The Quebec Government has announced that the Quebec Immigrant Investor Program (QIIP) will be reopened as of January 1, 2024.
The QIIP is the only investment-based immigration program in Canada that does not require the foreign investor to show proof of active business management in Canada at the time of submission of the application, including proof of starting or establishing a business or the hiring of staff or employees in Canada.
The Quebec Government seeks to maintain a high level of francophone economic immigration in the Province of Québec. Proof of French language capacity on filing the application accepted by Quebec Immigration are a Certificate of Test Results or Diploma for a recognized French language test such as the TEFAQ, TEF Canada, TCF, TCFQ, and DELF/DALF, confirming that the applicant has reached a B2 level or higher in oral French (speaking and listening) and/or written French (reading and writing).
At the time of submission, applicants must also demonstrate that they meet the following criteria:
- They are at least 18 years old;
- They have a high school diploma at minimum (equivalent to a secondary diploma in Quebec);
- They have at least two years of management experience in the five-year period prior to submitting the application;
- They have at least CAD $2,000,000 of net assets (just under USD $1,500,000), accompanied with proof that the net assets have been legally accumulated.
In addition, interested applicants will have to sign and agree to an Investment Agreement with a Quebec Government-authorized financial intermediary. Once their application is approved, they will be required to make a CAD $1,000,000 five-year investment with IQ Immigrants Investisseurs Inc. (IQII), a Quebec crown corporation. The investment is guaranteed and bears no interest. Applicants will also be required to make a non-refundable financial contribution of CAD $200,000 to the Quebec Government.
Once the applicants have fulfilled the financial requirements of the Quebec Immigrant Investor Program, they will be directed to Immigration, Refugees, and Citizenship Canada (IRCC) to apply for a three-year Canadian Work Permit. The principal applicant and their spouse, if applicable, must meet a residency requirement of residing at least 12 months in Quebec within the first two years of being issued their Canadian Work Permits. The principal applicant must reside in Quebec for a minimum of six months, while the remaining six months of residency required can be satisfied by either the principal applicant or their spouse. Once they have satisfied this residence requirement, the applicant and the spouse can then apply for a Certificat de Sélection du Québec (CSQ) from Quebec and, once the CSQs received, apply for Canadian permanent residence with IRCC.
The Quebec Immigrant Investor Program is scheduled to reopen on January 1, 2024. There is no quota for the program, nor any deadlines for the submission of an application under the program.
As we have throughout the years, the Gomberg Dalfen team will continue to keep you updated about recent and new developments in Canadian immigration law. The Gomberg Dalfen team wishes you a happy holiday and a happy new year!
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Everyone at Gomberg Dalfen remains available to address any question, concern or mandate you may have. You will be able to reach us at our usual email addresses and telephone numbers. We invite you to contact one of our lawyers if you require assistance or have questions.
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