The Minister of Immigration in Quebec announced the continued suspension of the Quebec Immigrant Investor Program, until January 1, 2024.
The current suspension was to expire on April 1, 2023.
Stakeholders expect new regulations to be published early in the fourth quarter of 2023 that promote stronger settlement ties to the province.
It is well known the majority of QIIP applicants under previous versions of the program were from China and South East Asia and never settled in Quebec.
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The new version is expected to be a scaled-down version of the previous program, with French language and settlement performance bonds being considered as possible new requirements.
QIIP has been under suspension since 2019 with applicants dating as far back as 2017 who are still waiting to receive their Canadian permanent residence visas.
Despite it being suspended to new applicants for four years, 5,000 candidates became permanent residents through the QIIP in 2022, the most since 2015.
A further 680 became permanent residents in January 2023, illustrating the backlog that exists under the program.
The Covid-19 pandemic saw a slump in numbers of new permanent residents through the program.
The most recent version of the program required a legally acquired personal net worth of $2 million and an investment of $1.2 million into a passive government-guaranteed bond for a period of five years, bearing no interest.
Candidates were also required to have two years of suitable management or business experience within the five years preceding the application and to declare their intention to settle in Quebec.
The issue with the program was that once candidates receive their permanent residence, they are free to move anywhere in Canada.
The majority opted to move to either Toronto or Vancouver, where local officials blame them for driving up real estate prices.
Quebec Immigrant Investor Program: Most Recent Requirements
- Legally acquired personal net worth of $2 million;
- Two years of suitable management or business experience within the five years preceding the application;
- Investment of $1.2 million into a passive government guaranteed investment for a period of five years bearing no interest;
- Intend to settle in the province of Quebec.