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CANADA QUEBEC IMMIGRANT INVESTOR PROGRAM TO REOPEN ON 1ST JANUARY 2024 WITH NEW Â REQUIREMENTS
The Ministry of Immigration, Francisation and Integration shall officially reopen Quebec’s Immigrant Investor Program (QIIP) on 1st January 2024, with new changes in conditions and requirements.
The Government of Quebec published the final version of its updated immigration regulations for the Quebec Immigrant Investor Program (QIIP), these regulations take effect as of 1st January 2024. This is a good news for many prospective applicants to lodge their immigration application under the QIIP Program.
Quebec Immigrant Investor Program: The QIIP is the only business immigration program in Canada that does not require the applicant to establish or buy a business, employ Canadians, or invest the money at risk. It is the only passive investment business immigration program in Canada.
The QIIP program has been suspended since 2019 while the government now reviewed it. Subsequent this process, the Quebec government has now announced the program reopening and the new criteria.
Under the program specific to the province of Quebec, successful applicants and their families are granted a temporary stay in the province which allows them to live, work and study in Quebec.
Once the family meet the minimum residency requirements in Quebec, they can obtain a Quebec Selection Certificate (CSQ) which allows them to apply for permanent residence in Canada.
The program will ease some measures such as eliminating quotas and relaxing the applicant selection process, which is good news for new applicants.
The new eligibility requirements are as follows:
- Have 2 years of management experience, earned in the last 5 years prior to the submission of the immigration application
- Have a legally accumulated net worth of CAD $2,000,000
- Have completed studies equivalent to secondary education in Quebec
- Demonstrate that the applicant can speak French at an intermediate level (B2, level 7)
- Within 120 days of applicant’s approval, make a CAD $200,000 contribution to the government, and a CAD $1,000,000 fully guaranteed five-year investment in a government bond (financing available)
- Receive a three-year work permit and within 2 years of the issuance of that work permit, meet the 12-month residency requirement - six months by the principal applicant and another six months by either the principal applicant or spouse
Applicants and their families are granted temporary stay in Canada for three years (which allows them to work and study in Quebec), after which they can apply for permanent residence in Canada.
In the next few months, we will learn more about the procedures the government will put in place for the program.
We are happy to see that in 2024, the Government is planning to admit up to 7,900 people in the Quebec business categories.
This represents an 83% increase compared to the projected number for 2023 - an increase which will certainly help to clear the backlog of QIIP applicants whose cases are currently with IRCC.
It is going to be more difficult for overseas nationals to qualify, particularly for non-French speaking foreign nationals, the program’s reopening offers an additional pathway for eligible investors to settle in Quebec.
Prospective applicants interested in applying for QIIP can contact us. Bilimoria & Associate is a leading immigration visa service provider in Chennai and has seamlessly helped thousands of people migrate to different countries. Whether you are looking to build your future in Australia, New Zealand, Canada, the USA, the UK, or Portugal, we will guide you and do the needful in fulfilling your dream to live and work in these countries.
Meanwhile, if you have any queries related to immigration, the visa process or the latest updates, you can call our office on +91 44 2823 9229 / +91 44 2822 7127 / +91 444 350 8191 (or) mail us at neville@bilimoriaassociate.com