Immigration to Canada for entrepreneurs is possible under special conditions if they are ready to establish an innovative business there. Jason Kenney, the former Canadian Minister of Immigration, initiated this Canadian permanent residency program. Currently, it has no analogs in North America. The Canada Start-Up Visa for Entrepreneurs allows you to get a permanent residency in Canada in record time for this country. The application processing time is up to 16 months. The investor’s spouse and children under the age of 21 (age at the time of applying, not the end of the application) can be included in the request. The age of an investor is 18 years and older.
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Quebec Immigration Program for Investors
For many people immigrating to Canada is a complicated and confusing process. Many programs allow business people and their families to immigrate to Canada. One such program is the QIIP. It has been in operation since 1986. Wealthy citizens can immigrate with their families to Canada through the province of Quebec. QIIP is the only Investor Visa program currently available for business people from other countries, which has the exact investment requirements as the former federal program. Investors from Russia, Ukraine, Kazakhstan, Kyrgyzstan, Turkmenistan, and Tajikistan are invited to participate in the program.
Conditions of participation in the Canadian immigration program for investors:
- Net assets. Foreign investors must own either personally or jointly with their spouse or partner legally acquired net assets of at least CAD 1.6 million (or its equivalent in another currency). Assets calculated in this amount are real estate, bank accounts, stocks and bonds, and pension funds. Under the Quebec Investor Program, inherited assets are considered to be legally received, but donations or inherited money must have been received at least six months before applying for QIIP.
- Risk-free investments. Applicants for the Canadian immigration program for investors must sign an agreement indicating their intention to invest in Quebec, guaranteed by the government, 12000 000 Canadian dollars through a financial intermediary authorized to participate in the QIIP. The Quebec provincial government fully and unconditionally guarantees this prescribed investment in a five-year note. According to the program’s provisions, this money is fully repaid after five years without any interest.
- Quebec residency. Applicants for the investor immigration program must have the intention of settling in Quebec.
- Business management experience. The Canadian/Quebec Investor Program requires that the initial applicants have two full years of business management experience within the past five years. Participating in this program requires some experience in managing, planning, and controlling the business’s financial side.
Persons immigrating to Canada under the Quebec Investor Visa program and their family members can eventually obtain Canadian citizenship after living in Canada for 48 months. To get Canadian citizenship, applicants must be physically present in the country as permanent residents for at least 1,460 days (four years) in the six years immediately preceding their citizenship application, provided they meet all other conditions. Once a permanent resident of Canada acquires Canadian citizenship, he or she is eligible to apply for a Canadian passport.
Dual citizenship is not forbidden in Canada. The Canadian government will not force participants in the Immigration Investor Program. They eventually become eligible for Canadian citizenship to give up their current citizenship to obtain a second passport.
Taxes for investors immigrating to Canada
Canada’s tax rules provide many immigrants with undeniable advantages, allowing them to increase their assets and use them more efficiently. There is no wealth or inheritance tax in Canada, and those who emigrate to Canada under the Quebec Investor Program can set up an offshore trust before moving to the country and thereby defer income tax for up to five years. Canada has more favorable income and corporate tax rates than most Western countries, and Canada has signed double-taxation treaties with dozens of countries around the world. Canadian citizens and permanent resident card holders considered non-residents of that country for tax purposes can also avoid paying tax on income earned outside Canada.
Immigrating to Canada with a family
A few years ago, the Canadian government amended the country’s immigration and refugee protection regulations to change the definition of “dependent child” so that full-time students aged 19 and over no longer qualify. A dependent child is now a child under 19 who is not formally. But an adult child is financially dependent on parents because of mental or physical condition. To determine a child’s QIIP status, the age is “fixed” on the date that the file of the business immigrant is submitted to the Quebec provincial government for selection.
Thus, investors can immigrate to Canada as a family. If there is a child over 19 years old, you must apply as an adult investor.
All residents of this province are also residents of Canada and therefore enjoy the same benefits as people in other parts of the country. One is the ability to move to and settle in any province in Canada, guaranteed by the Canadian Party of Rights and Freedoms. There is simply no such thing as a Quebec residency card – those who immigrate to Canada under the Quebec Immigration Investor Program receive a Canadian residency card, which is recognized throughout the country.
However, when comparing second citizenship programs for investment, no country in the world offers better value for money than Canada’s investor program, especially when obtaining credit for the required investment. Overall, Canada provides integration into a multicultural society, a higher standard of living, lower crime rates, better hospitals and schools, higher wages, more prestigious universities, cleaner air, a more valuable passport, and citizenship, and a more developed economy. The Quebec Immigrant Investor Program places no restrictions on the applicant’s language, education, nationality, or age, except that the principal applicant must be at least 18 years old. While many countries require that the investor visa applicant speak English and be at least 45 years old, for example, there are no such restrictions for participants in the Quebec Immigrant Investor Program. Therefore, anyone who meets the stated requirements can immigrate to Canada.