by Jovi Federici, Legal Intern
Canada’s Business Immigration Program (BIP), similar to the EB-5 Investment Immigrant Program in the United States, facilitates immigration to Canada based on business investment. There are, however, some very important differences between Canada’s BIP and the EB-5 program in the United States, which should be explored in order to fully understand the program.
The purpose of the BIP is to promote economic development and employment in Canada, with a specific interest in encouraging international trade. The BIP includes three classes of immigrants who seek permanent residence in Canada: Investor, Entrepreneur, and Self-Employed. Immigrant investors engage in a passive investment, and the program is split between a Federal program and a Quebec program. Immigrants who express a desire to live in Quebec should follow the Quebec program, which is similar to the Federal program except that it is only for applicants seeking to reside in Quebec and Quebec guarantees the investment instead of the Federal government. Also the investment proceeds are allocated to Quebec only. Generally s peaking, processing time for the Quebec program tends to be less than the Federal program, although this is not always the case.