The PEI Office of Immigration is introducing a Net Worth Verification Report as part of PEI Provincial Nominee Program: Business Impact Stream. This requirement will come into effect starting with applicants applying to the August 18, 2022 Invitation to Apply draw. Applicants applying to August’s draw and any future draw will be required to engage with a designated a net worth verifier within 15 days of receiving an Invitation to Apply (ITA). The net worth verifier will provide a report to the PEI Office of Immigration and the applicant. Please keep reading to learn more about the new net worth verification process:
Where can applicants find a net worth verifier?
There are two service providers designated by the PEI Office of Immigration:
1. Grant Thornton
Contact: Trevor Kennedy (Partner) CPA, CA
Email: PEIPNP@ca.gt.com
Phone: (902) 892-6547
Address: Suite 410, 98 Fitzroy St. PO Box 187 Charlottetown, PE, C1A 7K4
2. MNP
Contact: Roy Tong, Partner
www.mnp.ca
https://www.mnp.ca/en/services/enterprise-risk/provincial-nominee-program
Email: peipnp@mnp.ca / roy.tong@mnp.ca
Phone: (778) 374-2102
What does the Net Worth Verifier do?
The net worth verifier will create a report regarding the applicant’s net worth and send it to the PEI Office of Immigration and the applicant. The verifier will review the applicant’s personal net worth claims in order to determine: total verifiable personal net worth; validity of funds accumulated; all sources of income; ownership and value of declared assets; employmnet income evaluation; where further investigation is required.
The report is valid for 12 months from the date of issuance from the net worth verifier.
Net worth verifiers have 90 days after the issuance of the ITA to submit the report to the PEI Office of Immigration and the applicant..
When does the Net Worth Verification Report requirement start?
This new requirement will come into effect for the August 18, 2022 draw.
What are the applicant’s net worth verification responsibilities?
1. Within 15 days of receiving an Invitation to Apply (ITA) the applicant must engage with a net worth verifier designated by the PEI Office of Immigration.
2. The applicant must advise the PEI Office of Immigration of the net worth verifier service provider they have chosen.
3. If the net worth verifier is the same CPA providing advice on the applicant’s business plan, this must be disclosed to the PEI Office of Immigration.
4. Any and all costs associated with the net worth verifier is the responsibility of the applicant.
5. The applicant must submit documents regarding their net worth to the verifier.
What documents must the applicant submit to the net worth verifier?
1. Copy of the biodata page for applicant and spouse’s passports
2. Detailed resume for applicant and spouse (or common-in-law partner) which includes the following:
a. Summary of companies worked for
b. Positions held and duties
c. Period of employment
d. Breakdown of annual employment income
3. Reference letters for applicant and spouse from previous employers supporting work experience claimed for the EOI
4. Organizational chart
5. Narrative of income for applicant and spouse. If self-employed the applicant must submit the business license; tax records and financial statements for the most recent year; documents supporting ownership. (*must meet PEI Office of Immigration standards: applicant or spouse must own 70% of business, among other requirements.)
6. Most recent 12 months bank statements for all accounts owned by applicant and spouse (including explanations for large transactions)
7. Most recent 12 months fixed-term deposit certificates and statements
8. Property documentation including:
a. Title deed
b. Tax payment receipt
c. Purchase agreement
d. Property appraisal report made within the past year, which cannot state that it was made for the purpose of immigration
9. Most recent 12 months statements for stocks and other investments
10. Most recent 12 months statements for liabilities including loans, mortgages, and credit card accounts
11. Documentation supporting any other assets
More information about the net worth verification report:
The PEI Office of Immigration has the sole discretion and responsibility to assess the appication and request additional information.
If the applicant does not fulfill the net worth verification requirement, the application will be refused.
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