The Atlantic Province of Prince Edward Island announced today that it is eliminating its 100% Ownership and Partial Ownership entrepreneur streams.
The last draw will take place on September 20 and no more applications will be accepted after that day.
The 100% Ownership and Partial Ownership streams had been the source of controversy after a series of investigations by the federal government and various news organizations found evidence that they were being abused.
The streams allowed candidates to be nominated for permanent residence by PEI in exchange for opening a business in the province. Criteria included an escrow agreement to post a CAD $200,000 deposit with the province that would be refunded in part or in full should certain conditions be met.
It was revealed, however, that many of those approved for permanent residence did not open businesses on PEI.
“Concerns were raised over the number of deposits being forfeited once an immigrant arrived on Prince Edward Island and failed to open a business, keep it open, or decided to move to a different province after already receiving permanent residency,” PEI’s government said in a news release.
“As a government we must ensure that our programs are working to benefit our province,” said PEI’s Economic Development and Tourism Minister Chris Palmer. Minister Palmer. “This decision will ensure that our programs are working in the best interests of Islanders.”
The elimination of the two streams doesn’t spell the end of of business immigration to the province. PEI said it will continue to accept applications through its Work Permit Stream.
Candidates through this stream are issued a temporary work permit to start their business and are only nominated for permanent residence if the terms of their performance agreement are met.
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