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The Province of Quebec has proposed new regulations for a number of its unique immigration programs, including the Quebec Immigrant Investor Program, or QIIP.
Quebec has several immigration programs, some which allow candidates to pursue Canadian permanent residence and some which allow candidate to apply for temporary residence in Canada.
The Quebec Immigrant Investor Program, or QIIP, is the only passive investment program offered by a Canadian province that can result in a Canadian permanent resident visa.
This investor program is typically quite popular, and quotas generally fill quickly. Last year the program had a quota of 1,900.
Among the changes introduced on March 28, the QIIP has increased both the net asset requirement and investment requirement from the last iteration of the QIIP. The previous requirements were net assets of CAD $1.6 million and an investment of CAD $800,000 respectively.
Under the new eligibility requirements of the QIIP:
– Candidates must have, whether alone or with the accompanying spouse or de facto spouse, net assets of at least CAD $2,000,000 whose lawful origin must be demonstrated; and
– Make a five-year term investment of CAD $1,200,000 with a subsidiary of Investissement Québec for which the foreign national has entered into an investment agreement with a financial intermediary authorized to participate in the program.
Other eligibility requirements include being over 18 years of age, having management experience, intending to settle in the province of Quebec and obtaining a passing score under Quebec’s points system.
During the most recent intake period, financing for the investment was available from financial intermediaries.
For interested candidates who now cannot qualify for this program because of these changes, the good news is that Quebec also announced new eligibility criteria for other non-passive program, including the popular entrepreneur category.
“These changes may be welcome news to candidates who satisfy the new requirements and who may now face slightly less competition,” said Attorney David Cohen, senior partner with the Campbell, Cohen immigration law firm in Montreal.
“The quota, however may still be reached quickly so interested applicants will need to be prepared.”
Interested applicants can contact the Canadian immigration law firm Campbell, Cohen in Montreal.