QIIP, Quebec Immigrant Investment Program
Government of Quebec has published draft regulations for all economic immigration programs in Quebec. This of course, includes updated regulations for the Quebec Immigrant Investor Program (QIIP).
The QIIP will retain some of its key features which have made it the most popular business immigration program in Canada for the last 20 years. These include:
- It will continue to be a passive investment immigration program. Applicants will not be required to establish a business in Canada and then become actively involved with the day-to-day management of it.
- Only regulated investment dealers and trust companies will be able to participate (financial intermediaries). This not only provides peace of mind to the investor, but also provides a mechanism for agents to receive compensation.
- The investment will be guaranteed by the Quebec Government, which will allow financial intermediaries to arrange financing for applicants.
Some of the key changes and new requirements can be summarized as follows:
- The principal applicant will need to demonstrate the following:
- they have a net worth of at least $2,000,000, which has been legally accumulated;
- they have at least 2 years of management experience in the five years prior to applying; and
- they have at least a high school (secondary) diploma.
- Once approved, the applicant will need to make the following financial contribution:
- CAD $1,000,000 five-year investment through an authorized financial intermediary, that is guaranteed by the Quebec Government (financing is available)
- CAD $200,000 non-refundable contribution to the Government of Quebec
- Principal Applicants and their families will then be granted temporary stay in Canada for three years. This status will allow the family to work and study in Quebec. Within the first two years of arriving in Quebec, the following will need to be demonstrated:
- The principal applicant needs to demonstrate that he has achieved Level 7 out of 12 on the Echelle quebecoise des niveaux de competence en francais;
- The principal applicant needs to demonstrate that they have spent at least six months in Quebec. In addition, the applicant or the spouse, must demonstrate they have spent an additional six months in Quebec.
- The applicant and dependents will then receive Selection Certificates (CSQ), and apply for permanent residence from within Canada.
At this stage, the 45-day public consultation has begun. The Government intends to use the summer months to study the comments and suggestions they receive, and anticipate that Cabinet will adopt the regulations and the final version will be published during the fall months. This sets the stage for a program reopening before the end of 2023.
CANADA INTERNATIONAL IMMIGRATION AND INVESTORS SERVICES, CANADA INTERNATIONAL-IEE Inc. has partnered with reputable financial intermediaries to arrange financing for applicants
For more information, please contact:
Regulated Canadian Immigration Consultant, RCIC
Certified Main Street Business Broker (CMSBB)
Member of CICC, The College of Immigration and Citizenship Consultants
Member of CAPIC
CANADA INTERNATIONAL IMMIGRATION & INVESTORS SERVICES
CANADA INTERNATIONAL-IEE Inc.
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