2024 Guide to Quebec Immigrant Investor Program: Unlock Your Path to Canadian Residency

Canada, known for its welcoming stance towards immigrants, offers various pathways for those seeking to make the country their new home. Among these, the Quebec Immigrant Investor Program (QIIP) stands out as a unique and appealing option for affluent individuals who wish to invest in their future in this culturally rich and economically stable country. This article delves into the intricacies of the QIIP, mainly focusing on the updates and eligibility criteria for 2024.

Start your business immigration journey to canada today with Sobirovs Law Firm

What is the Quebec Immigrant Investor Program?

The QIIP, initiated by the province of Quebec, is designed for high-net-worth individuals willing to invest significantly in the province’s economy. Unlike programs that require applicants to start or manage a business, the QIIP allows investors to secure permanent residency by contributing to a government-approved investment fund. This program benefits the investors and their families and plays a crucial role in boosting the local economy.

Eligibility Criteria for 2024

For the year 2024, the QIIP has set forth specific eligibility criteria.

Applicants must demonstrate a net worth of at least CAD 2 million, acquired legally. Additionally, they must invest CAD 1.2 million in a government-approved investment for five years, of which $200,000 will be a contribution to the government of Quebec. The $1 million investment is guaranteed and returned without interest after 5 years.

The program also demands managerial experience, a clear intention to settle in Quebec, and a good knowledge of French. There is also a 12-month residency requirement of living in the province within the first 2 years of a 3-year work permit that the applicants will get after the approval. These criteria ensure that the program attracts individuals who can contribute significantly to the province’s economy.

Application Process for the QIIP

The application process for the QIIP is meticulous and requires careful planning. Prospective applicants must complete a detailed application, including proof of net worth, investment funds, managerial experience and language skills. Following this, the Quebec government reviews the applications and selects candidates who best meet the program’s objectives. Applicants should work with experienced Canadian immigration lawyers to navigate this complex process successfully.

Here’s a detailed breakdown of the key steps involved (these steps will be updated after the QIIP launch in January 2024):

Step 1: Assess Eligibility and Prepare Documentation

  • Eligibility Check: Ensure you meet the program’s eligibility criteria, including having a net worth of at least CAD 2 million, managerial experience, and willingness to invest CAD 1.2 million.
  • Gather Documents: Collect necessary documents such as proof of net worth, detailed financial statements, business ownership documents, and managerial experience records.

Step 2: Complete the Application Form

  • Form Filling: Fill out the official application form for the QIIP. This includes personal information, details about your investment and business experience, and your commitment to settle in Quebec.
  • Supporting Documents: Attach all required supporting documents, including legal and financial records, to your application.

Step 3: Submit the Application

  • Submission: Submit the completed application along with the required documents to the Quebec immigration authorities.
  • Application Fee: Pay the non-refundable processing fee of $16,874. The fee amount should be verified as it is subject to change on January 1 every year.

Step 4: Application Review by Quebec Authorities

  • Initial Review: The Quebec immigration authorities will conduct an initial review of your application to ensure completeness and eligibility.
  • In-depth Evaluation: If your application passes the initial review, it undergoes a more thorough evaluation, including the authenticity of documents and compliance with the program requirements.

Step 5: Selection Interview

  • Interview Invitation: If required, you may be invited for an interview to discuss your application, investment, and intentions in more detail.
  • Interview Preparation: It’s advisable to prepare for the interview with the help of an experienced Canadian immigration lawyer. Sobirovs Law Firm has a team of lawyers with many years of experience.

Step 6: Approval and Investment Agreement

  • Conditional Approval: If your application is successful, you will receive conditional approval.
  • Investment Agreement: You will then need to enter into an investment agreement with a government-approved financial intermediary to make your investment. Sobirovs Law Firm works with such intermediaries to help you complete this requirement.

Step 7: Making the Investment

  • Investment Process: Make the required investment of CAD 1.2 million through the financial intermediary. This investment is typically for a five-year term and is government-guaranteed.
  • Proof of Investment: Provide proof of the investment to the Quebec immigration authorities.

Step 8: Receiving the Quebec Selection Certificate (CSQ)

  • Issuance of CSQ: Once your investment is confirmed, you will be issued a Quebec Selection Certificate (CSQ), which confirms your selection by the province of Quebec.

Step 9: Receiving Open Work Permit and Residency Requirement

  • Initial 3-year open work permit: As a principal applicant, you and your spouse will receive a 3-year work permit at the initial step of relocating to Quebec. Your dependent children will also receive applicable immigration status in Canada.
  • Moving to Quebec: After obtaining your work visas on your passports, you can arrive in Quebec, obtain your work permits upon arrival at the airport and start your new life there.
  • Residency in Quebec: Within 2 years of the issuance of the work permit, you need to meet the 12-month residency requirement of living in Quebec. This residency requirement can be done by combining 6 months of residence by the principal applicant and another six months by either the principal applicant or spouse of the principal applicant.

Step 10: Federal Application and Permanent Residency

  • Federal Application: With the CSQ and proof of residence of at least 12 months, as noted above, you can apply to the federal government for permanent residency.
  • Medical and Security Checks: Undergo medical examinations and security checks as part of the federal application process.
  • Approval: If there are no concerns, you and the family members included in your application will receive permanent resident status in Canada.

Step 11: Path to Canadian Citizenship

  • Residency: You need to live in Canada for at least 1095 days to be eligible for Canadian citizenship. Your earlier stay in Quebec on a work permit status may be counted and added to the calculation of days above (maximum of 365 days).
  • Language Skills: If you are between 18 and 54 on the day you sign your citizenship application, you must show that you have an adequate knowledge of English or French. That is the Canadian Language Benchmark Level 4.
  • Citizenship Test: This simple multiple-choice test will ask questions about the rights and responsibilities of Canadian citizens and Canada’s history, geography, economy, government, laws and symbols.
  • Canadian Passport: When you pass all these requirements and take an Oath of Citizenship, you can get your Canadian passport. This passport is ranked No. 7 in the Global Rank of Passports by Passport Index 2023 and will allow you to travel to many countries visa-free.

It’s important to note that the QIIP process can be complex and time-consuming, often taking several months to over a year. Working with a qualified Canadian immigration lawyer is highly recommended to navigate the process effectively. Additionally, the program’s criteria and procedures may change, so it’s crucial to have the most current information at the time of your application.

Start your business immigration journey to canada today with Sobirovs Law Firm

Benefits of the Quebec Investor Program

The QIIP offers numerous benefits. Successful applicants gain permanent resident status, providing access to Canada’s high-quality healthcare, education, and social services. Moreover, investors and their families can enjoy the cultural richness and safety of Quebec, a province known for its vibrant cities and beautiful landscapes. The program also offers a pathway to Canadian citizenship, subject to meeting specific residency requirements.

Guide to Quebec Immigrant Investor Program
Quebec City, Quebec, Canada

Challenges and Considerations

While the QIIP is attractive, it has challenges. The significant financial requirement can be a barrier for many.

Additionally, the process involves stringent vetting of the applicants’ backgrounds and sources of funds. Investors must also be prepared for the possibility of their capital being locked in for five years without interest. Potential applicants must weigh these factors and consult with financial and legal experts before proceeding.

Case Studies and Success Stories

The success of the QIIP (in its previous iteration) is best illustrated through case studies by Sobirovs Law Firm.

For instance, a family from Turkiye invested in the program and moved to Quebec. They were able to enroll their children in top-notch educational institutions and leverage the business-friendly environment to expand their entrepreneurial ventures. Such stories highlight the program’s potential to change lives and contribute to Quebec’s economy.

Future of the Quebec Immigrant Investor Program

The QIIP is expected to continue evolving with its relaunch in January 2024. With the increasing demand for investment-based immigration routes, the program might see investment thresholds or eligibility criteria adjustments to align with economic goals and market realities. Experts suggest that the program will remain a key component of Quebec’s immigration strategy, attracting global investors and much-needed investment into the province.

Conclusion

The Quebec Immigrant Investor Program offers a unique opportunity for high-net-worth individuals to gain permanent residency in Canada through investment. While the program is demanding regarding financial commitment and eligibility criteria, its benefits are substantial. As we look towards 2024, the QIIP remains attractive for those seeking a stable and prosperous future in one of Canada’s most dynamic provinces.

For more information on the Quebec Immigrant Investor Program and its latest updates, prospective applicants are encouraged to consult the official Quebec immigration website and seek advice from licensed Canadian immigration lawyers. 

Additionally, the video by Sobirovs Law Firm titled “Canada’s Investment Visa in 2024: Quebec’s Investor Program Explained” provides valuable insights into the program’s current landscape. The Firm will update its findings about the program when it is officially relaunched in January 2024. So, stay tuned for more information.

Finally, Sobirovs Law Firm has rich experience in investor immigration cases. The Firm also has strong relationships with relevant stakeholders of the QIIP, such as financial intermediaries approved by the Quebec government. With the proper guidance from Sobirovs and the timely preparation of your application package, you will have increased your chances of completing your QIIP application successfully.

Bringing You, Your Tech Talent & Your Business To Canada

Get started and make your first step towards Canada. Book your 1-hour strategy meeting with a licensed Canadian immigration lawyer.

Immigration to Canada can be very complicated for businesses, business owners, and foreign employees. Hiring business immigration lawyers with the skill, experience, and patience is often crucial to successfully navigating this complex process. The experienced professionals at Sobirovs Law Firm offer tailored legal services in all business and corporate immigration matters. Contact us for more information on how we can help you meet your immigration needs.

We have worked with & represented clients from all walks of life. Always just one call – or click – away, weʼre happy to help you begin your & your familyʼs journey to Canada.

Book 1-Hour Strategy Meeting

tried and tested

Our Clients Say…

Yemi Okunbor
Yemi Okunbor
From the initial consultation to the successful acquisition of my permanent resident card, the entire process was seamless and stress free.A big thank you to the entire Sobirovs team, especially Yulia, and Farouk. They demonstrated exceptional expertise and professionalism throughout, guiding me with precision and clarity. Their commitment to providing personalized and thorough assistance made a significant impact on my overall experience. Thank you, Sobirovs law firm for your exceptional service and for making my journey to permanent residency a smooth and gratifying experience.
Kenneth Leong
Kenneth Leong
I must say that SOBIROVS has an excellent team to guide us to getting our work permits approved. I want to personally thank Feruza, Judy, Owen and Medina in getting us "pass the gates". Not to mention the entire team that is behind the scene. My family and I are deeply grateful for their excellent work and professional advice. A special thanks to Ms Judy for her untiring dedication to making this opportunity a reality for my family and I. We have full confidence in Feruza and her team and I will continue to use their services for the next step of our application for PR status later on.
Siarhei Vasilyeu
Siarhei Vasilyeu
My family (5) have chosen Sobirovs for our ICT visa application, and now we confidently recommend them! Right from the start you will be assigned a special team within their firm who will be busy with your plans, needs and documents. The process is organized very efficiently, what is crucial when you run your own business on your side. Once the documents submitted to IRCC, the pre-submission team entrust your case to post-submission group, who monitor the progress and keep you constantly updated what's going on with the case. As a result, our ICT application was approved in just several weeks from submission, just wooow. Thank you and thumbs up for Monique, Mariam, Owen, Madina, and Ms. Feruza who was our lead lawyer. Sobirovs is your smart choice, they know how to do the rest.
Muzammil Habib
Muzammil Habib
I would like to thanks Sobirovs Law Firm team especially Monique, Mariiam Jamal, Owen and Ms. Feroza. They done a great job and help me to get ICT work permit. Their team work was excllent and they worked professionally. Here I would like to present my special thanks for Monique who communicated with me nicely. She respond me quickly whatever I have questions in my mind. She is so nice I like her working style. In the end I can say that all of them are really professional. Thanks for all this. Hope to see you soon.
Rahul C
Rahul C
Exceptional service of the utmost quality and professionalism. I extend my heartfelt gratitude to the entire team, with special acknowledgments to Nity, Judy, Feruza, Owen, and Medina, for their invaluable assistance in securing the approval of my application. I am sincerely appreciative of the outstanding service and unwavering support provided. This is by far the best immigration law firms in Canada who work with complete transparency.
Ulugbek Holmatov
Ulugbek Holmatov
Great job 👏👏👏👏 Great leader, Rakhmad Sobirov for his leadership skills and great managers: Feruza, Monique, Mariam, Owen, Madina for their respective professionalism 👌👌👌 Well organized and professional law team for Canadian immigration. I really enjoyed with my Canadian business visa process. I really appreciate Sobirovs Law firm for their great service and experience. P.S.: This law firm was selected by Our company among top 5 law firms for Canadian business immigration process Great successes🎉
Thomas Bulmer
Thomas Bulmer
Mariam, Monique and the team have been great to work with. Sobirov's has helped a number of our team members identify, apply for and get granted the necessary visas for us to set up our Canadian enterprise. Recommend.
Jason Tsarouhas
Jason Tsarouhas
Mariam and her team have helped us migrate our entire workforce from Australia to Canada. We couldn't have been more prepared by the time we made it to the border. The team were accessible, informative and detail orientated which is exactly what you want when you have stresses of moving your company and life to the other side of the world! A HUGE thank you to the team for their efforts so far and future work we'll be doing together! Jason, Learning Online!
Victor Arakaki
Victor Arakaki
We're incredibly grateful for the fantastic work done by the entire Sobirovs team!. While our work permit application had its share of challenges, Feruza, an outstanding lawyer with extensive expertise in business immigration, played a pivotal role. Her leadership and guidance were so important in getting our Work Permits approval. We must also acknowledge the exceptional contributions of Judy Lee, Nitty, Monique, Rachel and the rest of the team who supported us on this journey. It's clear that we'll continue to entrust Feruza and her team with any of our future legal needs. We have full confidence in Feruza and her team and highly recommend their services.
Hardik Vyas
Hardik Vyas
Rating: ⭐⭐⭐⭐⭐ I cannot express enough how impressed and satisfied I am with Sobirovs Law Firm's immigration services. Their professionalism and extensive knowledge in the field of immigration are truly outstanding. We recently applied for an ICT (Intra-Company Transfer) application, and to our amazement, we received a decision within just two months from the date of application. This prompt and efficient service reflects the exceptional quality of Sobirovs' work. I would like to extend my heartfelt gratitude to Feruza, Mariam, Monique, Owen, and the entire post-submission team who guided us through every step of the application process. Their dedication, expertise, and willingness to assist were invaluable throughout the entire journey. We are now filled with excitement as we embark on our new journey, thanks to Sobirovs Law Firm's assistance. Without a doubt, we will be relying on their services for all our future matters related to permanent residency or immigration services. I wholeheartedly recommend Sobirovs Law Firm to anyone seeking top-notch immigration assistance. Their commitment to their clients and their ability to deliver results is truly commendable. Thank you, Sobirovs, for making our dreams a reality!

insights

Our Lastest Insights

We publish helpful tips about Canadian immigration programs and are happy to share our knowledge with you.
Best Cities in Canada for Business, Startups and Entrepreneurs in 2024 Cover Photo February 25, 2024

Best Cities in Canada for Business, Startups and Entrepreneurs in 2024

In the ever-evolving tapestry of global business, Canada emerges as a centre of entrepreneurial spirit and innovation. As we will soon embrace 2024, the country’s...
Success Story of an Indian Business Owner Permanent Residence in Only 4 Months Cover Photo February 22, 2024

Success Story of an Indian Business Owner: Permanent Residence in Only 4 Months

If you are a foreign entrepreneur in Canada, you could qualify for permanent residency with just 12 months of self-employed experience. Discover the inspiring journey...
February 10, 2024

Case Study: Approved Permanent Residence for C11-Entrepreneur from Pakistan

If you are currently working in Canada as a self-employed business owner, you may be eligible to apply for permanent residence after accumulating 12 months...