Immigration authorities in the Province of Quebec announced they will begin to accept new applications under its highly successful Quebec Immigrant Investor Program for a limited period starting August 31st 2015 until January 31st 2016.
This comes as welcome news for high net worth individuals looking for an attractive passive investment scheme offering Canadian permanent residence. With the recent closure of the Federal Immigrant Investor program, the Quebec program is the only program of its kind in Canada.
Under the new subscription period, Quebec will accept a maximum of 1750 applications during the subscription period including a maximum of 1200 from China, Hong Kong and Macao. Interested applicants are accordingly encouraged to act early to increase their chances of having their application selected for processing.
The application quotas and the limited period of reception do not apply to applicants to the investor category who can demonstrate an intermediate to advanced level of French language proficiency through an approved standardized language test. Applicants who can meet this requirement may submit an application anytime during the period beginning April 1, 2015 through March 31, 2016.
To be eligible, applicants must demonstrate the following:
- A legitimately acquired personal net worth of at least 1.6 million Canadian Dollars;
- At least two years of senior managerial experience within the past five years in a private enterprise, eligible partnership, government body or NGO;
- Commit to making an interest free investment of CAD $800,000.00 in a prescribed (government guaranteed) investment for a period of five years;
- An intention to settle in the province of Quebec;
- A application processing fee of C$15,000.
The application process proceeds under one-step with a tempered list of documentation from previously. Applications must be fully documented at the time of submission. Quebec policy now provides for the refusal of applications that are incomplete or otherwise inconsistent with the requirements, without requests for outstanding documentation or incomplete information.
Interested readers are invited to complete our Free Online Evaluation to determine whether they qualify for immigration to Canada as an Immigrant Investor. Our immigration professionals will provide evaluation results within two business days.
The Quebec Immigrant Investor Program (QIIP) is struggling to attract investors to its program following the introduction of strict new regulations.
Reports indicate that the scheme failed to fulfil its 2014 quota by a significant margin, despite the application deadline being extended three times. The application window was initially set to be open for just 12 days last September but was eventually launched earlier this year and recently closed on March 20th.
This is in stark contrast to 2013, when the application window was open for just two weeks when it received 5,389 valid applications. The 2012 target of 2,700 applications was reached in under a month. But for 2014, the QIIP repeatedly failed to meet its quota of just 1,750 applicants.
Historically, the QIIP has been one of the world’s most successful immigrant investor programs. It has been especially popular with wealthy Chinese nationals who have dominated the scheme for several years. From 2002 to 2012, the QIIP brought a total of 54,640 investor immigrants to Canada, out of which 35,966 were wealthy Chinese nationals.
The sharp drop in applicants is being blamed on strict new rules and documentation requirements imposed by Quebec’s authorities last year, along with substantially higher application fees. Sources say Quebec’s authorities have raised the bar too high and will have to change their selection criteria to bring back investors from China. The mainland has a huge pool of rich would-be investor immigrants eager to migrate but who would not currently qualify under Quebec’s new rules.
Quebec announced last month that the 2015 QIIP application subscription period would operate for five months beginning August 31 through January 31, 2016. This in itself is a confirmation that Quebec has been forced to acknowledge the difficulty in applicants meeting program requirements.