A Canadian immigration through investment program launched last December, known as the Immigrant Investor Venture Capital (IIVC) Pilot Program, has received a mere six applications, as of June 8, far fewer than for its Immigrant Investor Program (IIP) that was scrapped last year. The data was revealed following an access to information request

The program was touted as a replacement for the IIP, long the world’s most popular wealth-determined immigration vehicle. Under the terms of the IIVC, investors are required to have a net worth of $10 million and make a non-guaranteed investment of $2 million over 15 years, to be invested in innovative Canadian-based start-ups with high growth potential.

Candidates must also prove proficiency in either English or French, as well as post-secondary education credentials.

Analysts have stated that the new program is less popular than its predecessor due to a combination of the high net worth requirement, large non-guaranteed investment, and language and education requirements.

The government of Canada had previously extended the intake period for applications.