No. Buying a property in Canada cannot give you residency. Note that buying a property in Canada does not even offer applicants for permanent residence any extra edge. Applicants will still be expected to meet all eligibility requirements irrespective of their country of nationality or any property ownership in Canada.
Canada is more or less one of the best countries to live in. A vibrant economy and democracy, advanced education and health care systems, and a knack for ethnic and racial tolerance all join to make it an attractive destination for immigration. According to reports, a fifth of the country’s inhabitants are immigrants from various parts of the world.
To attract foreign investment to Canada and bolster the economy, the government offers numerous immigration programs for wealthy individuals and entrepreneurs. If you are a foreign national without a work permit or study permit, and you own property in Canada, then you will only gain entry into Canada as a visitor in order to go to your Canadian cottage or home.
Have it in mind that owning property in Canada does not give any foreign visitor the right to enter Canada, even to enjoy the property they own in the country. If you are inadmissible to Canada, you will not be granted entry into Canada, even to visit the property you own.
According to experts, the most common reason for inadmissibility to Canada is criminal inadmissibility surrounding DUI charges. Even as an American citizen who owns property in Canada, you will be refused entry at the Canadian border if you have a criminal record. In Canada, application for permanent residence is separated into two phases, regional and federal.
An individual who intends to settle in Canada can apply via one of the Quebec immigration programs. Once they are selected by the Quebec authorities and receive their Quebec Selection Certificate, they will still be expected to apply to the Government of Canada for permanent residence. If your application is successful, you will get a permanent residence visa.
Investment Routes to Canadian Permanent Residence Status
Note that there used to be the Federal Immigrant Investor/Entrepreneur Programmes where applicants can obtain Canadian residency or citizenship faster and easier if they invest in the economy or open a business there. However, in recent times, this visa program has been terminated. Nevertheless, there are other regional immigration programs for business people. These programs include;
An investment agreement will have to be signed with an approved financial intermediary for the investment of C$1,200,000 for 5 years. Note that the number of signed agreements is subject to a quota. This investment is guaranteed by the Government of Quebec. Financing options are made available to applicants by brokers and trust companies. To qualify for this visa program, you will need to have the following requirements.
- Have at least 2-year management experience in planning, management, and control of financial, human, or material resources. This will have to be acquired 5 years prior to the application.
- Show net assets of C$2,000,000 acquired and available to you alone or together with your accompanying or de facto spouse at least 6 months before the application.
- The primary attraction of this program is that your investment will be returned to you in 5 years.
There are two basic components in this program: submitting a business project for the creation or acquisition of a business in Quebec. Note that this business will have to be of agricultural, industrial, or commercial nature. You will be expected to make a start-up deposit and a security deposit at a financial institution with an establishment in Québec with whom you have signed a deposit agreement. You will also need to use the start-up deposit to put up your business. A start-up deposit for a business outside the Montréal Metropolitan Community (MMC) is CAD $200,000 or CAD $300,000 if the business is located in the MMC. To be eligible for this program, here are the criteria to note;
- You will have to prove that you will manage it yourself or you will actively participate in it as a management and operations partner full-time on a daily basis (agricultural entrepreneur does not have to work full-time).
- You will be expected to control, alone or with your accompanying spouse or common-law spouse, at least 25% of the capital equity with a value of at least C$100,000.
- You are not permitted to purchase a business acquired by another entrepreneur under this program 5 years prior to your application.
Quebec Self-Employed Worker
The Quebec Self-Employed Worker Program allows eligible self-employed people to move to Quebec and create their own job. Successful applicants are able to immigrate to Quebec where they will create their own job by practicing a profession or trade on their own account. To qualify for the Quebec Self-Employed Worker Program, applicants will be expected to meet the following criteria.
- You will have to come to Quebec to create your own job by practicing a profession or business activities, alone or with other immigration candidates, with or without paid help (you must register with a regulatory body if your profession or trade is regulated in Quebec).
- You must make a start-up deposit at a financial institution in the region where you are going to work – C$25,000 if outside the Montreal Metropolitan Community (MMC) area or C$50,000 if inside the MMC area.
- Financial self-sufficiency with net assets of C$100,000 is available to you alone or together with your spouse if they are accompanying you.
- Legal and lawful source of assets.
- At least 2-year professional experience as a self-employed worker in the field in which you wish to work in Quebec.
- Relevant education and degree
Truth be told, you cannot immigrate to Canada by purchasing a residential property. Even if you own property in Canada, you will only gain entry into Canada as a visitor. If you gain entry into Canada as a visitor, the duration of your stay in Canada will be determined by Canada Border Services Agency when you speak with them at the border. Unless CBSA states otherwise, have it in mind that you are allowed to stay for 6 months from the day you entered Canada.