Quebec Investor Program

The Ministry of Immigration, Francisation and Integration is set to officially reopen Quebec’s Immigrant Investor Program (QIIP) on January 1, 2024, implementing changes to criteria and requirements.

 

The QIIP stands as the sole investment-based immigration program remaining in Canada, exempting applicants from the obligation to operate or manage any business in Quebec upon fulfilling the required investment. Successful applicants, specific to the province of Quebec, and their families are granted temporary residence, allowing them to live, work, and study in Quebec. Upon meeting the minimum residency requirements, they can obtain a Quebec Selection Certificate (CSQ) to apply for permanent residence in Canada.

 

The program was suspended in 2019 for review, and in June 2023, the Quebec government proposed regulatory changes, initiating a public consultation period. Subsequently, the government officially announced the program’s reopening with new criteria.

 

New requirements for applicants include demonstrating French proficiency at level 7 within the first two years in Quebec, possessing a secondary school diploma at the time of application, obtaining a Work Permit from IRCC after receiving a CSQ, and residing in Quebec for at least six months within two years of work permit issuance. Spouses or partners on the application must also have resided in Quebec for at least six months. Applicants are required to make a five-year, risk-free investment of CAD 1 million with IQ Immigrants Investisseurs Inc. and a refundable financial contribution of CAD 200,000 to this company through a financial intermediary within 120 days and there are other financial options as well that could be discussed.

 

Upon reopening, applicants will experience relaxed measures, including the elimination of quotas, no residence application deadline, and the removal of the selection grid. Eligibility will be based solely on program requirements, without using a scoring system based on age, language ability, education, and work experience.

 

Unchanged program criteria include a net worth of at least CAD 2 million and at least two years of management experience in the five years preceding the application. While stricter requirements may pose challenges for foreign nationals, especially non-French speakers, the program reopening offers an additional pathway for eligible investors to settle in Quebec, particularly those who may not qualify for other programs or prefer an immigration option with a higher passive investment component.

 

The changes aim to ensure applicants possess French language proficiency, aligning with the 2024 Quebec Immigration Plans and reflecting the government’s commitment to preserving the French language in Quebec.

 

Further details on the application process and requirements are expected to be clarified by the Ministry of Immigration, Francisation and Integration closer to the January program reopening. Interested individuals are advised to stay informed about the latest developments and consult our team for case-specific advice.

 

Source: https://www.fragomen.com/insights/canada-quebec-immigrant-investor-program-to-reopen-in-january-2024-with-some-stricter-eligibility-requirements.html