Scotia.
- As part of the application process, applicants are also required to undergo an interview with a Nova Scotia Office of Immigration representative to assess their suitability as entrepreneurs.
- Successful applicants will receive a 2-year work permit to establish and operate their business in Nova Scotia. After fulfilling the terms and conditions of the program, they may be eligible to apply for permanent residency in Canada.
- Nova Scotia's Entrepreneur Stream aims to attract individuals who can contribute to the province's economic growth, create employment opportunities for Nova Scotians, and contribute to the local community.
- The program offers entrepreneurs the opportunity to establish themselves in a vibrant and diverse province with a strong business environment, excellent quality of life, and access to various government support programs and resources.
- It is important for applicants to thoroughly research and understand the requirements and guidelines of the Entrepreneur Stream before applying, as well as seek professional advice if needed, to increase their chances of success in the application process.
- Minimum personal net worth of $600,000 acquired through legal means
- Invest a minimum of $150,000 into the business within 12 months of landing in the province
- The application fee is $10,000, refundable if the file is not accepted
- $7,500 refund if the file is declined or withdrawn before the interview; non-refundable if declined or withdrawn after the interview
- Minimum education equivalent to secondary school
- Age between 21 and 59 at the time of application
- Transferable management skills and past employment or business ownership experience
- Meet minimum language requirements (CLB/NCLC 4)
- Intend to live and work in PEI while actively managing a PEI-based company
- Attend an interview with the Office of Immigration
- Meet the terms and conditions of the Performance Agreement
- If invited to apply, submit the complete application package with supporting documentation and a $10,000 application fee
- Designed for experienced entrepreneurs who want to establish, acquire, or partner in a business in Saskatchewan.
- Requires a minimum net worth of $500,000, which should be legally acquired.
- Applicants must invest a minimum of $300,000 in a new or existing business in the province. Alternatively, $200,000 in regional communities outside of Regina and Saskatoon.
- Successful candidates receive a temporary work permit initially and can apply for permanent residency after meeting the program requirements.
- Aimed at individuals with farming experience and sufficient capital to establish a farm in Saskatchewan.
- Requires a minimum net worth of $500,000.
- Applicants must make a minimum investment of $150,000 in Saskatchewan farming operations.
- Candidates must demonstrate relevant farming experience, such as knowledge of farm operations and management skills.
- Successful applicants receive a temporary work permit initially and can apply for permanent residency after fulfilling the program requirements.
- Targets international graduates who have completed at least one academic year of full-time study in Saskatchewan.
- Requires candidates to establish a new business or acquire an existing one in Saskatchewan.
- Applicants must own at least one-third of the equity in the business or invest a minimum of $200,000 if purchasing an existing business.
- Candidates must commit to actively managing the business on a daily basis.
- After operating the business for at least 1 year, applicants can apply for permanent residency.
- Intend to start and operate an innovative business in Quebec.
- Obtain a service offer from a support organization such as a business accelerator, incubator, or university entrepreneurship center.
- The support organization must demonstrate its capacity to support your business project.
- Submit a business plan with your immigration application.
- Score at least 41 out of 85 points on the selection grid.
- Obtain an attestation of learning about democratic values and Quebec values.
- Intend to practice your profession or business activities in Quebec.
- Have a minimum net worth of at least $100,000.
- Demonstrate the legal origin and accumulation of your net worth.
- Have at least 2 years of self-employment experience in the intended profession or trade.
- Make a start-up deposit with a financial institution ($25,000 outside CMM, $50,000 within CMM).
- Obtain an attestation of learning about democratic values and Quebec values.
- Score 63 out of 107 points (70 out of 120 if including accompanying spouse) on the selection grid.
- Obtain the legal right to practice if in a regulated profession.
Eligibility Requirements for a Golden Visa in Canada
Applicants must meet certain requirements to be eligible for a golden visa in Canada. Remember that each golden visa program has its specific requirements. Here are some of the key eligibility criteria:
Business Activity
To be able to apply for any of Canada’s golden visas, you must operate a business in Canada. This can be achieved in two ways. First, you can already have a successful business in your home country and expand your operations to Canada. Second, you can purchase an existing business in Canada. With either of the options, you will have an operational Canadian business.
Minimum Investment
Applicants are required to make a business investment in Canada by operating a business in the country. To be clear, no minimum investment amounts exist for any of the federal business immigration programs. However, you should have enough funds to create an active business presence in the country. In our experience, an investment between CAD $250,000 to CAD $350,000 is sufficient. With certain high-impact business ventures in rural Canada, a lower investment could be considered on a case-by-case basis.
Language Proficiency
Some golden visa programs in Canada require proficiency in English or French. Applicants may be required to provide language test results to prove their language skills. However, the main emphasis is on the applicant to have the language abilities needed to operate the business.
Business Plan
Almost all Canadian golden visa immigration programs require applicants to submit a business plan. The main goal of the business plan is to provide enough compelling evidence so that Canadian immigration officers can assess the viability of your business and the chances of success. As part of our business immigration services, our team can develop market entry strategies and viable business plans to complement your business immigration application. Schedule a consultation to learn more about our business plans and business immigration options.
Business Experience
Applicants are typically required to have a certain level of business experience or entrepreneurial background. This requirement ensures that applicants have the necessary skills and knowledge to contribute to the Canadian economy and operate their businesses in Canada. For most of the golden visa programs, you are not required to have direct experience in the business you plan on operating in Canada. However, having transferrable solid skills can help to boost the chances of a successful business immigration application.
Residency and Commitment
Depending on the golden visa program, you may or may not be required to show your commitment and intention to reside in Canada or a province/territory. Each program has its requirements, and where some programs want applicants to come to Canada temporarily, other programs require applicants to fully commit to residing in certain parts of Canada. Choosing a program that doesn’t match your intention can lead to denial. At Sobirovs Law Firm, we ensure that your application is perfectly tailored to the golden visa that suits you, your business, and your goals. Schedule a 1-hour strategy meeting today!
Step-by-Step Guide to Obtaining a Golden Visa in Canada
Obtaining a golden visa in Canada involves several steps. Here is a step-by-step guide to help you navigate the process:
Processing Time for Canada’s Golden Visa
In our experience, the processing time for Canada’s golden visa programs is between 2 to 4 months. When it comes to processing time, Canada’s recent commitment to efficiency and speed stands out. While individual cases may vary, Canada’s golden visa programs generally offer a relatively speedy process compared to similar programs in other countries. With streamlined procedures and dedicated resources, applicants can expect timely responses and decisions. You can always check the most up-to-date processing times on the IRCC website.
It is important to note that providing accurate and complete documentation is essential to avoid delays. Prospective applicants can maximize their chances of seamless processing times by working with an experienced business immigration lawyer. Your lawyer will help you prepare the best possible immigration application and ensure that your case avoids common business immigration mistakes and pitfalls.
Cost of Canada’s Golden Visa
An investment ranging from CAD $250,000 to $350,000+ is typically required for a golden visa in Canada as a foreign entrepreneur or investor. This investment allows you to apply for one of Canada’s investment immigration programs, making you eligible for permanent residency after operating a business in Canada on a work permit for a certain period.
The amount you invest depends on factors such as the type of business you choose – the above amounts are not set in stone. Certain businesses, like manufacturing or industrial production, may require a significant upfront investment, while others, like convenience store franchises or nail salons, may be easier to set up. The location of your business also affects the investment needed, with bigger cities generally requiring higher investments compared to smaller regions. Understanding the competition in your chosen market is crucial for accurate cost estimation. Our experienced lawyers specialize in helping foreign entrepreneurs immigrate to Canada and can provide tailored insights during a 1-hour consultation to help you navigate the business immigration process more efficiently.
Family Members and Golden Visa in Canada
Golden visa applicants are allowed to bring their families with them to Canada. When foreign entrepreneurs apply for a golden visa, their partners can apply for an open work permit, and their children can apply either for study permits or residency permits (depending on their age). Once the business immigration progresses to the stage of permanent residency application, then the principal applicant and their family members can submit permanent residency applications.
In our experience, almost all foreign entrepreneurs coming to Canada through business immigration bring their families with them. As you can see, the entire process of business immigration applications, family immigration applications, and permanent residency applications is multifaceted. It requires careful assessment and professional assistance to increase the chances of success.
Benefits of a Golden Visa in Canada
Obtaining a Golden Visa in Canada offers numerous benefits. Here are some advantages you can enjoy:
Permanent Residency and Pathway to Citizenship
The Golden Visa grants you and your family the privilege of eventually obtaining permanent residency in Canada. This status allows you to establish your roots in Canada and enjoy the benefits of living, working, studying, and travelling freely within the country. Moreover, it serves as a stepping stone towards Canadian citizenship, offering you the opportunity to become a Canadian citizen and embrace all the rights and privileges that come with it. Through the Golden Visa program, you can lay the foundation for a prosperous future for yourself and your loved ones, building a life in a country known for its stability, diversity, and opportunities.
Access to Healthcare and Social Services
As a permanent resident in Canada, you and your family gain access to Canada’s renowned healthcare system and comprehensive social services. This means you can benefit from world-class medical care whenever needed at no cost. Canada’s healthcare system is designed to prioritize the well-being of its residents, ensuring that you receive timely and quality healthcare services. Additionally, the country’s robust social services network supports and assists in various aspects of life, providing a strong safety net for you and your family.
Business and Employment Opportunities
Canada boasts a thriving economy and a business-friendly environment, making it an attractive destination for entrepreneurs and investors. You can tap into many business and employment opportunities with a golden visa. Whether you dream of starting your own business, investing in existing ventures, or seeking employment with Canadian companies, the Golden Visa program opens doors to many possibilities. Canada’s strong economic foundation, along with its support for innovation and entrepreneurship, creates an ideal environment for your professional growth and success.
Education and Quality of Life
Canada is internationally renowned for its exceptional education system, consistently ranking among the top countries in terms of educational quality. As a golden visa holder, you and your family can benefit from this world-class education, with access to a wide range of schools, colleges, and universities. Canada offers an inclusive and supportive learning environment from primary education to post-secondary studies, allowing for academic excellence and personal development. Moreover, Canada is celebrated for its high standard of living, characterized by clean and safe cities, breathtaking natural beauty, and a welcoming and multicultural society. Embrace the Canadian way of life and enjoy the myriad cultural, recreational, and leisure opportunities available to you and your family.
Frequently Asked Questions (FAQs)
Here are some commonly asked questions about getting a golden visa in Canada:
What is a Golden Visa in Canada?
A Golden Visa is a residency program that allows foreign entrepreneurs and investors to gain permanent residency in Canada by making investments, starting a business, or buying a business in Canada. Families of principal applicants of golden visas are also generally eligible to gain permanent residency and, eventually, Canadian citizenship. A good investor visa lawyer in Canada could easily guide you through the entire process.
What is the golden passport in Canada?
No, there is no golden passport in Canada. You cannot directly obtain Canadian citizenship through any of the current immigration programs. Instead, you could get a work permit in Canada if you are successful in one of the business immigration programs. After operating your business for a year or two, you and your family may become eligible for Canadian permanent residency. Lastly, you could apply for Canadian citizenship after being a permanent resident and residing in Canada for at least 3 years.
Learn more about the misconception of buying Canadian citizenship.
Why choose Canada for a golden visa?
Canada is renowned for its inclusive society, diverse culture, and strong economy, making it an attractive destination for individuals and families seeking a better future. By obtaining a golden visa in Canada, you can benefit from the country’s excellent healthcare system, top-tier education, business opportunities, and a high standard of living for you and your family.
How do you qualify for a golden visa in Canada?
To qualify for a golden visa in Canada, applicants must meet specific criteria based on the respective golden visa program. Here are the key eligibility requirements:
- Business Activity: Applicants must operate a business in Canada, either by expanding an existing successful business from their home country or purchasing an established business in Canada, ensuring an operational presence in the country.
- Minimum Investment: While there are no fixed minimum investment amounts, applicants should have sufficient funds to establish an active business in Canada. An investment between CAD $250,000 and CAD $350,000 is considered adequate.
- Language Proficiency: Some golden visa programs require proficiency in English or French. Applicants may need to provide language test results to demonstrate their language skills, ensuring the ability to operate the business effectively.
- Business Plan: Most Canadian golden visa programs mandate the submission of a comprehensive business plan. This plan serves to demonstrate the viability and potential success of the business. Expert assistance is available to develop market entry strategies and viable business plans to enhance the application.
- Business Experience: Applicants are generally expected to possess a certain level of business experience or entrepreneurial background. This requirement ensures that applicants have the necessary skills and knowledge to contribute to the Canadian economy and successfully manage their businesses.
- Residency and Commitment: Depending on the golden visa program, applicants may need to demonstrate their commitment and intention to reside in Canada or a specific province/territory. Choosing a program that aligns with one’s intentions is crucial to avoid potential denial.
How much do I need to invest for a golden visa in Canada?
The minimum investment amount for a Canadian golden visa is CAD $250,000, while the highest can be more than CAD $350,000. Your investment amount will depend on various factors like the golden visa you are applying for, the type of your business, the location of your business, and much more.
Can I include my family members in the application?
Yes, golden visa programs in Canada typically allow you to include your spouse or common-law partner and dependent children in your application.
How long does it take to get a golden visa in Canada?
The processing times for golden visa applications in Canada are between 2 to 4 months. The waiting times can vary depending on the program and other factors. It is advisable to consult with an experienced immigration lawyer for the most accurate and up-to-date information.
Can I start a business in Canada with a golden visa?
Yes, one of the advantages of a golden visa in Canada is the opportunity to start your own business or invest in existing businesses. This allows you to contribute to the Canadian economy and take advantage of the business opportunities available in the country.
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