With a total of 1,900 applications, the Quebec Immigrant Investor Program will reopen September 10.
This typically popular program is the only provincial immigration stream allowing the applicants to obtain permanent residence through a passive investment.
This means that candidates are only required to make an investment in Quebec for a five-year team, whereas many Canadian provinces have immigration streams for entrepreneurs that require candidates to actively run a business.
As a result, quotas for the Quebec Immigrant Investor Program (QIIP) generally fill quickly. A maximum of 1,330 applications will be accepted from China (including Hong Kong and Macau) during the intake period, which is supposed to remain open until March 15, 2019.
Next week opening will be the first since modifications to the program’s eligibility criteria took effect on August 2.
The major modifications include higher net asset and investment requirements, which have been raised to CAD $2 million and CAD $1.2 million, respectively.
The previous requirements were net assets of CAD $1.6 million and an investment of CAD $800,000.
The investment must be for a five-year term with a subsidiary of Investissement Quebec and the investment agreement must be made through a financial intermediary authorized to participate in the QIIP.
The investment of CAD $1.2 million is guaranteed by the Quebec government and will be returned in full after 5 years.
Other eligibility requirements include being over 18 years of age, having management experience, intending to settle in the province of Quebec and obtaining a passing score under Quebec’s points system. Quebec’s other two Business Immigration Programs, the Quebec Entrepreneur Program and the Quebec Self-Employed Worker Program, opened August 15 to new applicants.
WHY INVEST IN QUEBEC INVESTOR PROGRAM
- Invested amount carries no risk and is guaranteed by the Quebec government and returned in full after five years;
- Immigration is provided to the immediate family members of the applicant including spouse and dependent children;
- The benefits enjoyed by individuals as permanent resident can be equated with the ones enjoyed by Canadians, to a large degree;
- Financing options are also available enabling investment amounts to be as low as CAD$ 350,000*.