Quebec Immigrant Investor Program is finally open
Having been in a moratorium for several years, the Quebec Immigrant Investor Program (QIIP) has now reopened for applications effective January 1st, 2024, with new eligibility requirements.
Throughout its history, the program has undergone significant changes in investment thresholds, transitioning from CA$ 400,000 to CA$ 800,000 and eventually to CA$ 1.2 million.
With its recent reopening after a five-year hiatus, the updated QIIP reaffirms Quebec’s commitment to fostering both economic and sociocultural growth, aiming to attract qualified investors while providing an accessible pathway to Quebec’s diverse landscape.
Language Proficiency: A Key Criterion
The most significant change to the QIIP is the emphasis on the French language, aligning with Quebec Premier François Legault’s plan to strengthen the province’s French-speaking cultural identity. In response to concerns about the future of the French language in Quebec, applicants to the QIIP will now have to demonstrate their French language proficiency at the time of application. This can be achieved by submitting a Certificate of Test Results (TEF, TEF Canada, TEFAQ, TCF, TCFQ) or a recognized French diploma (DELF or DALF) confirming a level 7 (intermediate) in oral French (speaking and listening).
New Investment Requirements
The minimum investment requirements under the QIIP have also been revamped – applicants will now have to invest CA$ 1 million in government bonds with IQ Immigrants Investisseurs Inc. (IQII) for a period of five years. This has been reduced from the investment of CA$ 1.2 million that was previously required. This investment will be refundable and can be financed. Additionally, investors will also need to make a mandatory non-refundable donation of CA$ 200,000 to IQII.
As was required in the past, applicants to the QIIP will need to demonstrate a net worth of at least CA$ 2 million. They will also be required to exhibit having two years of managerial experience within the past five years when submitting their applications. Applicants are also required to possess a high school diploma or equivalent certificate of education.
Redefined Residency Requirements
Beyond investment requirements, the revised QIIP mandates that investors secure a work permit from Immigration, Refugees and Citizenship Canada (IRCC). Furthermore, applicants, along with their spouses or common-law partners listed in the application, will be obliged to reside in Quebec for a period of 12 months after obtaining their work permit, six of which can be fulfilled by the spouse or significant other in the application. This underscores the province’s intent to encourage meaningful integration within Quebec’s vibrant social fabric, expecting investors to demonstrate a genuine intention to settle within the province before they become permanent residents of Canada.