With its diverse culture, strong economic growth, low tax rates and high standard of living, Canada is one of the ideal places to immigrate to for people around the globe. The ease of obtaining residency in Canada is also why it remains the top choice among students, entrepreneurs and investors to explore their skills and talents. If you want to gain citizenship in Canada as a foreign worker or businessman, citizenship by investment is a great option. In this blog post, we will discuss everything you need to know about obtaining citizenship in Canada through investment programs and the benefits it offers.
How to Become a Citizen in Canada as an Investor
To become a citizen in Canada as an investor, you need to follow a multi-step process. You can either do this by yourself or hire a lawyer to expedite the process without going through any trouble:
Choosing a Canadian Investment Visa Program
Canada offers more than 20 Investment Visa Programs for investors and entrepreneurs. Some of these programs are designed to help you get Canada PR by investment, while others allow you to obtain citizenship by purchasing or starting a business in the country.
The requirements for each vary depending on the type of program you choose to move forward with.
Getting an Entrepreneur Work Permit
If you successfully operate a business in Canada, you can apply for a work permit as a business immigrant. The work permits available can differ depending on your immigration objectives and background. Some of these work permits options are:
- Provincial Nominee Program
- LMIA Based Work Permit
- ICT Work Permit Canada
Starting and Operating a Business in Canada
Having a business in Canada is a must for obtaining citizenship by investment. You can do this by either having your own business or acquiring a Canadian business. However, it is mandatory that you run the business for a certain period of time after immigrating to the country before you can acquire a permanent residence in Canada. The duration for the same can vary depending on your business type. It can also depend on the fact if the business is established or new.
Spend Time in Canada as a Foreign Worker
After you have your business up and running, the next requirement you must fulfill before applying for permanent residency is your time spent in the country. As a foreign worker and as the management of your business, you must complete 1,095 days in the country or three years over the period of five years.
Apply for Canadian Citizenship
After you have fulfilled all the requirements, you can apply for Canadian citizenship. To apply for the same, you need to fill out an application form, pass a citizenship test, pay the fee, and sit through an interview.
Ways for Investing in a Business to Obtain Canadian PR and Citizenship
As mentioned before, there is no direct way to apply for Canadian citizenship by investment immigration. The whole process may take anywhere from 14 to 24 months to complete. However, if you are a foreign business owner or investor, it is mandatory for you to obtain a permanent resident status in the country to become a citizen. The basic requirement to apply for the same is to live in the country for three years or 1095 days over a period of five years.
To invest in a Canadian business in order to obtain Canadian citizenship and PR, you can choose one of the following ways:
Buy a Business: If you don’t already own a business and still want to gain citizenship as an investor, you can buy a Canadian business, among the preferred options for immigrants. If you choose to go with this option, you must make a minimum investment ranging from 50,000 CAD to 250,000 CAD.
Starting a New Business: Starting a new business in a foreign country may be a risk, but it is a smart move if you want to gain citizenship in the country. It requires a low cost of 50,000 CAD and at least one year of business operation time before you can apply for permanent residency.
Buy a Franchise: The safest way to gain citizenship by investment in Canada is to buy a franchise of any Canadian business. This option requires a minimum amount of investment starting from 100,000 CAD.
If you’re looking to invest in Canadian citizenship, it’s important to work with a legal professional who understands the nuances of Canadian immigration law. By contacting a Citizenship Lawyer in Toronto, you will have access to the most up-to-date information about Canadian citizenship investment and the ability to get any questions answered about the process. A lawyer can help you navigate the complicated world of Canadian citizenship investment and ensure that you understand all the steps involved. We can also provide guidance on maximizing your chances of success with your Canadian citizenship investment. Get in touch with a Citizenship Lawyer in Toronto today and start working towards your dream of becoming a Canadian citizen!