This year brought an unprecedented development in Canadian Investor Immigration. Long considered to be the one of the country’s best kept secrets, the Prince Edward Island (PEI) Entrepreneur Program utilized its annual quota of 100 within its first day of opening in May. As such, many entrepreneurially-minded immigrants found themselves out of luck until next spring or looking to other provinces to launch their businesses.
Fortunately, however, there is a workaround which is not quota-based. As entrepreneurs, prospective immigrants can apply for a PEI-focused work permit. In order to qualify, principal applicants must meet the following criteria:
- Score a minimum of 50 points on the self-assessment, focusing on factors such as age (open only to those 21-59 years of age), education, work experience, and adaptability factors;
- Have a lawfully-sourced personal net worth of at least $600,000, accumulated by the investor in his or her own right;
- Possess a high school diploma or higher;
- Hold business ownership experience or past employment and transferable management skills;
- Intend to actively manage the PEI-based business and live in the province;
- Meet minimum English or French language requirements.
Through this stream, an applicant applies with the PEI provincial authorities and, upon approval, will receive an endorsement for a Work Permit. Once granted by the federal government, an applicant must move to PEI to start his/her business activities. After CAD $75,000 is spent in a year, the entrepreneur can apply for a provincial nomination for permanent residency. The total time required to achieve permanent residency through this route is approximately 3 years, but the applicant and dependents can move to PEI within less than a year to start their business once the Work Permit is granted.
At Green and Spiegel, we pride ourselves on finding creative solutions for our investor clientele. Contact us today for advice relating to your family’s immigration to the U.S., Canada, Caribbean, or Europe.