Do you want to buy a property in Canada to get citizenship? If YES, here is an insider idea on how to get Canadian PR and citizenship by buying a property.
Acquiring a house is the most critical aspect of everyone’s life. It could be for retirement, family, or even leisure purposes. A lot of people would want to buy their houses in an area that would get them more than a place to live and be comfortable, but also a place that can give them an added citizenship status.
Canada, with its exceptionally growing economy and its open door policy for immigrants, is very attractive to the open world and a lot of people are seeking different ways to gain residency status in the country.
Is It Possible to Get Canadian PR and Citizenship by Buying a Property?
Granted, there are a few countries that would allow foreigners to get citizenship status in the country if they are able to acquire property in the said country, but sadly, Canada is not one of those countries.
It is an established fact that buying real estate in Canada does not qualify any non-resident to become an automatic citizen of Canada. Every non-citizen in Canada must first go through the immigration process before he or she can become a full citizen.
However, people from all over the world are allowed buy a property in Canada without restrictions on the kind or value of the real estate. It is important to note, however, that owning a property will in no way facilitate your immigration status.
Many foreign nationals own a vacation or investment property in Canada. You too can visit Canada, buy and live in your house with a valid visitor visa for a limited time, usually a maximum of 6 months in a year.
You should note that if you are making the real estate investment solely for immigration reasons, buying a business instead may result in a faster entry into Canada rather than buying a property.
What If You Buy a Small Real Estate Company or Start a Property Business in Canada?
Now this is definitely a catch. What if rather than just buying a property in your name, you go through the immigration program for startups and business owners, then buy or invest in starting a property company in Canada and buy your property through the firm. How about that?
Now i don’t know how plausible or workable this idea is but i do know for sure is that there’s always a legal loophole in every policy you can take advantage of if you are a smart businessman or investor. You can talk to an immigration consultant and then a property attorney for more insights on this.
Steps to Purchasing a Property in Canada
Having established the fact that one cannot get citizenship status in Canada by just buying a property, but foreigners usually buy properties in Canada as a vacation spot, or in order to have somewhere to stay while they regularize their immigration status.
If you still want to go ahead and buy a property in this country, you should know that buying a property in Canada is complicated process. The transfer process usually takes between 60 and 90 days. If the property, is vacant it could be closed within a month.
Here are the steps to take if you want to buy a property in Canada as a foreigner.
- Find a local realtor to begin the search
Realtors are licensed real estate professionals who will source properties, act as a negotiator with the seller’s realtor on the buyer’s behalf, and advise in the completion of the transaction. A realtor will also act on behalf of the buyer to locate the best property. Realtor fees are paid by the seller upon completion of the sale of the property.
2. Get pre-qualified for mortgage
Properties are usually purchased with the aid of a mortgage, so you have to know if you are qualified to get mortgage in the country. Get pre-qualified for a mortgage from the bank so you know exactly how much you can afford and can then narrow the properties list down.
3. Preview properties to find a suitable one
Having sorted out your mortgage, you now have to start reviewing the properties that are available within your range to see the one you love. Have a local realtor preview all properties, with you if possible, to locate the most suitable home. If you are not resident in the country as at the time, you have to do the reviews online, and you should be able to trust the advice of your realtor.
4. Write a contract of sale and purchase agreement
Once the buyer has located the property they wish to purchase, the realtor will now have to write a contract of sale and purchase agreement. Once the document has been signed by the buyer, the realtor will present the contract to the seller’s realtor. The contract should include detailed information the land title search and a home inspection, as conditions will have to be approved before the transfer of funds.
5. Transfer money and register the property
After the agreements have been sorted out, your realtor would now have to contact the appointed Canadian real estate lawyer or notary public for conveyance of mortgage, transfer of monies and your registration on the property.
6. Move in on possession day and enjoy a new home in Canada
After going through the above steps, and getting your property, you are now ready to move in and take possession. Note that you have to sort out your visas first before you can visit the country and stay for an amount of time.