Quebec Immigration Investor Program Finally Announced Its Detailed Requirements, and Its end
On January 2, 2024, the Quebec Immigration Investor Program (QIIP), once a standout initiative that had been dormant for over ten years, has now broken its silence by unveiling the long-awaited detailed requirements for new applications. Let’s delve into the specific criteria in collaboration with Globevisa.
1. Management Experience:
Two years’ management experience out of the preceding five years.
2. Net Worth:
Net worth of CAD 2 million, under the name of main applicant and spouse, with proof of source of fund.
3. Education: Diploma or above
The aforementioned three criteria have remained consistent with the old policy, which was not particularly surprising. What deviates from expectations, however, are the following changes:
1. Ability of French level 7
Applicant must have a knowledge of spoken French corresponding minimally to level 7 according to Québec scale of French proficiency levels.
what does level 7 literally mean?
French level 7 is an intermediate degree of proficiency, while speaker can describe in detail what someone looks like give a presentation for or against an opinion on the climate read a poem and write one yourself
The proficiency level required in French is notably high, effectively screening out a significant number of potential applicants.
2. Stay in Quebec
Within two years following issuance of the work permit, applicant must complete a stay in Québec of at least 12 months.
During these 12 months, a period of at least 6 months must be completed by main applicant, and the other period of 6 months can be completed by main applicant or spouse.
The primary factor that contributed to the past popularity of the QIIP program was its direct grant of Permanent Residency without any minimum stay requirement, although applicants were encouraged to reside in Quebec. However, the recent shift to a two-step process—initially obtaining a work permit, followed by a minimum stay, and then Permanent Residency—has made it less competitive compared to other Provincial Nominee Programs (PNP).
3. Investment and Financial Contribution
Financial intermediary must make a five-year term investment of CDN$1,000,000 and make a financial contribution of CDN$200,000 to Investissement Québec – Immigrants Investisseurs Inc.
The investment is guaranteed by the Gouvernement du Québec.
At the end of investment, financial intermediary will reimburse the amount of CDN$1,000,000 without interest, within 30 days.
This amount is way more than other PNP like Saskatchewan –CAD 200K /300K, Alberta—CAD 100K.
In recent years, Canada, being one of the most sought-after destinations for immigrants, has drawn entrepreneurs globally. Among the various options available, the Quebec Investor Program (QIIP) previously distinguished itself for offering direct Permanent Residency (PR) and a less stringent residency requirement. However, following extensive discussions and debates within the government, the newly introduced criteria have significantly diminished the program’s appeal. The substantial investment requirement, the two-step PR process, and the impractical French proficiency level now position the QIIP as one of the least attractive options. It is anticipated that there will be a notable decline in applications under this revised policy.
For applicants who are still interested in Canada, kindly approach Globevisa consultant for more friendly options: SUV—direct PR, Intra-company-transfer, Saskachewan PNP and Alberta PNP.