Canada seeks 50 millionaire immigrant investors under pilot program

The Canadian government will give permanent residency to approximately 50 millionaire immigrant investors and their families under a pilot program set to begin in the new year.

Under the Immigrant Investor Venture Capital pilot program announced Tuesday,each investor will be required to make a non-guaranteed investment of $2 million over 15 years and have a net worth of$10 million.

"Through the launch of this pilot program, we are attracting investors who can make a significant investment and who have the education and proven business or investment experience necessary to achieve success in Canada," Immigration Minister Chris Alexander said in a news release Tuesday.

"The funds will be invested in innovative Canadian-based start-ups with high growth potential."

Industry Minister James Moore said the pilot program was part of Canada's efforts "to attract experienced business leaders toCanadawhile leveraging their business expertise and personal investments."

The government said itwill begin accepting applications under the pilot project in late January.

• GO PUBLIC |Permanent residency spouse sponsorship delays leave thousands in limbo

This is the second pilot program announced by Alexander'soffice this week.

The government announced Mondayit will be launching a oneyear pilot project tohelp the spouses of Canadians who have applied for permanent residency.

The announcement came after the CBC Go Publicteam reported thatthousands of Canadianfamilies are living in limbo,unable to work and without health coverage, due to lengthy processing times.

"Citizenship and Immigration Canadawill take the necessary steps to speed up processing for work permit applicants in the inland spousal class while maintaining program integrity,"Kevin Mnard told CBC News in an email.

"This pilot program will ensure that, during the processing period, applicants will be able to work, provide for their families and contribute to the Canadian economy.

'Cash for citizenship'

The Immigrant Investor Venture Capital (IIVC) pilot program comes after the government scrapped both the immigrant investor program and the entrepreneur program earlier this year.

Launched in 1986, the immigrant investor program offeredvisas to business peoplewitha net worth of at least $1.6 millionwho were willing to lend$800,000 to the Canadian government for a term of five years.

The government said it cancelled the immigrant investorprogram which critics had described as "cash for citizenship" because it had been riddled with fraud.

The program had alsobeen put on hold in 2012 due to a huge backlog of applications.

Thousands of millionaireswho had been waiting for permanent residencyunder the program sued the federal government after it wiped out the backlog of applications.

A Federal Court judge ruled against the more than 1,000would-be investor immigrants in June.

The government promisesto have moredetails oncethe pilot program is launched.