Applications under the Federal Investor Program are temporarily suspended, according to Canadian Immigration Minister Jason Kenney.
The suspension came into effect on 26 June 2010 but any application postmarked or received before that date will still be considered.
The Canadian government says the suspension will prevent a flood of applications from coming in before the newly proposed eligibility criteria for the immigrant investor program are introduced.
The proposed changes will see the personal net worth required from new investors go up to $1.6 million. Investors will also be required to make an investment of $800,000, doubling the previous $400,000 required investment.
“These changes are necessary to keep Canada’s program competitive with that of other countries, and keep pace with the changing economy,” says the minister. The set of criteria for foreign investors to settle in Canada is, in fact, one of the lowest in the world and has not changed since 1999.
