Canada: Quebec Immigrant Investor Program to Reopen in January 2024 with Some Stricter Eligibility Requirements
November 9, 2023
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At a Glance
- The Ministry of Immigration, Francisation and Integration will officially reopen Quebec’s Immigrant Investor Program (QIIP) on January 1, 2024, with changes to criteria and requirements.
- Key changes include stricter French language requirements, residence requirements and financial contributions in Quebec, and a new Work Permit step.
- On the other hand, the program will ease some measures such as eliminating quotas and relaxing the applicant selection process.
- The QIIP program will offer foreign investors an additional pathway to permanent residence in Quebec.
The situation
The Ministry of Immigration, Francisation and Integration will officially reopen Quebec’s Immigrant Investor Program (QIIP) on January 1, 2024, with changes to criteria and requirements.
Background
- Quebec Immigrant Investor Program. The QIIP is the only investment-based immigration program remaining in Canada, not requiring the applicant to operate or manage any business in Quebec upon completing the required investment. Under the program (which is specific to the province of Quebec), successful applicants and their families are granted a temporary stay in the province which allows them to live, work and study in Quebec. Once they meet the minimum residency requirements in Quebec, they can obtain a Quebec Selection Certificate (CSQ) which allows them to apply for permanent residence in Canada.
- Program suspension and subsequent developments. The program has been suspended since 2019 while the government reviewed it. In June 2023, the government of Quebec published proposed regulations to overhaul this program and opened a public consultation period for interested parties to submit their comments on the proposed changes. Following this process, the government has now officially announced the program reopening and the new criteria.
A closer look
The related conditions that will apply when the program reopens are below:
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CHANGE |
DETAILS |
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Stricter eligibility requirements |
Among the new requirements for applicants that will take effect when the program reopens are:
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Relaxed measures |
When the program reopens, applicants will benefit from the following relaxed measures:
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Unchanged criteria |
Among the program criteria that will remain unchanged are that applicants must have a net worth of at least CAD 2 million and at least two years of management experience in the five years preceding the application.
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Impact
While the stricter requirements will make it more difficult for foreign nationals to qualify (particularly for non-French speaking foreign nationals), the program’s reopening offers an additional pathway for eligible investors to settle in Quebec, particularly those who may not qualify for other programs or would prefer an immigration option with a higher passive investment component rather than a lower investment in a business but active involvement in the business in Canada.
Among the main purposes of the changes to the program is to ensure that applicants have French language proficiency, in line with the recently published 2024 Quebec Immigration Plans, which showcases the government’s commitment to preserving the French language in Quebec.
Looking ahead
The Ministry of Immigration, Francisation and Integration is expected to further clarify details on the application process and requirements closer to the January program reopening.
Individuals interested in applying should check the latest developments and contact their Fragomen professional for case-specific advice.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
