Canada: Quebec Immigrant Investor Program Expected to Reopen with Stricter Criteria

Source: fragomen.com

Published: 7 June 2023

The government of Quebec has published proposed regulations which would overhaul all economic immigration programs in Quebec, including the Quebec Immigrant Investor Program (QIIP). They have also opened a 45-day public consultation period for interested parties to submit their comments on the proposed changes to the QIIP. The QIIP has been suspended since 2019 but is expected to reopen in early 2024 after the Cabinet analyzes public commentary and publishes final regulations. Among the proposed new requirements for applicants are: demonstrating French language proficiency (within the first two years of arriving in Quebec); having at least a secondary school diploma; residing in Quebec for a period of at least six months within the two-year period following their work permit issuance; and making a 5-year-term, risk-free investment of CAD 1 million with IQ Immigrants Investisseurs Inc. and a non-refundable financial contribution of CAD 200,000 to this company through a financial intermediary within 120 days of the acceptance decision. The QIIP remains the only business immigration program in Canada which does not require the applicant’s active involvement in the management of a Canadian business. Applicants must have a net worth of at least CAD 2 million and at least two years of management experience in the five years preceding the application. Applicants and their families are granted temporary stay in Canada for three years (which allows them to work and study in Quebec), after which they can apply for permanent residence in Canada. Fragomen will report on relevant developments.