Under the old investor program, applicants had to invest $200,000 in a business within the province. To qualify under the new investor program, applicants will have to either invest $1 million for five years as a loan or buy one-third ownership in a P.E.I. company. The new rule changes will also allow farmers and fishermen to apply through the program.

The Government of Canada has placed a limit of 400 nominations allowed for Prince Edward Island this year. Innovation Minister Allan Campbell expects the province to reach 400 nominations and is hopeful that cap limit will increase. Campbell also noted, as immigration is the number one reason for Canada’s population growth, having a new immigration program approved is greatly important.

Canadavisa.com will report all details of the program as soon as they are announced next month.