Along with the changes in the Express Entry system, a business immigration program for the international investors has been launched by the Canadian government. Re-opened on 29th May 2017, the Quebec Immigration Investor program aims to attract international investors for permanent residency in Canada through the Province of Quebec. This program requires the investors to make an $800,000 CAD investment which is risk-free and the Quebec government also vouches for its guarantee.
Why should I go in for the QIIP program?
Most of the Canadian business program and immigration programs in the US require candidates to make a certain job profile in a stipulated period of time. QIIP does not require its candidates to fulfill any such criteria. Candidates receive the permanent residency on arrival itself, and there is no interim status on the work permit. Along with the applicant, their immediate family members can be included in the application to receive the permanent resident status. They will then be entitled to all the benefits of this program like excellent health facilities and world-class education. Further, the QIIP program paves way not just for Canadian permanent resident status, residents eventually get the Canadian citizenship and passport in future.
May 29th- Reopening of the QIIP
The QIIP was first introduced in 1986, and has been re-opened on 29th May 2017 and will be running till February 23rd, 2018. Around 1900 applicants will be accepted in this period, of which 1330 applicants will be accepted from the People’s Republic of China, including Hong Kong and Macao. French proficiency is not a requirement with this program. However, candidates with Advanced Intermediate proficiency in French will not require a cap and will be given priority while processing of applications.
Requirements for QIIP
Minimum value (net worth)
Applicant to the QIIP investor program must have a minimum net worth of CAD $1600,000 individually or with the spouse or a common-law partner. This includes assets of real estate, bank accounts, pension funds, stocks, and bonds. The inherited assets are legally accepted by the Canadian government. It should be acquired by the applicant at least six months before applying for the QIIP.
Applicants of the QIIP are required to sign an agreement that states that they will make an investment of CAD $800,000 in Quebec through a broker or trust company, guaranteed by the government. The amount paid by the applicant can be financed by companies that are guaranteed by the Quebec government entities. They can be returned fully in a span of five years.
Please note: This investment is required to be made after an applicant is approved for the investor immigration to Quebec; hence there is no risk of making an investment which could later be refused a Canada investor visa.
Applicants to the QIIP should have a minimum working experience of two years in the last five years. This experience can be acquired at a government agency, international center, NGOs, or department agencies, in addition to commercial establishments.
Factors like age, education, adaptability, language, and work experience are assessed when reviewing a candidate’s file. Canada immigration lawyers must ensure that his applicant’s file has all the requisite criteria that strengthen their application. Medical exams, security check, and criminal checks are also conducted before candidates move to Canada.
Attorney David Cohen said that this investor program was exceptional as Quebec was a business hub in Canada where investors could be more relaxed. He further added that the QIIP might reach its higher limit much before the due date. Hence potential investors interested in the QIIP should take steps to get selected under the investor program. They should be working with financial institutes to establish their net worth and file an applicable as soon as possible.
The Province of Quebec is the largest province by size and second largest by population. The vibrancy of the people and high-quality of life attracts investors and immigrants who want to settle in Quebec. Candidates who pass the Quebec Immigration Investor program (QIIP) will receive an unconditional Canada Permanent Resident Visa to settle in Canada. They can, along with their families immediately start living, and commence business in the province of their choice. The children of the Investor immigrants can continue their education in Canada. They can apply to schools and universities just like any Canadian resident and not as a foreign student.