Quebec’s provincial government has moved to delay the opening of the Quebec Immigrant Investor Program until April 1, 2021.
The decision was announced in the Official Quebec Gazette on Wednesday May 20, 2020.
Originally, the QIIP was scheduled to reopen on July 1, 2020, after it was paused on November 1, 2019.
It has been reported that the delay is not related to the current coronavirus crisis.
The Quebec Investor Program is the largest and most popular Canada business and investment immigration program.
It is passive in nature, meaning individuals are not required to establish or actively manage a business in the province.
The previous application window, which closed in fall 2019, saw 1,900 files received, including a maximum of 1,235 from China, Hong Kong, Macau and up to 665 from elsewhere.
Quebec Immigrant Investor Program: Requirements
- 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.
Applicants with advanced intermediate abilities in French language are not subject to quota limitations.
Under the current requirements, candidates must have a legally acquired personal net worth of $2 million and must invest $1.2 million into 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.
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The program is controversial because the vast majority of successful candidates choose not to settle in Quebec, instead preferring to move to other Canadian provinces such as British Columbia or Ontario.
Although candidates are required to declare their intention to settle in Quebec, authorities have little power to keep them in the province once they have permanent residence status.
Free movement within Canada for permanent residents is protected under Section 6 of the Canadian Charter of Rights and Freedoms.
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