Quebec to Reopen QIIP with Stricter Eligibility Criteria
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The Quebec Immigrant Investor Program (QIIP), the only investment-based immigration program remaining in Canada, will reopen in January 2024 with stricter requirements.
The Quebec Immigrant Investor Program (QIIP) allows foreign investors to obtain permanent residence in Quebec by making a significant investment in the province. The program was suspended in 2019 while the government reviewed it.
In June 2023, the government of Quebec published proposed regulations to overhaul the program and opened a public consultation period for interested parties to submit their comments on the proposed changes. Following this process, the government has now officially announced the program reopening and the new criteria.
New Requirements and Measures
One of the most significant changes to the program is the new requirement for applicants to demonstrate spoken proficiency in French at a level 7 (on the Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes test) within the first two years of arriving in Quebec. This requirement is in line with the government's commitment to preserving the French language in Quebec.
Other changes to the program include -
- Applicants must now have at least a secondary school diploma at the time of submitting the application.
- Applicants must now obtain a Work Permit from Immigration, Refugees and Citizenship Canada (IRCC) after obtaining a CSQ and before applying for permanent residence.
- Applicants must now reside in Quebec for at least six months within the two years following their work permit issuance.
- Spouses or partners included in the application must also have resided in Quebec for at least six months.
- Applicants must now make a five-year-term, risk-free investment of CAD 1 million with IQ Immigrants Investisseurs Inc. and a (refundable) financial contribution of CAD 200,000 to this company through a financial intermediary within 120 days of the decision.
However, the government has also relaxed some measures under the program, including -
- Eliminating quotas on the number of applicants who can receive financing options for their investment from financial intermediaries.
- Removing the deadline for applicants to apply for residence under the program.
- Eliminating the selection grid that was previously used to assess applications.
Impact of the Change
The stricter requirements under the new QIIP will make it more difficult for foreign nationals to qualify, particularly for non-French-speaking foreign nationals. However, the program's reopening offers an additional pathway for eligible investors to settle in Quebec, particularly those who may not qualify for other programs or would prefer an immigration option with a higher passive investment component rather than a lower investment in a business in Canada.
Looking Ahead
The Ministry of Immigration, Francisation and Integration is expected to further clarify details on the application process and requirements closer to the January program reopening. Individuals interested in applying should check the latest developments and contact their immigration professional for case-specific advice.
The reopening of the QIIP is a positive development for foreign investors who are interested in settling in Quebec. While the stricter requirements will make it more challenging to qualify, the program remains an attractive option for eligible investors.
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FAQs
Q1: Who should consider applying for the QIIP?
A: The QIIP is a good option for foreign investors who want to settle in Quebec and have the financial means to meet the investment requirements. The program is particularly attractive to investors who do not want to actively manage a business in Canada.
Q2: What is the minimum net worth requirement for the QIIP?
The minimum net worth requirement for the QIIP is CAD 2 million. This requirement is designed to ensure that applicants have the financial resources to support themselves and their families in Quebec.
Q3: What are the benefits of settling in Quebec?
Quebec is a beautiful and diverse province with a lot to offer immigrants. Some of the benefits of settling in Quebec include:
- A high standard of living
- A strong economy
- A multicultural society
- Access to affordable healthcare and education
- A beautiful natural environment
Q4: What are the next steps for me if I am interested in applying for the QIIP?
If you are interested in applying for the QIIP, you may first contact GetGIS to assess your eligibility and discuss your options. We can also help you to prepare your application and provide guidance throughout the process.
Q5: What are the job prospects for QIIP immigrants in Quebec?
Quebec has a strong economy and a low unemployment rate, so there are good job prospects for QIIP immigrants. Some of the sectors where QIIP immigrants are in high demand include:
- Technology
- Healthcare
- Finance
- Education
- Engineering
