Canada, known for its welcoming stance towards business 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.
What is the Quebec Immigrant Investor Program?
The QIIP, re-launched by the Canadian province of Quebec, is designed for high-net-worth individuals who speak French and are willing to invest significantly in the province’s economy. Unlike other programs that require applicants to start or manage a business, this program allows investors to secure permanent residency by contributing to a government-approved investment fund in a passive manner. This program benefits the investors and their families and plays a crucial role in boosting the local economy without disrupting the investor’s lifestyle and other commitments.
Find out all about investment immigration to Canada.
QIIP Eligibility Criteria for 2024
For the year 2024, the QIIP has specific eligibility criteria. Specifically, to be eligible for the QIIP, applicants must:
- Have a net worth of at least CAD 2 million, acquired legally.
- Invest CAD 1.2 million in a government-approved investment for 5 years.
- $200,000 of the investment goes to the government of Quebec – Investissement Québec Immigrants Investisseurs Inc.
- The remaining $1 million investment is guaranteed and will be returned without interest after 5 years.
- Have at least two years of management experience.
- Have obtained an attestation of learning about democratic values and Quebec values.
- Have a clear intention to settle in Quebec.
- Fulfill the 12-month residency requirement of living in the province within the first 2 years of a 3-year work permit they will get after the approval.
- Have a good knowledge of French that must be proven to the Quebec government using language test results or educational documents.
These eligibility criteria are designed to attract the right individuals who can contribute significantly to the province’s economy.
Business immigration doesn’t have to be so expensive – learn about much cheaper options for moving your existing business to or starting a new business in Canada.
Application Process for the QIIP
The application process for the QIIP is meticulous and requires careful planning by the applicants and their representatives. Prospective applicants must complete a detailed application, including proof of net worth, the origin and lawful accrual of the 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:
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, language skills and willingness to invest CAD 1.2 million as described above.
- Gather Documents: Collect necessary documents such as proof of net worth, detailed information about the origins of your net worth, financial statements, business ownership documents, and managerial experience records.
Step 2: Complete the Application Forms & Documents
- 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. Two mandatory forms are:
- Application for permanent selection – Investors program, which is in French only and
- A narrative document for investors, entrepreneurs, and self-employed workers is available in French only.
- An accompanying spouse or common-law partner must also complete and enclose this document.
- Supporting Documents: Attach all required supporting documents, including legal and financial records, to your application.
Step 3: Submit the Application Package
- Submission: Submit the completed application and the required documents to the Quebec immigration authorities. There is no application deadline or caps on the number of applications.
- Application Fee: Pay the non-refundable processing fee of $17,380 for the principal applicant and $0 for spouses/partners and dependent children.
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 for the program.
- 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. Most applicants get interviewed.
- Interview Preparation: To prepare for the interview with the Quebec authorities, use 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 a notice of intention to select from Quebec. This notice will contain all the information you need to apply for a work permit for your stay in Quebec.
- 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 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 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: You will be issued a Quebec Selection Certificate (CSQ) once your investment is confirmed.
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 in the province.
- Residency in Quebec: Within 2 years of the issuance of the work permit, you must 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 Canadian 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 must live in Canada for at least 1095 days as permanent residents to be eligible for Canadian citizenship. Half of 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.
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.
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.
Great alternatives to QIPP include the following business immigration programs:
- Entrepreneur Work Permits (C11)
- Intra Company Transfer (ICT)
- Start-Up Visa (SUV)
- Provincial Nominee Programs (PNP)
- Owner-Operator LMIA Program
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.
How We Can Help You
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 QIIP stakeholders, 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.
