Quebec’s immigration ministry has announced it will accept 1,900 new applications for the Quebec Immigrant Investor Program, starting September 15, 2018.
The revamped QIIP features increased investment and net worth requirements for the first time in nearly 8 years.
Quebec formally passed significant changes to its immigration system on July 18, 2018.
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The new QIIP requires an investment requirement of $1.2 million, up from $800,000. The qualifying net worth amount increases to $2 million, up from $1.6 million.
What Are the New Requirements under The Quebec Immigrant Investor Program?
- Legally acquired personal net worth of $2 million;
- Two years of suitable management or business experience within the five years preceding the application;
- Investment of $1.2 million into a passive government guaranteed investment for a period of five years bearing no interest;
- Intend to settle in the province of Quebec.
Quebec Immigrant Investor Program At A Glance
|Investment threshold||$1.2 million
|Net worth requirement||$2 million|
|Tax obligations||Canadian permanent residents have the same tax obligations as citizens.|
|Nature of investment||Passive investment over 5 years bearing no interest|
|Residence qualification||Immediate permanent residence|
|Processing time||Asian-based investors who make up majority of candidates wait 3-4 years|
|Physical presence requirement||To maintain permanent residence, you must live in Canada for at least two years in a five-year period. To qualify for citizenship, you must be physically present for three years in the last five, as well as meet other requirements.|
|Business experience required?||Yes, two years in the last five of suitable management or business experience.|
|Application window||The QIIP sets managed application periods, with the recent threshold set at 1,900 applications, including a maximum of 1,330 from China, Hong Kong and Macao. With families, the program welcomes 5,000 new permanent residents each year. The next application period is expected to open in Q3 2018.|
|Financing available?||Yes, formal financing schemes available|
|Controversies||The main controversy surrounding the QIIP is that investors use it as a back door to Canada (Vancouver and Toronto). Despite attempts to make investors state their intention to reside in Quebec, once they have permanent residence status, they are free to move anywhere in Canada. The program has been blamed for inflating house prices in Vancouver and Toronto.|
|Political climate||Canada’s political climate is stable and welcoming to new immigrants.|
Created in 1986, the Quebec Investor program is the largest and most popular Canada business and investment immigration program.
Of the new allocation of 1,900, a maximum of 1330 applications will be accepted from China and Macau and up to 570 from elsewhere.
Applicants with advanced intermediate abilities in French language are not subject to quota limitations.
Since the federal government terminated its version in 2014, the Quebec program has dominated the Canada business immigration landscape.
It admits more business immigrants than all the provincial nomination programs combined, accounting for $1 billion in direct investment to the province since its inception.
What Are Quebec’s Economic Immigration Targets For 2018?
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