One of the most questions I have been asked and seen is that many are wanting to get the Canadian residency program.
I have known many of my Chinese friends have moved to Vancouver and immigrate to Canada and say that this is a very common trait with a mix of nationality are all looking to move. It is one of the most desired places on the planet to live.
Why Would You Want To Move There?
Well, it has some of the most livable city’s in the world like Vancouver. The economy is thriving and with one of the highest standards of living in the world and with a population of just over 30 million and a landmass of that only to be surpassed by Russia.
Tokyo has a city that has a bigger population than it does space. I personally like Trudeau model of immigration to the country that seems to be the complete opposite of his southern neighbours. It makes sense because if you need to get a skilled worker in a developed country it usually cost around 150,000 USD to get them to that position in hope that they pay the money back in taxes in the future.
Well, what if they didn’t need to pay that amount and they could get skilled workers paying taxes without that cost. This is a great model for someone like Canada with space and a low level of the population it is attracting world-class talent and not having the burden of having to pay the normal education of upbringing for that. One that I think that Japan and even the U.S should try and replicated.
Canada Has:
- Visa-free travel
- World-class education
- A good health care system
- Economically prospering
- Quality of life ranked one of the tops in the world
- Environment and Landscape among the best in the world
This explains why Canada although being the most popular is one of the most open of the developed world and a lot easier than places like the U.S and U.K
What are the options?
First, you will need to get residence before you get citizenship to here are the two options to obtain a residence
Neutralization
This is a somewhat popular method for a lot of students and one of the less expensive way where you need to spend 1095 days in the last 5 years (temporary visits counts 1 day as half a day) as well as this you need to have filed income tax in line with Canadian law.
Filing for Canadian Citizenship
This can be downloaded from the Canadian government website on a PDF document and takes around 12 months for an application and around 600-700 CAD. If successful you will be invited to go for an Interview. The interview will consist of your knowledge of Canadian history, geography and other Canadian issues. If Pass this will enable you to collect your citizenship on a set date in the future.
These first steps will help you enable citizenship (but as stated before) this is different from residency
These can be obtained by a points system for skilled workers that enables those who have select skills of a set level to come to the country. This will need to gain at least 67 out of 100 but is depended on the level of application of that time frame as will select the top number only. As well as having a clean criminal background and suitable English language skills.
Investment process
This is quite simple and includes 2 million CAD in Canadian chosen fund here are some of the options for this
IIVC is a pilot scheme set up by the Canadian government in short need to be worth 10 million CAD net worth and at least a high school diploma as well (note that this must not be inherited and must be obtained on your own) from a Canadian school.
Note, this can be made easier if you have a net worth of 50 million CAD or more in regards to the education process. Then need to donate 2 million donations to a Canadian fund.
The Quebec Scheme
This is a less expensive way and has been used widely by a lot of Asians and have known a few Chinese uses this wherein short you need net worth 2 million CAD and need to make a payment of 1.2 million donations to the Canadian fund. That is paid back after 5 and a half year period with no interest. As well you need to show education and management requirements. You will need to pay a fee 15,000-16,000 CAD fee and have some medical and criminal checks (these documents can be downloaded online).
This does not mean that you have to stay in Quebec, over the last few years I have seen many moves to Vancouver through this scheme and pushing up housing and living costs in the area through wealthy individuals coming via this scheme.
Entrepreneur Citizenship
This is where the business needs to bring innovation to Canada as well as employing Canadians.
You will need over 13,000 CAD for yourself and 30,000 + for a family and have 10% of the voting rights.
Quebec Business Plan
This involves having a profitable business that you own at least 25% over the last 3 of the 5 years and having a net worth of 300,000 for you and any spouse.
This has a quota of over 50 applicants per year and has over 5000 each year. You will need to download a form and fill out the educational and business details and cost around 1,100 CAD plus 170 CAD for any child and if successful will be asked to go for an interview. These open normally around August/September time each year.
Employees
For employees, an option like said before is the skilled workforce this will need to score 67 of 100 points with this taken into account language scoring 24 points for speaking either English or French fluently and 28 for a second language. Education ranges from 5 for a high school diploma to 25 for a PhD.
The employment level requires the filed to go on experience in specific occupations and goes from 9-25. The final one is the age between 18-35 you get 12 points and lose one point for any age over 35. As well as this you can gain additional points for your spouse’s education.
As for a skilled program some states have their own set of skilled programs such as a nomination program or Quebec program that states that you need 50 points for a single entry or 59 joint with a partner. (Although this is separate from the national point-scoring scheme).
Conclusion
In short, although being either a long or expensive way to obtain a Canadian passport (other than by descent or marriage) it does allow dual citizenship and is a reason why many wealthy individuals or highly skilled workers are coming to Canada. I would say there is an easier way to obtain lower taxes or get visa-free travel to near the same amount of countries for less (such as the Caribbean) but for lifestyle options and those looking for ease of living with the ability financially or skilled labour to do so Canada remains a top option.
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If you have any questions about getting a Canadian residency, transferring a pension, transferring investments or anything related to moving in or out of Canada, please email me at info@investmentsforexpats.com
