The Quebec immigration ministry (MIDI) has announced that the new Quebec Immigrant Investor Program will open on August 2, 2018.
Quebec Immigration Minister David Heurtel made the announcement on Twitter after the regulation was passed on Tuesday, July 3.
Heurtel also announced that effective August 2nd, Quebec will begin its new declaration of interest immigration system for economic immigration. The system will closely resemble the current Federal Express Entry immigration system.
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The revised immigrant investor program QIIP will feature increased investment and net worth requirements for the first time in nearly 8 years.
The new program will see an investment requirement of $1.2 million, up from $800,000. The qualifying net worth amount will increase 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.
Created in 1986, the Quebec Investor program is the largest and most popular Canada business and investment immigration program.
In past years, it accepted 1,900 investor applications annually, bringing 5,000 high net worth individuals and their families to Canada each year.
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.
Heurtel said the new skilled worker system, similar to the federal Express Entry system, will make Quebec immigration more modern, effective and efficient.
It is expected to reduce the processing time for economic immigration to less than a year.
Heurtel has previously called the change revolutionary’ and will give priority to skilled workers who who best meet the needs of the Quebec labour market.
What is the Process for the New Quebec Declaration of Interest Immigration System?
The Quebec immigration ministry previously announced the following details of the declaration of interest immigration system:
- Candidates submit a declaration of interest to Quebec immigration.
- Highest-scoring candidates are invited to apply for a Quebec Selection Certificate (CSQ).
- Candidates with an invitation, submit their completed application to the Quebec immigration ministry for a CSQ.
- Once a CSQ is issued, candidates submit the federal application.
Quebec has control over its own immigration system, with the power to set annual immigration levels independently of the rest of Canada.
What Are Quebec’s Economic Immigration Targets For 2018?
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