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The most popular passive immigration program for the past 20 years leading to direct Permanent Residency is back in Canada. Yes, you’ve guessed correctly! It’s the Quebec Immigrant Investor Program also known as QIIP. It is proposed to re-open in November of 2023 and there are suggested changes to this program which are now under review. In this short article we’re going to cover these potential changes and tell you what to expect.
If you are interested in applying for immigration to Canada through the Quebec Immigrant Investor Program, look no further, that’s our specialty here at INGWE Canada. We have successfully supported applicants from +49 different nationalities. Click the link, fill out the form and get a FREE email assessment, click here.
The only official passive investment immigration program in Canada leading to direct PR, thanks to the independence of the province Quebec – if it was up to the Canadian Federal government, they would have never allowed such a program.
The program has been closed since the COVID-19 pandemic, and now as you may have guessed the coffers of the province of Quebec are empty, everyone is expecting a recession or already in one, and we need to fill the government’s pockets to keep the economy going. Thanks to this, there will be an opportunity for a specific number of successful applicants to receive direct permanent residency for their families by applying from overseas based on their personal net worth, a donation amount, and guaranteed refundable investment to the Quebec government.
Here is the eligibility criteria of the new program being proposed and being finalized this summer by the province of Quebec and its stakeholders. We will also be covering the main differences and advantages/disadvantages of the program and how you can prepare your application:
As before, applicants will not be required to establish a business in Canada or do any hands-on management work.
Eligibility Criteria:
1: To become eligible you need to have a net worth of all your assets totalling CAD$ 2,000,000.00 which should be legally accumulated.
2: You will require a high school diploma – as the main applicant.
3: You will need documented management experience of at least 2 years in the past 5 years.
Once you’ve been approved to the program, you will be asked to make 2 payments directly to the government of Quebec:
A: A non-refundable donation of CAD$ 200,000.00.
B: A CAD$1,000,000 million 5-year refundable investment guaranteed by the government of Quebec. Alternatively, you can also finance this $1 million through an approved financial intermediary of the province by paying a non-refundable one-time fee of approx. CAD$300,000. This figure is just an estimate now and it will depend on the final approved investment amount and prevailing interest rates at the time of application & payment.
With the new program the investment amounts have increased and the added donation as well.
In addition to these changes, the following significant changes are being implemented:
* The principal applicant and their families will then be granted temporary stay in Canada for 3 years with a work permit. This allows the family to study and work in Quebec while their application is under process.
* Within the first 24 months of arriving to Quebec on this temporary status, the following needs to be achieved by the main applicant: Achieve a French language level of 7 out of 12 on the Echelle Quebecoise des niveaux de compétence en français. Proof that the main applicant has at least spent 6 months inside Quebec.
After the above criteria has been met, the applicant and dependent family members, will receive a Selection Certificate also known as CSQ by the province of Quebec to apply for their final Canadian PRs.
If you are interested in applying for immigration to Canada through the Quebec Investment Visa, look no further, that’s our specialty here at INGWE Canada. We have successfully supported applicants from +49 different nationalities. Click the link, fill out the form and get a FREE email assessment, click here.
1: There is an additional donation amount of CAD$200,000 non-refundable to the Quebec government, which makes the total payment to them close to CAD$500,000 as a non-refundable amount, or CAD$200,000 non-refundable plus CAD$1,000,000 refundable after 5 years. This amount is higher than previous QIIP requirements.
2: The main applicant is required to learn French – it is now mandatory within the first 2 years of arriving in Quebec, before the applicant is nominated for PR. If the spouse has a better chance or understanding of the language, it might be better to select them as the main applicant instead.
3: It is now required to continuously reside in Quebec for at least 6 months.
4: The net worth accumulation will require detailed documentation for all assets and funds.
1: You don’t need to start or run a business in Canada. This is the only official passive investment program in all of Canada leading to direct PR.
2: The Quebec government is planning to make this a fast-track program, which means that you will be receiving a letter of support for your work permit within a very short time frame, and if you meet the conditions of the French language while studying in Quebec and the minimum residency in the province, you could potentially receive your Canadian PR (and the final selection certificate – CSQ) much faster than before.
Remember that if you are a French speaking national, you will always be prioritized in the Quebec Immigrant Investor Program.
Many applicants will prepare in advance for this program so when it opens, they will have their applications ready for submission. If you or your clients are serious, then the time to prepare is this fall when the program is finalized, and the opening date is published.
If you are interested in applying for immigration to Canada through the Quebec Immigrant Investor Program, look no further, that’s our specialty here at INGWE Canada. We have successfully supported applicants from +49 different nationalities. Click the link, fill out the form and get a FREE email assessment, click here.
If you’re thinking about immigrating whether permanently or temporarily - you’re at the right place! Our team speaks over +9 languages, and we help applicants from over 49 different countries during their immigration process. And this list is growing everyday! Get a FREE email assessment, click here.
