The Immigrant Investor Venture Capital (IIVC) Pilot Program has reopened. CIC will accept applications from May 25 to December 30, 2015, and will process the first 60 complete applications. CIC will also accept up to 60 additional applications that will be placed on a waiting list. The program may close earlier if 60 immigrant investors are approved for permanent residence, or once 60 applications are in processing and 60 applications are on the waiting list.
Requirements for IIVC
Personal net worth
- Must have a personal net worth of CDN $10 million or more.
- Net worth must have been acquired through lawful, private sector business or investment activities.
- Personal net worth acquired by inheritance or in the value of your primary residence will not count towards the personal net worth requirement.
Proof of personal net worth
CIC will require applicants whose applications can be considered for our second stage review to obtain a due diligence report at their expense from one of the following designated service providers:
- BDO USA, LLP
- Deloitte Forensic Inc.
- KPMG LLP
- PricewaterhouseCoopers (PwC) LLP
- Raymond Chabot Grant Thornton Consulting Inc.
The due diligence report is an independent examination and validation of your past business or investment experience, source of funds and personal net worth.
The report will include the service provider’s opinion as to whether your wealth was acquired through lawful, private sector business or investment activities. Their report would also flag any potentially negative information for a CIC officer to consider.
Non-guaranteed investment in a venture capital fund
- Must be willing and able to make an at-risk investment (non-guaranteed) of CDN $2 million in the Immigrant Investor Venture Capital (IIVC) Fund.
- Any immigrant investors are approved under this program will be required to enter into an agreement with CIC committing a sum of CDN $2 million to the IIVC Fund for approximately 15 years.
- As with any venture capital investment, investors could receive proceeds over time or at the end of the investment term. Proceeds will depend on the fund’s performance and will be based on its gains or losses, including expenses and fees incurred to manage it.
- Must prove your proficiency CLB 5 in English or French in all four language abilities (speaking, reading, listening and writing)
- Language test results must be less than two years old on the day CIC receives application.
- Must have a completed Canadian post-secondary degree, diploma or certificate of at least one year; or
- Must have a foreign equivalent, as validated by an original Educational Credential Assessment (ECA) report from a CIC-designated organization. The ECA report must indicate that your completed foreign education credential is equal to a completed Canadian post-secondary education credential of at least one year.
- If investors can demonstrate that they have a personal net worth of $50 million or more acquired through lawful, private sector business or investment activities, they can request an exemption from the education requirement when they apply.