The hold on Iranian Investor immigration for Canada has ended
By Author: Admin | March 6, 2012
The sanctions against transfer of funds between Iran and Canada that went into effect on Nov. 22, 2011 has ended. This means that Iranians applying for immigration status under the investor program can once again transfer the funds needed for their applications to be processed.
All applications under the investor program that had been received from residents of Iran had to be placed on hold pending the approval of the transfer of funds. Since the allowed limit for transfer of funds during the sanction was limited to $CAD40,000 this made it impossible for Iranians applying under the investor program to transfer the necessary funds to complete the application process. This also affected investor programs through Provincial Nominee Programs as funds equaling $CAD75,000 were necessary to process these applications.
However, if the Iranian had funds outside of Iran when the sanction was put in place they could still transfer it and their application would be processed within a normal time frame. Arrangements were made for investor applications filed by Iranians so that they could get the fund transfer approved through Minister John Baird personally. However, this was not widely known in Iran at the time. This arrangement was clarified for investors from Iran on Jan. 25, 2012.
The end of the sanction renders all these arrangements null and void. Investor applications from Iranians will now be processed in the usual manner. The problem that many people trying to apply for the investor program now face is that the program is closed at this time. However, it may reopen mid-way through this year. Stay in touch with your immigration lawyer or check back on the CIC website for more information about this.
Iran is one of the leading sources of immigrant investors in Quebec. Quebec operates under its own set of immigration regulations to some extent. However, they still have to abide by what the Canadian government rules in some cases. This can be confusing for some people applying through the investor program. We suggest hiring an immigration lawyer to help you with your applications if you are unsure whether to apply under the Canadian investor program or one of the Provincial Nominee Investor programs.
Normally the funds required for the Provincial Nominee Programs are lower; there could also be other incentives for investors to apply for this type of application. Quite often the Provincial Nominee Programs can offer investors an opportunity to enter into a fast growing economy. The Provinces are offering some very attractive opportunities in order to attract the investors and skilled workers that they need for their economic growth.
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