The Quebec Immigrant Investor Program will reopen September 10 for a total of 1,900 applications.
This typically popular program is the only provincial immigration stream that allows applicants to obtain permanent residence through a passive investment.
This means that candidates are only required to make an investment in Quebec for a five-year term, whereas many Canadian provinces have immigration streams for entrepreneurs that require candidates to actively run a business.
As a result, quotas for the Quebec Immigrant Investor Program (QIIP) generally fill quickly. A maximum of 1,330 applications will be accepted from China (including Hong Kong and Macau) during the intake period, which is scheduled to remain open until March 15, 2019.
Modified criteria
Next week’s opening will be the first since modifications to the program’s eligibility criteria took effect on August 2.
The main modifications include higher net asset and investment requirements, which have been raised to CAD $2 million and CAD $1.2 million, respectively.
The previous requirements were net assets of CAD $1.6 million and an investment of CAD $800,000.
The investment must be for a five-year term with a subsidiary of Investissement Quebec and the investment agreement must be made through a financial intermediary authorized to participate in the QIIP.
The investment of CAD $1.2 million is guaranteed by the Quebec government and will be returned in full after five years.
Other eligibility requirements include being over 18 years of age, having management experience, intending to settle in the province of Quebec and obtaining a passing score under Quebec’s points system.
To calculate your potential points under the QIIP scoring system, use the Quebec Immigrant Investor Program (QIIP) calculator.
Quebec’s two other business immigration programs, the Quebec Entrepreneur Program and the Quebec Self-Employed Worker Program, opened August 15 to new applications.
