On December 1, 2010, Citizenship and Immigration Canada will start accepting applications under the Federal Immigrant Investor Program since it has been suspended on June 26, 2010.

Under the new criteria, applicant must have a personal net worth of $1.6 million, up from $800,000 in the old criteria, and must be willing to make an investment of $800,000, up from $400,000 in the old requirement.

According to CIC, the changes were necessary to catch up with the growing demands of the economy.

The Immigrant Investor Program was suspended due to the high volume of applications leading to longer processing times. Raising the requirements will regulate the flow of applications while ensuring Canada accepts businessmen who can contribute significantly to the country. Higher investments mean the provinces and territories will obtain more funds for job creation and ventures for economic progress.

Applications received on or after December 1, 2010 will be subject to the new criteria and will be processed alongside with the old ones.