There have been new regulations proposed by the Province of Quebec for a number of their immigrations programs, including the Quebec Immigrant Investor Program or QIIP.
Quebec offers several immigrations programs which allow the candidates to pursue of the Canadian permanent residence and also allow candidates to apply for the temporary residence in Canada.
Quebec Immigrant investor Program or QIIP is the passive immigrant program which is offered by a Canadian province and can result in permanent residence visa.
The investor program is very popular and the quotas are filled very quickly. In fact, last year the program had a quota of 1,900.
The QIIP has increased the net asset requirement and the investment requirement from the last iteration of QIIP, and these are the changed which were introduced on March 28th. Though the previous requirement for the net assets were CAD $1.6 million and investment of CAD $ 800,000 respectively.
After the new eligibility requirement of the QIIP:
- Candidates must possess, alone or accompanying with a spouse, net assets of minimum CAD $ 2,000,000 with lawful origin demonstrated
- To make a five year investment of CAD $1,200,000 along a subsidiary of investment Quebec for which the foreign national has been entered into an investment agreement having a financial intermediary authorized to participate in the program
Other requirement include individual being over the age of 18 and having management experience, intending to settle in the Quebec province and also getting a passing score under the point system.
Financing for the investment was available from the financial intermediaries during the intake period.
Interested candidates who can’t apply for this program because of the new changes don’t have to lose hope as Quebec has announced the new eligibility criteria for the non-passive program which also includes the entrepreneur category.
The changes welcome the applicants who can satisfy the new requirement and could face slightly less competition now.
The new quota which has been announced will be reached quickly so applicants need to be prepared in advance.
Interested candidates can always contact the Canadian Immigration law firm Campbell, in Montreal.
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