Introduction:
For entrepreneurs seeking a new beginning in North America through investment, the dilemma of “USA or Canada?” is a critical decision point. This article dissects the “Permanent Residence by Investment” programs in both countries - the renowned EB-5 program in the USA and Canada’s Entrepreneur pathway, known as C11. These pathways offer routes to secure permanent residency or a Green Card through strategic investments in business ventures.
USA’s EB-5 Visa Program:
In the United States, the EB-5 program acts as a gateway for foreign investors. To obtain this investor visa, one must invest in either a new or existing American business. Upon approval, conditional temporary residency is granted for two years, paving the way for a Green Card and permanent residence.
Canada’s Entrepreneur Program:
Canada, known for its diverse business immigration options, boasts the C11 Entrepreneur Stream tailored for foreign investors and entrepreneurs. This program requires the establishment of a new business or acquisition of an existing one in Canada. Upon C11 approval, a Canadian work permit is issued for two years, leading to a path to permanent residency.
Choosing Between the USA and Canada for Permanent Residence by Investment:
While both the US EB-5 Program and Canada’s Entrepreneur streams offer paths to permanent residency, their procedures significantly differ. Canada’s C11 Entrepreneur stream stands out for its flexibility, efficiency, and accessibility to foreign entrepreneurs, investors, and businesses.
Factors to Consider: Canada vs. US Immigration:
1. Flexibility in Entrepreneur Immigration:
Canada provides a higher degree of flexibility in business immigration compared to the United States, offering diverse avenues for foreign business owners, including business transfers, franchise investments, or establishing new ventures.
2. Education:
The cost of education in Canada is notably more affordable than in the United States, making Canada’s residency by investment appealing, especially for those planning their children’s college or university education.
3. Healthcare:
Canada provides free public healthcare, a feature absent in the United States, making it a critical factor for those considering citizenship by investment.
How Business Immigration Works:
Regardless of applying for an EB-5 Visa or an Entrepreneur Visa, the fundamental concept of business immigration remains consistent – investing in a business within the country of intended immigration. Investment amounts, processing times, job creation requirements, and timeframes for achieving permanent residency vary significantly.
Comparative Overview:
Aspect:
-
Investment Amount:
- USA (EB-5): $800,000 to $1,050,000 USD
- Canada (C11): No minimum, recommended - $250,000 CAD
-
Job Creation:
- USA (EB-5): At least 10 jobs
- Canada (C11): 2+
-
Processing Times:
- USA (EB-5): Stage 1 - 18-29 months
- Canada (C11): 3 weeks – 4 months
-
Family Members:
- USA (EB-5): Eligible to join the principal applicant
- Canada (C11): Spouse - eligible for work permit; Children - free schooling (excluding post-secondary education)
-
Time to PR:
- USA (EB-5): 4+ years
- Canada (C11): 2+ years
-
Language Proficiency:
- USA (EB-5): Not required
- Canada (C11): May be required
Conclusion:
Choosing between permanent residency through investment in the United States or Canada demands a comprehensive assessment of factors such as investment prerequisites, job creation mandates, processing durations, and treatment of dependent children. Individual circumstances and objectives play a pivotal role, and seeking legal counsel is advisable to navigate the complexities of these immigration procedures. Note that this information is subject to potential changes.