Quebec’s Department of Immigration, Diversity and Inclusion intends to accept a maximum of 1,750 new investment immigration applications between 20th January 2015 and 20th March 2015. The province shall accept a maximum of 1,200 applications from investors from the People’s Republic of China, Hong Kong, and Macao.
Under Quebec’s investment immigration program, investors are required to apply for issue of the selection certificates. Interested investors are free to apply for residency permit. The cases shall be analyzed and 1750 most-suitable cases shall be retained for issue of the selection certificate. In 2013, Quebec had accepted 1,250 applications from the total 5,000 applications that it had received.
Under the program, applicants with minimum net assets of $1.6 million are required to invest $800,000 through Investissement Québec into non-interest bearing government-backed Quebec government note with tenure of five years. The Quebec program requires investors to settle and reside in the province in the initial period after grant of residence.
The proceeds from the program are used to promote creation of jobs and economic growth through development of Quebec companies.
Attorney Colin Singer Commentary:
Since the Federal government eliminated its investor program in 2014, Quebec has become the face of Canada’s passive immigrant investor industry. At current thresholds this program is one of the cheapest in the residence through investment industry. Stakeholders expect the Quebec government to increase qualifying and investment thresholds from current levels when the program re-opens in the future.