Immigrant Investor Program in Ontario
The Ford government launches an Immigrant Investor Program in Ontario with 100 immigrants pledging $200,000 each.
– Ontario is planning to accept 100 immigrants over the next two years under a program that allows foreign entrepreneurs to apply to immigrate to the province after investing at least $200,000 in the province’s economy.
Labor Minister Monte McNaughton says the government will focus on attracting international entrepreneurs to Ontario communities outside the Greater Toronto Area.
After starting a new business or buying an existing business in Ontario, these entrepreneurs will be nominated to immigrate under the province’s economic immigration program, he says.
McNaughton says the new initiative will cost the state $6 million.
He says the province expects at least $20 million in business investment through this influx of immigration.
The previous Liberal government in Ontario established the stream in 2015.
“I see immigration as one of the key economic drivers of Ontario’s growth,” McNaughton said. “There’s an opportunity to create new jobs outside of the GTA, to create more jobs for people across the province.”
McNaughton said the program will help Ontario’s economy recover after the Covid-19 pandemic.
“We need to be aggressive if we want to use post-coronavirus better to attract entrepreneurs to Ontario,” he said.
Last month, Ontario asked the federal government to double the number of immigrants allowed under the Ontario Immigrant Investor Nomination Program — from 9,000 to 18,000 a year — a program aimed at boosting the skilled workforce.
McNaughton said the province is facing a significant labor shortage that has been exacerbated by the impact of the Covid-19 pandemic.