Quebec Re-Launches Immigrant Investor Program
Immigration authorities in the Province of Quebec announced they will now accept new applications under its highly successful Quebec Immigrant Investor Program for a limited period. To be announced shortly.
This comes as welcome news for high net worth individuals looking for an attractive passive investment scheme offering Canadian permanent residence. With the recent closure of the Federal Immigrant Investor program, the Quebec program is the only program of its kind in Canada.
Under the new subscription period, Quebec will accept a maximum of 1750 applications during the subscription period including a maximum of 1200 from China, Hong Kong and Macao. Interested applicants are accordingly encouraged to act early to increase their chances of having their application selected for processing.
The application quotas and the limited period of reception do not apply to applicants to the investor category who can demonstrate an intermediate to advanced level of French language proficiency through an approved standardized language test. Applicants who can meet this requirement may submit an application anytime during the period beginning April 1, 2015 through March 31, 2016.
To be eligible, applicants must demonstrate the following:
- A legitimately acquired personal net worth of at least 1.6 million Canadian Dollars;
- At least two years of senior managerial experience within the past five years in a private enterprise, eligible partnership, government body or NGO;
- Commit to making an interest free investment of CAD $800,000.00 in a prescribed (government guaranteed) investment for a period of five years;
- An intention to settle in the province of Quebec;
- A application processing fee of C$15,000.
The application process proceeds under one-step with a tempered list of documentation from previously. Applications must be fully documented at the time of submission. Quebec policy now provides for the refusal of applications that are incomplete or otherwise inconsistent with the requirements, without requests for outstanding documentation or incomplete information.
Applications are submitted through government approved financial intermediaries who act as facilitators and are each given pre-determined allocations within the overall maximum of 1750 applications. Applicants who wish to secure a spot with a financial intermediary – facilitator may do so with a suitable deposit.
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