The government of Prince Edward Island took in more than $17 million in withheld deposit from business investors despite invalidating the business immigration streams more than one (1) year ago.
Reports for the financial year ending March 31, 2019, indicates the province made $17.4 million from business immigrant who came in via two (2) streams of the Prince Edward Island Provincial Nominee Program.
The amount is similar to the last year when $17.6 million was recorded by the province.
The streams – the 100% Ownership Streams and Partial Ownership Streams – were cancelled in September 2018 over immigration fraud issues.
Business Immigration Streams
Some individuals were using it as a back door to permanent residence, prepared to lose the $200,000 deposits in return for their Canada PR status.
The most of the candidates had no intention of opening a business on P.E.I., or residing in the province. Instead, once they are issued the permanent resident status, they used the right of free movement to move to other places in Canada, usually Toronto, Montreal or Vancouver.
Given the last invitations through the two streams were rolled out in September 2018, applicants are likely still arriving in Canada.
From the date of the invitation, candidates have Sixty (60) days to lodge a full application. After processing, arrival to Canada is likely to be more than twelve (12) months after submission, depending on an applicant’s cases.
The two (2) streams were affected with issues and were subject to two major fraud investigation, conducted by the Canada Border Services Agency (CBSA).
In the first, two defendant were accused of fraud over allegation hundreds of immigrants claimed to have lived at just three locations or addresses on the island, as required by the entrepreneur stream.
The second probe shows a similar scheme and a similar number of people.
Prince Edward Island now operates a single entrepreneur stream, the Work Permit Stream.
This brings Prince Edward island into line with the other Canadian provinces by offering a two-step pathway to permanent residence.
Candidates create their business in the province while on a temporary work permit, with an invitation to apply for permanent residence only granted once specific requirements have been met.
What Are The P.E.I. Work Permit Stream Eligibility Requirements?
- Apply to the government of Canada for a work permit that would allow the candidate to work for the business in which they will invest in and operates.
- Possess a personal net worth of at least $600,000. This net worth must have been gotten legally and legitimately.
- Possess at least a high school education certificate
- Have prior experience and sufficient talent in business management.
- Score a minimum of 4.0 on the IELTS within the past two (2) years
- Provide a detailed business plan. The business must qualify under PEI program requirement. For a general overview of PEI business immigration streams, click here.
- Provide active and on-going operations of the business from within Prince Edward Island.
- Make a sum investment in a Prince Edward island business of at least $150,000.