Ministry of Immigration, Francisation and Integration (MIFI) claims to reopen Quebec’s Immigrant Investor Program (QIIP) since 1st of January 2023. Nearly five years after its suspension in year 2019. In June 2023, the Quebec government published proposed regulations to revise the program and opened a public consultation period to provide comments on the proposed changes. After this process, the government officially announced the resumption of the program and new criteria.
Local residency by investment program of Quebec
The Quebec’s Immigrant Investor Program (QIIP) is the only investment-based immigration program to remain in Canada that does not require the applicant to operate or manage any business in Quebec after completing the required investment. The program grants successful applicants and their family members a temporary stay in the province, allowing them to live, work and study in Quebec. Once they meet the minimum requirements for residence in Quebec, they will be able to obtain a Certificate of Selection of Quebec (CSQ), which will allow them to apply for permanent residence in Canada.
The Quebec Immigrant Investor Program is the only passive investment program leading to Canada immigration for high-net-worth candidates.
New requirements of Quebec’s Immigrant Investor Program (QIIP)
- Demonstration of French language proficiency at level 7 (on the Échelle Québécoise des Niveaux de Compétence en français des Personnes Immigres Adultes test) within the first two years of arrival in Quebec.
- Making a five-year risk-free investment of $1 million CAD in government bonds and a financial contribution of C$200,000 to the government within 120 days of the decision.
- Applicant must prove a net worth of at least CAD 2 million.
- Possession of at least a high school diploma at the time of application.
- Obtaining a work permit from Immigration, Refugees and Citizenship Canada (IRCC) after receiving the CSQ and before applying for permanent residence.
- Living in Quebec for at least six months within two years after the work permit is issued. Spouses or partners included in the application must also have resided in Quebec for at least 12 months. The investor must reside for 6 months during the 2 years. And then the investor or the investor’s spouse must reside for another 6 months. Overlapping months, when investor and spouse residing 6 months together, do not count the 12-month total.
Federal residency by investment program of Canada
Canada’s federal immigrant investment residency program has been very popular among investors from all over the world. But at some point, there were too many applications, and they were processed too slowly. Currently, the federal program is not working. And Quebec’s new program, apparently, will be too complex in its criteria. So that a large number of investors can take part in it.
