Canadian Citizenship by Investment: How to Get, Eligibility and its Benefits
Know Everything About Canadian Citizenship by Investment
What better country to live in than the one with the land of maple trees and chilly lakes? Canada is one of the best locations regarding climate, education, career, and business opportunities. If you are looking to move abroad to a country with ample business opportunities, moving to Canada would be a wise choice.
Plus, many countries offer citizenship by investment, including the Canadian government. This program helps the investors become permanent citizens of the country after purchasing government bonds. The immigration and Refugee Protection Act and some federal programs govern the whole process of getting citizenship through investment.
We will understand the benefits of gaining citizenship, who is eligible for it, and how you can begin the process.
How do you get Canadian Citizenship through Investment?
There are dozens of migration programs in Canada to help people get citizenship. Most of these programs have strict criteria pertaining to the profession, education, and age of applicants. However, they can get citizenship faster if they open a business or invest in the economy there.
Obtaining Canadian citizenship by investment for Indian is not that quick since you cannot get a Canadian passport until 3-5 years after investing. This step also comes later. First, you need to invest 1.2 million CAD for about five years at no interest rate.
You can do so under any of the two investor programs. Since the investment is government-guaranteed, you will be repaid the full amount at the end of the investment period.
What are the Eligibility Criteria?
While you may think investment alone is sufficient in obtaining citizenship by investment, however, that is not the case. The applicant needs to meet the following six criteria:
- The applicant must be a private company shareholder or have worked for at least two years in a managerial position with a turnover of 50,000 Canadian dollars annually.
- The applicant is judged based on age, knowledge of French and English, educational level, management experience, and time spent in Canada. For example, if you meet the management experience criteria, it earns you 10 points, while if you meet the investment criteria, it earns 25 points.
- Diseases like HIV must not infect the applicant.
- The applicant must not have any criminal record or violations of Canadian immigration laws.
- The applicant should pass with a score of at least 75% on the test on the history and traditions of Quebec.
- The applicant should own assets worth 2,000,000 CAD and prove they were earned legally.
What are the Documents Required?
To apply for Canadian citizenship, you need to have the following documents:
- You need to fill out an application form
- You will need to be translated and notarized copies of the passports of all your family members who have applied
- Marriage or birth certificate
- Confirmation of kinship for all family applications
- Documents that confirm the financial position of the members
- Police clearance certificates for all your family members
- Passport-sized photographs
- Receipt of payment of duty
- Documents confirming that you have invested the amount in the Canadian economy
Plus, you will need all your foreign-language documents to be translated into English and notarized.
What are the benefits of obtaining Canadian citizenship by investment?
The country has many benefits when it comes to professional and personal aspects. However, when you choose to go for citizenship through investment, the benefits only manifold. Following are some of the benefits of obtaining Canadian citizenship by investment:
- You can travel visa-free to 180 countries, including Japan, China, the USA, Australia, and Hong Kong.
- You get free health insurance in an advanced healthcare system.
- You can keep your original citizenship since the country recognizes dual citizenship.
- Canada offers a quality standard of living as it ranks highly as one of the best countries to live in.
- The country offers attractive pensions and other benefits.
- You have to pay low taxes.
- It has no taxes on income earned abroad.
Hopefully, you now know pretty much everything about obtaining citizenship by investment. The blog covers everything you need to know from how to apply for it to its benefits. So if you were confused about whether to go for Canadian citizenship by investment or not, now you know what to do!
About the author
Ajmera Law Group is a leading team of immigration lawyers in India serving clients to get Citizenship by investment in various countries like USA, Canada, UK, Spain, Greece, Portugal, Malta, Turkey, Grenada, & more. https://ajmeralaw.com/