How Canada citizenship by investment works

If you’re planning on getting another passport, citizenship by investment schemes are one of the routes you might want to consider. A stable and diverse country like Canada could be a good choice, since they have programmes that could help you accomplish this.

In this guide, we’ll introduce you to the essentials of obtaining Canada citizenship by investment as a UK citizen. We’ve included information about the costs, requirements and benefits of taking this route.

How do citizenship by investment visas work?¹

A citizenship by investment visa is a way to obtain a foreign passport via making a substantial financial contribution to that foreign country’s economy. This is usually achieved by investing in either real estate, government bonds or national development projects.

Canada citizenship by investment²

Canada doesn’t have a citizenship by investment programme, but it does offer different business investment schemes that could help you secure permanent residency. This can then help you apply for a Canadian passport.

The most popular programme is the Canadian Start-Up Visa, which is similar to golden visa schemes in other countries.

Provincial Nominee Programmes (PNP) are another option and they differ based on the needs and priorities of each Canadian province or territory. Two popular examples include:

• The Alberta Advantage Immigration Programme (AAIP)
• And the British Columbia Provincial Nominee Programme (BC PNP).

Canada citizenship by investment requirements²

The primary requirement for getting Canadian citizenship by investment is being a permanent resident. Other criteria include passing an English or French language test, as well as showing knowledge of Canada’s history, geography and laws, among other things.

When it comes to investments in your business, they need to come from Canadian venture capital funds, angel investor groups or business incubators. There are also minimum investment amounts for most of these programmes.

How long does it take?²

The process takes at least five years. Before you apply for a Canadian passport, you need to spend a certain period of permanent residency in the country. At the moment, that’s 1,095 days or three out of those five years.

📚Read: Moving to Canada

How much is a citizenship by investment visa in Canada?²

The exact investment amount depends on the option you choose and a few other factors. Here are the costs for some of them:

• Start-Up Visa (investment from a Canadian venture capital fund) - $200,000
• Start-Up Visa (investment from an angel investor group) - $75,000
• Start-Up Visa (investment from a business incubator) - no minimum investment
• Alberta Advantage Immigration Programme (Farm Stream) - $500,000

The visa itself is $3,735, while the total cost including medical exams and police clearance can reach around $16,000.

Since you’ll have many expenses to take care of, you’ll need a cost-effective way to manage all of the visa fees in a foreign currency. The Wise account from the money services provider Wise allows you to send and receive money from 160+ countries with mid-market currency exchange and low, transparent fees*.

Benefits of Canada’s citizenship by investment visa²

Here are some benefits you’ll have if you apply for the Canadian Golden Visa:

• Great education system
• World-class healthcare
• Freedom of travel
• Being able to bring your family
• Quality of life

Can you retain your original citizenship and passport?²

You can keep your UK passport, since Canada allows dual citizenship.

Manage your money internationally with the Wise multi-currency account

Although it’s not possible to get a Canadian passport only by investing, the Golden Visa route is still a good option. You should now understand how this scheme works and how it can lead you to citizenship, but make sure to keep an eye out for any updates.

Applying for Canadian citizenship in this way requires thorough financial planning. Opening a Wise account can help you avoid any additional hidden costs and allow you to send money from the UK with low fees*.

The Wise account can be used in multiple countries as an alternative to traditional bank accounts, including Canada. With transparent fees* and the mid-market exchange rate for all transactions.

Your Wise account awaits 🌍

You can even rely on Wise’s team for large amount transfers and move higher amounts of money, such as those needed for your citizenship by investment visa.

Make your large transfer

Canada citizenship by investment FAQs

Here are some of the commonly asked questions about Canada citizenship by investment:

Is the Canadian golden visa the same as the citizenship by investment visa?

Canada doesn’t have a straightforward citizenship by investment visa. One possible alternative is the residency by investment scheme, known as the Golden Visa.

Is it hard to get citizenship in Canada?³

There are a couple of requirements you must meet in order to get Canadian citizenship. They include living in Canada for 3 out of the last 5 years, passing a knowledge test and filing your taxes.

Can I buy property in Canada and get citizenship?²

This is not possible. However, you could invest in a business in Canada and get permanent residence, which potentially leads to citizenship.

How much do you need to invest in Canada to get citizenship?⁴

You need to invest anywhere between $75,000 and $200,000, depending on where the investment is coming from.

Sources used:

1. Global Citizen Solutions - citizenship by investment schemes
2. Global Citizen Solutions - Canada citizenship by investment
3. IRCC - Canadian citizenship requirements
4. IRCC - minimum investment amount

Sources last checked on date: 01-Nov-2024