Transcend Alerts Immigrant Investors Regarding Special Measures on Iran announced by the Canadian Government

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Canada has introduced additional measures, joining the international community in exerting additional pressure on Iran’s nuclear program. These gazetted directives affect Iranian nationals, especially those applying under Canada's Immigrant Investor Program by hindering their ability to transfer the investment to a Canadian Bank. However, there are options for such individuals, as Transcend discusses in this article.

Qualified applicants can apply under the Federal or Quebec IIP. Both programs have different documentation requirements and processing period. Individuals are encouraged to contact the author for further information.

The international community has started reacting to the International Atomic Energy Agency (IAEA)’s November, 2011 assessment of Iran's nuclear program. Canada has revised its Special Economic Measures Act (SEMA), which has significant effect on the immigrant investor applicants from Iran.

The measures, among others make it difficult for qualified applicants under the Immigrant investor program to transfer the investment amount to a Canadian financial institution. In fact, the measures prohibit persons in Canada and Canadians outside Canada from providing or acquiring “any financial services to, from or for the benefit of, or on the direction or order of, Iran or any person in Iran".

Who is affected:
The measures are limited to Iranian nationals, defined as persons holding Iranian citizenship, or persons residing in Iran.

Who is NOT affected:
All nationalities, other than Iran are not affected.

Canada's Immigrant Investor Program (IIP):
Canada has a no. of Immigration programs. The Immigrant Investor program is one of the Business Immigration programs, that allows qualified business and high net worth individuals and their families to acquire permanent residence in Canada.

The criteria to qualify under Immigrant Investor Program are as follows:

  • Net worth of CDN$ 1.6 million
  • Investment of CDN$ 800,000 with an authorised financial institution for 5 years, without interest (Alternatively, Applicants may pay a financing amount to these institutions)
  • Business management experience of a minimum of 2 years (in the last 5 years).

Qualified applicants can apply under the Federal or Quebec IIP. Both programs have different documentation requirements and processing period. Individuals are encouraged to contact the author for further information.

Steps for Iranian Nationals:
According to a recent directive, the Canadian government will issue a special permit in deserving cases, so that the qualified Iranian Nationals may be able to transfer the required funds. Such applicants are cautioned to consider additional processing times involved in permit application, when planning their immigration timelines.

Steps for others:
Individuals, who feel that they qualify and interested in immigrating to Canada under the IIP may contact the author for further guidance.

For more information about the above measures, or about Canada's Immigrant Investor immigration programs, contact Deepak Kohli or visit http://www.transcendconsultants.com.

Transcend Consultants is a full-service Canadian Immigration Consultancy firm, operating from Brampton, Ontario and serving clients globally. Their practice areas cover economic and family immigration programs, and focuses on immigration for business or investment purposes. Their principal consultant, Deepak Kohli, a management graduate with training and wide ranging experience in various Canadian immigration programs fuses his experience with a variety of industries for successful immigration outcomes.

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Deepak Kohli, RCIC
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