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.
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 residency 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 a business on PEI.
PEI’s government in a news release said, “Concerns were raised over the number of deposits being fortified 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 Economic Development and Tourism Minister, Chris Palmer said, “As a government, we must ensure that our programs are working to benefit our province.” He further said that this decision will ensure that our programs are working in the best interest of Islanders.
The elimination of two streams doesn’t spell the end of business immigration to the province. PEI stated that it will continue to accept applications through its Work Permit Stream.
Through this stream, the candidates 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.