Last Updated on July 14, 2011 by Steven Meurrens

On July 1, 2011, the third set of Ministerial Instructions came into affect. Dubbed M-3, the changes introduced have certainly grabbed the attention of what one immigration lawyer calls the oligarchy of overseas consultancy firms that specialize exclusively in investor applications.

Under the changes, a maximum of 700 new federal Immigrant Investor applications will be considered for processing each year. Assuming that success rates remain constant, this means that around just over 600 applications will be accepted each year.

All applications are to be sent to the Centralized Intake Office in Sydney, Nova Scotia.

The cap began on July 1, 2011. It was full by July 5, 2011, as numerous overseas facilitators and consultants rushed applications. Given the speed with which the applications were filed, I cannot think of any way that an individual can apply to permanent residency under the Immigrant Investor Program without the assistance of an extremely skilled facilitator or representative.