Quebec Investor Program Now Open for New Applications
A unique Canadian business immigration program opened for new applications on May 29. The Quebec Immigrant Investor Program (QIIP) offers international investors the opportunity to obtain permanent resident status in Canada by making a risk-free $800,000 CAD investment that is guaranteed by a Quebec government entity.
The QIIP is Canada’s only passive investor immigration program, and the program offers a number of other advantages. Certain other Canadian business immigration programs, as well as many programs internationally, such as the EB-5 program in the United States, require individuals to create a certain quota of jobs within a specified timeframe.
The QIIP, on the other hand, has no such requirement. Moreover, it also offers Canadian permanent resident status upon initial landing, with no interim status on a work permit. The applicant’s immediate family members may also be included on the application and obtain Canadian permanent residence, enjoying all the benefits that this status bestows, including universal health care and access to world-class education.
Further, the QIIP is a route not just to Canadian permanent resident status, but also to Canadian citizenship and the right to a Canadian passport.
Up to 1,900 applications will be accepted for processing during the current intake period, which is scheduled to run until February 23, 2018. A maximum of 1,330 of these applications will be accepted from foreign nationals from the People’s Republic of China, including the administrative regions of Hong Kong and Macao.
Though French proficiency is not required, applicants with an advanced intermediate proficiency in French are not subject to the intake cap and may submit an application at any time. Moreover, their applications are given priority processing.
The investment of CAD $800,000 is submitted through an approved financial intermediary (broker or trust company). This investment can be paid by the applicant, though brokers and trust companies also offer the possibility of financing the investment, which is guaranteed by a government of Quebec entity and returned in full after five years.
- Minimum net worth
Applicants must have, alone or with an accompanying spouse or common-law partner, net assets of at least $1,600,000 CAN obtained legally, excluding the amounts received by donation less than six months before the date on which the application was filed. Assets such as property, bank accounts, pension funds, stocks, and shares may be included.
Applicants must intend to settle in Quebec and sign an investment agreement agreeing to invest $800,000 CAD with an approved financial intermediary. The investment can be financed by a financial intermediary.
- Management experience
Applicants must have acquired a minimum of two years’ management experience in the past five years. The experience is not limited to commercial activities; it can also be gained at an international agency, department or government agency.
“Quebec offers something unique in the Canadian business immigration landscape, where investors may take a less hands-on approach to business. Indeed, the program may also be considered exceptional among international investor immigration programs,” says Attorney David Cohen.
“Based on previous application cycles, it is entirely possible that the QIIP intake cap may be reached before the scheduled end date next February. Therefore, I encourage potential applicants to take some initial steps, such as working with an eligible financial intermediary and proving net worth, as soon as possible. By doing so, potential applicants may have the greatest chance of success.”