There has been no official announcement, but it is rumoured that the Quebec Immigrant Investor Program, which leads to a Canadian permanent resident visa, will reopen and begin accepting a limited number of applications on August 1st, 2013.
To qualify, applicants must be able to demonstrate that they have legally acquired a net worth of CAD $1.6 million, alone or with the help of their spouse or common-law partner.
In addition, applicants must have at least two years of management experience within the last five years. Interestingly, the management experience does not have to be in a commercial or industrial enterprise. As long as the experience is managerial in nature, it can be in agriculture, government or in an international organization.
Finally, a successful applicant will have to invest CAD $800,000 through a government-approved financial institution into a government-controlled corporation for a period of five years at a zero rate of return. Because the Quebec government stands behind the repayment of capital, financing the investment is an option.
After completing a medical examination and security check, successful applicants receive Canadian Permanent Resident visas. Three years of Canadian residency is required to become a Canadian citizen and eligible for a Canadian passport.
There has been no Canadian immigrant investor program open for more than a year, and according to Attorney David Cohen there is a significant pent-up demand.
“The last time a Canadian immigrant investor program opened to a limited number of applicants, it filled in a matter of days,” he said. “Unless a candidate is willing to begin preparing an application in advance, there is little chance that there will be sufficient time to gather supporting documents and submit the required forms before the quota is reached. In my opinion, the applicants who begin the process now are maximizing their chance for success.”
To find out if you may be eligible for the Quebec Investor Program, fill out a free online assessment form today.