Feb 16, 2018 – Quebec immigration authorities will stop accepting new applications under the highly successful Quebec Immigrant Investor Program (QIIP) on Friday, February 23, 2018.
This means potential candidates have a week left to apply for the popular passive investment immigration program.
The QIIP is the only passive investment program of its kind in Canada and the second largest in North America after the EB-5 program in the United States.
Under the 2017/2018 subscription period, Quebec is accepting a maximum of 1,900 applications including up to 1,330 from China, Hong Kong and Macao and the balance of 570 applications from elsewhere.
The QIIP application quotas and the limited period of reception do not apply to applicants applying under the investor category who can demonstrate an intermediate to advanced level of French language proficiency through an approved standardized language test.
Quebec Immigrant Investor Program: Basic Requirements
To be eligible, applicants must demonstrate the following:
- A legitimately acquired personal net worth of at least $1.6 million;
- 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 $800,000 in a prescribed (government guaranteed) investment for a period of five years;
- An intention to settle in the province of Quebec;
- Application processing fee of $15,015.
Applications must be fully documented at the time of submission. Prior to submission, Quebec immigration policy provides for the review of applications by approved financial intermediaries. Submitted applications that are incomplete or otherwise inconsistent with the requirements, may be refused without requests for outstanding documentation or incomplete information.
Approved financial intermediaries acting as facilitators are each given pre-determined allocation quotas within the overall maximum of 1,900 applications. Applicants who wish to secure a quota position with a financial intermediary – facilitator may do so with a negotiated deposit.
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For many business immigrants, one of the most significant benefits of moving to Canada, largely overlooked, can be the ability to distribute the accumulated profits of their foreign business in a tax-efficient, often tax free manner. This can represent a major financial tax benefit for individuals living in countries that impose high taxes on corporate distributions.
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