Le Grand Retour: The Quebec Immigrant Investor Program’s Contributions to the Canadian Immigration Sphere

The Ministry of Immigration, Francisation and Integration (MIFI) of the Province of Quebec officially reopened the Quebec Immigrant Investor Program (QIIP) in January 2024 by offering an additional pathway to Canadian permanent residence (PR).

The QIIP is the only passive investment-based immigration program in Quebec that does not require active business management upon completion of the required investment levels. Since this is the country’s only available passive-investment program, it is attractive to many with an entrepreneurial mindset and a genuine intention to settle in Quebec, but who do not want to participate actively in business activities.

When one is contemplating to immigrate into a new country, one must have a holistic review of the living conditions as well as permanent settlement processes before embarking on such a life-changing journey.

This blog highlights the pivotal and new factors of QIIP that were implemented into the former QIIP frame to help interested parties make an informed decision.

QIIP’s two-step process

The QIIP takes place in two steps:

1. Enabling the investor to obtain a notice of intention to select from MIFI (the application for a work permit must then be made within six months following the date of the notice of intention to select). This process can only be achieved once the minimum eligibility criteria are met and once MIFI receives confirmation of your investment amount and the financial contribution. Details surrounding investment amounts and financial contribution requirements are outlined below.
2. Obtaining the Certificat de sélection du Québec (Québec Selection Certificate, or CSQ), which is required to complete the PR process at the federal stage.

Parlez-vous français?

The QIIP stream requires foreign nationals to know spoken French, corresponding minimally to level 7, according to the Échelle québécoise des niveaux de compétence en français (Québec scale of French proficiency levels).

This new requirement will allow investors to facilitate integration into Quebec society and provide them with the confidence to participate in Quebec’s economic market.

One important aspect to highlight is that even francophones need to take the proper French language exam to demonstrate their French language skills.

Residency requirement

Foreign nationals utilizing the QIIP are required to remain in Quebec for at least 12 months (at least six months must be completed by the main applicant, and the second six-month period can be completed by the main applicant and/or by the applicant’s spouse/common-law partner).

Once the 12-month period is completed, foreign nationals are required to submit documentation to MIFI, proving their stay in Quebec.

Net worth and investment requirements

What remains unchanged from the previous QIIP is the requirement of having a net worth of at least CAD$2 million (including spouse’s assets), excluding any donations received in the six months preceding the submission of the application; and to have at least two years of management experience, acquired within five years preceding the submission of the application. 

In terms of investment and financial contribution, within 120 days of the approval of one’s application for a CSQ, a five-year, essentially risk-free investment of CAD$1 million with Investissement Québec - Immigrants Investisseurs Inc. (Investissement Québec), a Quebec crown corporation, is expected; and to pay a non-refundable financial contribution of CAD$200,000 to Investissement Québec.

At the end of the investment, the financial intermediary will reimburse the amount of CAD$1 million without interest, within 30 days of obtaining PR. One must enter into an investment agreement with a financial intermediary that has an agreement with Investissement Québec, and that financial intermediary will make both the investment and the financial contribution on the person’s behalf.

Considerations

The QIIP is providing an enticing opportunity to those who would like to invest in Quebec to obtain PR status with the overall goal of promoting the socio-economic integration of those who are selected for this stream.

Like in every PR stream that is available in Canada, interested parties should weigh the pros and cons before embarking on such an ambitious journey, and Fragomen can help to gauge the pros and cons and provide an assessment for making an informed decision before making Quebec a permanent home.

Need to know more?

The QIIP stream can be lengthy and, at times, challenging. Fragomen has extensive experience in all aspects of these applications and will be happy to assist. 

For queries on the QIIP program, please contact Partner Cosmina Morariu at [email protected] and Senior Associate Merve Bilgic at [email protected].

This blog was published on March 27, 2024, and due to the circumstances, there are frequent changes. To keep up to date with all the latest updates on global immigration, please subscribe to our alerts and follow us on LinkedIn, X, Facebook and Instagram.