Changes are coming to Quebec’s popular Immigrant Investor Program (IIP). The program, which had previously been suspended, is anticipated to reopen on September 10, 2018. A new regulation has entered into force by the Quebec government on August 2, 2018.
While many conditions will remain the same, the biggest changes will be to the income and investment requirements:
- The investment requirement will increase from $800,000 to $1,200,000
- The net-worth requirement will increase from $1,600,000 to $2,000,000
All prices are listed in Canadian dollars.
As it was in previous application periods, the intake quota will remain ay 1,900 applicants. However, while the total number of applicants will remain the same, the IIP is also changing its intake quota for China. Previously, 70% of applicants could come from China. But with the changes, the quota will allow for just 65% of applicants to come from China. The change was made to give investors from other countries a greater chance for acceptance in the program.
Despite the changes, application numbers are not expected to decline. The IIP is extremely popular as it gives successful applicants the opportunity to gain Canadian residency and ultimately a highly prized Canadian passport. Canadian citizens an entitled to many benefits including a high standard of living, stable economy, advanced education system, and universal healthcare. Canada is also noted for its stable and transparent government and highly respected position on an international stage.
The Quebec Investor Program has been in existence since 1986 and has been very successful in attracting high net-worth investors. As in previous program iterations, some qualifications remain the same. Successful applicants must still:
- Demonstrate legitimately and legally acquired personal net-worth
- Have a minimum of two years senior management experience within the last five years in private enterprise, eligible partnership, government, or NGO
- Commit to making an interest-free investment in an approved government project through guaranteed fund from a recognized financial institution for a period of five years
- Show an interest and intention in settling in the province of Quebec
Once the program is reopened, the application period will run from September 10, 2018 to March 15, 2019.
As Quebec is Canada’s only fully French speaking province, applicants who can demonstrate a command of the French language can apply at any time and do not count against the quota numbers.
Want to learn more about how to qualify? Contact the team at Migrate World today for more information or to get started with the application process.