September 23, 2018 – It will cost a candidate $1.2 million to immigrate to Canada through the Quebec Immigrant Investor Program (QIIP).
Quebec’s immigration authority (MIDI) increased the threshold for the current application window. Previously it was $800,000.
It is a passive, government-guaranteed investment for a period of five years bearing no interest. The investment is returned after five years. The Quebec government keeps the interest accrued.
The Quebec Investor program permits applicants to finance the bulk of their investment through designated financial intermediaries. Typically, the financing schemes require payment of $350,000 before the intermediary loans the balance of $850,000 to meet the required $1.2 million investment. The government approved financial intermediary then deposits the entire sum with Investissement Québec. The down payment is not refunded at the end of the five-year period. The bank takes fees and interest from the down payment, the immigration agent receives commissions from the down payment. The net cost to the investor is the down payment.
The $350,000 down payment is referred to as a walk away amount and represents the approximate lost opportunity cost of interest that would have been earned if an applicant invests $1,200,000 in the open market for 5-years.
Candidates are also required to have a legally acquired personal net worth of at least $2 million. This was raised from $1.6 million for the 2018-19 intake period.
The Quebec Investor program is the largest and most popular Canada business and investment immigration program.
How To Qualify Under The Quebec Immigrant Investor Program
New Quebec Immigrant Investor Program (QIIP) Opens
Two-Thirds of Residents Back Same or Increased Quebec Immigration Levels
Quebec Immigrant Investor Program (QIIP) to Accept 1900 New Applications with Higher Investment Requirements Beginning September 10, 2018
QIIP is the only option in Canada for high net worth business immigrants to secure Canadian permanent residence on the basis of a passive investment.
The 2018/2019 application period opened on September 10, 2018 and runs until March 15, 2019.
A maximum of 1,235 applications will be accepted from China, Hong Kong, Macau and up to 665 from elsewhere. Applicants with advanced intermediate abilities in French language are not subject to quota limitations.
Since the federal government terminated its version in 2014, the Quebec program has dominated the Canada business immigration landscape.
Quebec admits more business immigrants than all the provincial nomination programs combined, accounting for $1 billion in direct investment to the province since its inception.
What Are the New Requirements under The Quebec Immigrant Investor Program?
- Legally acquired personal net worth of $2 million;
- Two years of suitable management or business experience within the five years preceding the application;
- Investment of $1.2 million into a passive government guaranteed investment for a period of five years bearing no interest;
- Intend to settle in the province of Quebec.
What is the QIIP process?
- Gather documentation supporting your personal net worth and managerial experience. You must also prove the legal, historical accumulation of all your assets.
- The completed application is reviewed for compliance, by an approved licensed financial intermediary with quota allocations from Quebec immigration authorities.
- The application is then submitted to Quebec immigration authorities.
- A file number is issued by Quebec within 30-days after reception.
- A notice of interview or interview waiver takes place within 12 months after submission.
- A decision takes place within 30 days after interview.
- Approved applicants will be requested to make their investment within 110 days of a positive decision.
- After investment you will receive a Quebec Selection Certificate (CSQ). This document allows you to apply for permanent residence at the federal level.
- Submit a full application to federal immigration authorities, who will conduct security and medical checks.
- Depending on the visa office, applications are finalized to visa issuance within a range of approximately 12 months (North America, Western Europe and South America) to 44 months (China).
- After approval, passports are requested and a confirmation of permanent residence (COPR) is issued to the applicant and dependants.
- Applicants and dependants must travel to Canada before the expiry date on the COPR document. The COPR will have a validity date near 12-months, corresponding to the 1-year anniversary of the medical exam.
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