Quebec & Canada Immigrant Investor Programs closed until November 30th, 2010

The Quebec Immigrant Investor Program is officially closed until November 30th, when the new financial requirements are expected to come into effect. The temporary suspension of the investor program was confirmed by MICC in the morning on Wednesday, October 13th, 2010. As a result all files received on or after October 13th in Montreal, or, on or after October 14th in Hong Kong will not be accepted. Please note that applications postmarked or sent to the wrong address will not be accepted either and will be returned.

No official confirmation of program reopening date
Although it has been confirmed by MICC that the Quebec Immigrant Investor Program will be closed until November 30th, 2010, there has been no official confirmation by the government on a reopening date for both the Canadian and Quebec Immigrant Investor Programs.

We know that there are many applicants who did not secure their position within the Quebec Immigrant Investor Program under the old financial requirements but are still eager to continue the process. Therefore, we strongly advise consultants and their clients to prepare well their applications, so when the programs reopen we will be able to submit complete files.

On our end, Arton Capital will have each of our offices ready and equipped with the new forms, procedures and information to advise and support each of our partners and their clients with professional advice on how to submit, reapply or switch from the old requirements to the new. This will allow clients to benefit from being within the first to submit their application under the new requirements, which will be processed alongside the previously submitted at an old to new ratio of 2:1.

New financial requirements – Canada IIP and Quebec IIP
When the Canada and Quebec Immigrant Investor Programs reopen, the new financial requirements will be as follows:

• $ 1,600,000 CAD will be be minimum client net worth required for qualification and,
• $ 800,000 CAD will be the prescribed investment to be made by the client.

If you have any questions or comments, please do not hesitate to contact us at one of our offices.