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Canada Immigration and Citizenship Minister Jason Kenney has asked his department to further investigate the reports of abuse of the Prince Edward Island (P.E.I) Provincial Nominee Program for investors.
Prince Edward Island Provincial Nominee Program offered Canadian permanent residency to foreign investors who could invest between $105,000 to $200,000 in the province.
A number of reports suggest that foreign nationals used the PNP nomination to gain the Canadian permanent residency and moved to other parts of Canada after they arrived in Canada.
Prince Edward Island’s Premier Robert Ghiz responded to Immigration and Citizenship Ministers remarks about conducting further investigations by saying federal government was the one who introduced the investor nominee program.
Chiz said, “Fine, I think he already turned it over to the RCMP and I’m still waiting to hear from them.”
Canadian federal government asked for an active role of the foreign investors in the business in PEI. However, the PNP of PEI did not require the nominated foreign investor so take active part in the day to day running of the business.
There was a large influx of the foreign investors seeking their nomination under the PEI, provincial nominee program during the year 2008 when 1,877 application for nomination
The program had to be aborted due to intervention of federal government disallowing the way PEI government was investing the investor’s money in the province.
Currently, investors with net worth of $400,000 and willing to own or start up a new business must invest at least $150,000 along with a refundable security deposit of $100,000. The investor must actively take part in the management and running the business.
Tags: Canada, Canada immigration, Citizenship and Immigration Canada (CIC), Immigrant Investor Program, Immigration, Immigration Canada, investor immigration, Prince Edward Island, Provincial Nominee Program