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It is final! The Quebec Immigrant Investor Program (QIIP) will reopen on September 10, 2018. The program offers qualified high net worth individuals and their families the opportunity to immigrate to Canada through the Province of Quebec. Unlike in many other provinces that require individuals to actively run a business, Quebec’s program allows applicants to obtain permanent residence through passive investment.
In this blog, I will look at the eligibility criteria, benefits and challenges of this program.
Eligibility Requirements for Quebec Immigrant Investor Program
To be eligible for this program a candidate must have the following:
- legally acquired net assets of at least C$2,000,000;
- relevant management experience for at least two years in the five years preceding the application for a selection certificate;
- intention to settle in Quebec and to sign an agreement to invest C$1,200,000 with a government-approved financial intermediary. A financing option is available.
The program is subject to a yearly quota of 1,900 individuals unless the candidates have an advanced intermediate knowledge of French—verified by a standardized test recognized by the Quebec government.
What are some of the benefits of this program?
- It allows a candidate to park some money in Canada in return for residence.
- The threshold for qualifying, in terms of language, experience, etc., is acceptable comparing to other programs.
- Candidates do not need to actively manage the investment.
- The dependent family members will be granted permanent residence together with the candidate as the main applicant.
Is there a downside of this program? Yes, absolutely. The government processing times are lengthy. The processing time at the federal stage alone is currently at 47 months. This does not include the processing time at the provincial stage, which could take additional months, depending on the country of origin.
For more information, you can contact me at cmorariu@fragomen.com.