Post-pandemic, almost every country and state are trying to retain its economic status. The government of Ontario takes one such initiative under Ontario Nominee Investment Program (ONIP). Ontario aims to provide immigrants and expatriates with Canadian residency by investment. This scheme became a permanent part of the Canadian schemes in 2009, and since 2015, it has only offered two residency by investment programmes.
Post pandemic, the ONIP launched a new scheme which aimed to provide 100 entrepreneurial immigrants with Ontario residency by either investing at least $200,000 or creating a business firm of the equivalent amount.
The scheme aims to create job opportunities in the region that will not remain centralized and provide the area with properties that will flourish around all the corners of the state.
Guidelines for the ONIP Residency by Investment Program
Those seeking to apply for this ONIP scheme will need to follow the below-mentioned guidelines to apply for the procedure.
- Applicant will need to invest as low as $200,000 for residency in the Ontario territory outside the GTA (Greater Toronto Area). This investment can be made by starting a new business or buying an existing one.
- Those who want residency within the Greater Toronto Area of Ontario will need to invest a minimum of $600,000. The separate schemes are introduced with the purpose of decentralization of the investments within the state.
- Once invested, the state government will keep a close eye over the business or the investment for at least 18 to 20 months. After that, the applicant will be nominated and preferred for residency in Ontario.
- With this nomination, the applicant will be able to proceed further for the state’s citizenship.
The government of Ontario aims for a $20 million investment in the region via this entrepreneurial ONIP scheme. Besides direct investment in a new or existing business, one can also buy shares in a digital or ICT industry. However, this partnership percentage can be as low as 33%.
During the pandemic, the Ontario state suffered some serious job losses. Therefore, for creating business and job opportunities in the state, the government was required to spend a minimum of $6 million. It was then that the government came up with this residency by investment scheme that could efficiently generate the state a handsome amount of $20 million, which will support the Canadian economy.
Besides this program, the government of Canada has also invited entrepreneur immigrants to work in the state. About 8,600 immigrants were allowed to apply for the program. The nominee number is also expected to rise soon. Monte Monte McNaughton, Ontario’s labour minister, Ontario’s labour minister, has pointed towards the prosperity that this immigration program will increase in 2022, and more seats will be generated for the scheme next time.
This citizenship by investment program will benefit the expatriates and immigrants and provide tremendous benefits to the local citizens of the state. New jobs will be created in the region that will ultimately increase the employment rate of the country and will efficiently cut the inflation that invaded the globe during the past year.