Both the Canadian and Quebec governments have placed a temporary freeze on new applications for investor and skilled worker programs.
The moratoriums are expected to be in effect until early 2013, at which time both levels of government should announce new selection criteria.
Citizenship and Immigration Canada plans to revamp both programs to maximize their contribution to the Canadian economy, create a faster application review process and deal with the backlog of applications that have not been processed, before restarting the programs. Persons who have approved offers of employment in Canada or who qualify under the Canadian Experience Program will not be affected by the changes.
Quebec has left the door open a crack and will allow some exceptions particularly for persons who have studied or worked in Quebec and for a selected number of skilled occupations. Click here to determine if you can submit an application in the Skilled worker class between now and March 31, 2013.
The Federal Skilled Worker Program and the Federal Immigrant Investor Program will not be accepting any new applications as of July 1, 2012.
What does this mean for future applicants?
Pace Law Firm believes that the selection criteria for both Investor programs, expected to be announced in January, 2013, will be similar. However, the amount of personal net worth could be increased to $3,000,000 (Cdn.) from $1,600,000 to qualify for participation with an investment amount of up to $1,500,000.
Once announced in 2013, it can be expected that both the Quebec and Canada programs will be fully subscribed in a matter of weeks. We recommend that prospective clients contact Pace Law Firm if they are interested in pursuing an Investor immigration visa in the future.