Quebec Immigrant Investor Program (QIIP) Will Resume on January 1, 2024

After a long pause since Nov 1, 2019, the Quebec Immigrant Investor Program (QIIP) was reopened on Jan 1, 2024, with new qualification and investment requirements. The program is intended to permit business people and their families to reside in the province of Quebec as permanent residents on an unconditional basis. It is the only business immigration program in Canada that does not require applicants to acquire or purchase a business or employ Canadians. It is the only passive investment business immigration program in Canada after the Canadian Federal Government has terminated the Federal Investor Program.

The QIIP was first established in 1986. Throughout the past decades, the program has increased its investment limit from CAD$400,000 to CAD$800,000 and eventually to CAD$1,200,000.

To be eligible, all applicants must meet the New investment requirements** as well as the following criteria:

• Have 2 years of senior management experience in the last 5 years
• Have a legally accumulated net worth of CAD$2,000,000 (including spouse assets)
•   Provide documents supporting source and origin of invested funds
• Have completed studies equivalent to secondary education in Quebec
• Show Level 7 spoken French language proficiency (intermediate)
• Obtain an attestation of learning about democratic values and Quebec values for spouse and adult dependent children

New Investment Requirements**

As of January 2024, the financial contribution required to qualify for the Quebec Immigrant Investor Program has been divided into a donation and a term investment, totalling CAD$ 1,200,000.

Applicants will have to sign an Investment Agreement with an authorized financial intermediary that has signed a participation agreement with the Ministère and with Investissement Québec – Immigrants Investisseurs Inc. Within 120 days of the acceptance decision, they will be required to make a CAD$1,000,000 five-year investment with the Quebec Government.  The investment is guaranteed, and bears no interest.  Investors can either deposit the full amount (Full Investment), or finance the required amount (Financed Investment) with the financial intermediary.

Application Procedures:

1. After meeting all the selection conditions and completing the new investment requirements, applicants can apply for a three-year work permits from Immigration, Refugees and Citizenship Canada (IRCC).  During the first two years, they will need to be able to demonstrate that they resided in Quebec for at least 12 months.  6 months of that must be spent by the principal applicant, while the remaining 6 months can be spent by either the principal applicant or spouse.
2. Applicants can then obtain Quebec Selection Certificates (CSQs) and apply for permanent residence.
3. For those who are interested in applying for this program, you will need to ensure that you meet all of the above listed criteria and are ready to reside in Quebec with a Work Permit while waiting to be granted a CSQ which then allow you and your family to apply for your Permanent residence. For French speaking investors who would like to move to Quebec, this is worth looking into.
4. For investors who do not speak French or do not want to reside in Quebec, they will have to consider other immigration programs such as the Provincial Nominee Programs (PNP) or the Startup visa (SUV).

Disclaimer

The information provided above is for general private reference purposes only and is not intended to be a comprehensive explanation of Canadian immigration laws or a substitute for professional legal advice. Rothe International Canada is not responsible for any losses caused by the use of the above information.

If you have any specific questions, you are welcome to contact Rothe International Canada directly at (852) 2868 3780 or fill in our online enquiry form.