Important changes to the net worth and investment threshold under the popular Quebec Immigrant Investor Program have been announced by Quebec immigration authorities.
Under the changes, candidates must possess a legally acquired net worth of $2 million, up from the previous $1.6 million. Candidates must also invest a minimum $1.2 million over five years instead of the current $800,000. All remaining requirements remain the same.
It is expected that a new intake period and quota for the QIIP will be announced by the Quebec Minister prior to August 15, 2018, with stakeholders expecting a similar quota of 1,900 applications from previous periods.
The QIIP is suited towards high net worth individuals looking for an attractive passive investment program offering Canadian permanent residence. The Quebec Immigrant Investor Program is the only passive investment program of its kind in Canada and the second largest in North America after the EB-5 program in the United States.
Under the 2017/2018 subscription period, Quebec accepted a maximum of 1,900 applications including a maximum of 1,330 from China, Hong Kong and Macao and the balance of 570 applications from elsewhere.
New QIIP Program Highlights
To be eligible, applicants must demonstrate the following:
- A legitimately acquired personal net worth of at least $2 million;
- At least two years of senior managerial experience within the past five years in a private enterprise, eligible partnership, government body or NGO;
- Commit to making an interest free investment of $1.2 million in a prescribed (government guaranteed) investment for a period of five years;
- An intention to settle in the province of Quebec;
Applications must be fully documented at the time of submission. Prior to submission, Quebec immigration policy provides for the mandatory review of applications by approved financial intermediaries. Applications once submitted that are incomplete or otherwise inconsistent with the requirements, may be refused without request for outstanding documentation or incomplete information.
Approved financial intermediaries acting as facilitators are each given pre-determined allocation quotas within the overall maximum expected to be in the region of 1,900. Applicants who wish to secure a quota position with a financial intermediary facilitator may typically do so with a negotiated deposit.
For many business immigrants, one of the most significant benefits of moving to Canada, largely overlooked, can be the ability to distribute the accumulated profits of their foreign business in a tax-efficient, often tax free manner. This can represent a major financial tax benefit for individuals living in countries that impose high taxes on corporate distributions.
Canadian permanent residence gives you the right to live anywhere in the country, and access highly-regarded health and education systems. Click here for full details of the benefits of Canadian permanent residence.
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