The Quebec Immigrant Investor Program (QIIP), suspended since November 2019, will soon be relaunched with tighter restrictions and other criteria, the government of Quebec recently announced. This will be an offer specific to the province of Quebec and applicants are expected to take French proficiency exams. In fact, this will be an economic immigration program for Francophones. Therefore, applicants will be required to score at least 7 out of 12 on the Quebec scale. However, this option provides an opportunity for individuals interested in immigrating to Canada through the investor category.
The Quebec Immigrant Investor Program is the only passive investment program leading to Canada immigration for high net worth candidates.
“By 2026, our goal is to have almost entirely francophone economic immigration. We have the duty, as Québécois, to speak French, to pass on our culture and be proud of it,” – said François Legault, premier of Quebec. «Quebec has to make sure to protect its French language and culture before opening the doors wider». Premier François Legault says Quebec will never accept the same massive influx of permanent immigrants that the rest of the provinces seem to want to welcome in the future. The French language requirement is expected to make the pool of potential applicants significantly smaller. This change aims to promote the integration of immigrants into the province’s business community and ensure that nearly 100% of new economic immigrants to Quebec know French before 2026.
Quebec Immigrant Investor Program. New requirements
At the first stage of new QIIP, a temporary residence permit will be issued for a period of one year, and only then a permanent residence permit. Meaning that applicants would have to take up a temporary residency for the one-year duration. Before they can pursue a permanent residence under Quebec Immigrant Investor Program.
There will most likely be a limit on the number of applications for this program per year.
Applicants will be required to have two years of full-time management experience in a specific industry such as agriculture, commercial, industrial or in a government or international agency.
Investor will have to prove legally acquired personal net worth of $2 million. And also have a plan to settle in the province of Quebec.
The minimum investment for the program is expected to be CAD 1.2 million. However, that will include C$200,000 to be collected as a non-reimbursable contribution into a government investment fund, Investissement Québec. This would be the amount for a five-year, zero-interest investment that the investor gets back at the end of the five years.
