Foreign Millionaires to 'Buy' Permanent Residency in Canada

Canada will accept up to 500 applications from immigrants who are ready to invest over $1.6 million in the country's economy. However, only 60 applicants will be selected to receive permanent residency.

MOSCOW, January 28 (Sputnik) — Canada on Wednesday started accepting immigrant applications from businessmen, who are ready to invest almost $2 million in the country's economy.

Under the new Immigrant Investor Venture Capital Program, which was announced by Ottawa last week, the government will accept up to 500 applications from immigrants who are willing to invest over two million Canadian dollars ($1.6 million) in the country. Only 60 applicants will be selected to receive permanent residency.

"This pilot program is designed to attract immigrant investors who will significantly benefit the Canadian economy and better integrate into our society, which will contribute to our long-term prosperity and economic growth," Citizenship and Immigration Minister Chris Alexander said in a statement last week.

The applications must be filed before February 11.

A similar investor immigration regulation was halted in Canada in June last year. Under the program, the immigrant applicants had to invest 800,000 Canadian dollars in the country.

Canada has one of the highest per capita annual immigration rates among G20 nations, according to UN estimates.

The country plans to welcome some 265,000 permanent residents in the period between 2014 and 2015, according to Canadian immigration authorities. At least 63 percent of the residents will be accepted via economic immigration programs.