Canada: Quebec Immigrant Investor Program to Reopen in January 2024 with Some Stricter Eligibility Requirements

November 9, 2023

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Country / Territory

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.

  • 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.

The related conditions that will apply when the program reopens are below:

CHANGE

DETAILS

Stricter eligibility requirements

 

Among the new requirements for applicants that will take effect when the program reopens are:

  • demonstrating spoken proficiency in French at a level 7 (on the Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes test) within the first two years of arriving in Quebec;
  • having at least a secondary school diploma at the time of submitting the application;
  • obtaining a Work Permit from Immigration, Refugees and Citizenship Canada (IRCC) after obtaining a CSQ and before applying for permanent residence;
  • residing in Quebec for at least six months within the two years following their work permit issuance. Spouses or partners included on the application must also have resided in Quebec for at least six months; and
  • Making a five-year-term, risk-free investment of CAD 1 million with IQ immigrants Investisseurs Inc. and a (refundable) financial contribution of CAD 200,000 to this company through a financial intermediary within 120 days of the decision. 

 

Relaxed measures

 

When the program reopens, applicants will benefit from the following relaxed measures:

  • Elimination of quotas. No caps or quotas on the number of applicants who can receive financing options for their investment from financial intermediaries.
  • No residence application deadline. Applicants will not have a set period in which they would need to apply for residence under the program.
  • Elimination of selection grid. Eligibility will be based only on the program’s requirements; when assessing applications, the government will no longer use a selection grid’s scoring system to adjudicate applicants’ profiles based on age, language ability, education, and work experience.

 

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. 

 

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.

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].

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