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Tuesday, July 16, 2024
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Minimum Financial requirement for Kenyans immigrating to Canada

Minimum Financial requirement for Kenyans immigrating to Canada
Minimum Financial requirement for Kenyans immigrating to Canada

Kenyans aspiring to move to Canada as skilled immigrants under the express entry program must now prove they have at least Ksh1.3 million, according to a recent update by the Canadian Immigration Department in June 2024.

The new policy, which details the proof of funds requirement, is aimed at ensuring that prospective migrants have adequate financial resources to support themselves upon arrival in Canada. “Proof of funds is how you show us that you have enough money to settle in Canada. If we invite you to apply, you must give written proof that you have this money,” stated the Canadian government.

Applicants under the Federal Skilled Worker or Trades programs are required to provide evidence of their financial capacity. However, those with valid job offers in Canada or who are already authorized to work there are exempt from this requirement.

The financial requirement varies with family size. Single applicants must show they have Ksh1.3 million (CAD 14,690). For a family of two, the requirement is Ksh1.7 million, while a family of three needs to demonstrate possession of Ksh2.1 million. Larger families, such as those with seven dependents, must show they have Ksh3.6 million. For families with more than seven members, an additional Ksh371,000 (CAD 3,958) is required for each additional member.

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Interestingly, the policy mandates that applicants provide proof of funds even if their family members will remain in Kenya. To verify the availability of these funds, equity in real property is not accepted. Moreover, any attempt to borrow the required money will result in the application being rejected.

Applicants must secure official letters from banks or financial institutions where they hold accounts to provide the necessary proof. This measure ensures that new immigrants are financially prepared to establish themselves in Canada.

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BY NICK MWANGI

Read the Original Article on  https://nairobiwire.com/

Minimum Financial requirement for Kenyans immigrating to Canada

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