Quebec, Canada opens investor program for applicants from 29 May

The province of Quebec started accepting new applications for QIIP (Quebec Immigrant Investor Program) from 29 May. This program allows international investors to obtain permanent residency in Canada when they invest C$800,000 that a Quebec government organisation has to guarantee. Said to be the only passive investor immigration program to be offered in Canada, QIIP does not need investors to create jobs for the natives, unlike the EB-5 program of the United States. In addition, a permanent resident status of Canada is offered to entrepreneurs the moment they land in Canada without having to get a work permit on an interim basis. The immediate family members of the applicant are also allowed to be included on the application, giving them too an opportunity to obtain permanent residence status in Canada. This will allow them to enjoy benefits such as universal healthcare and world-class education. CIC News said that apart from the permanent resident status of Canada, it is also a pathway to Canadian citizenship. A maximum of 1,900 applications will be accepted for processing during the intake period, which is open until 23 February 2018. Of these, 1,330 applications will be accepted from the nationals of the People’s Republic of China, which would include the administrative regions of Hong Kong and Macao. Although French proficiency is not needed, applicants having advanced intermediate proficiency in French are eligible to submit applications and the intake cap may not be applicable to them.  In fact, their applications are accorded priority during processing. A sum of C$800,000 must be submitted via an accredited financial intermediary – either a broker or trust company. The applicant can pay the investment. Brokers and trust companies, however, also can finance the investment, which a government of Quebec organisation would guarantee and the sum needs to be repaid in full after five years. Applicants must alone possess or either with a spouse or common-law partner, who are accompanying them, net assets of minimum C$1,600,000 that have been earned legally. Assets, which can be included, are bank accounts, property, stocks, shares and pension funds. Applicants must have the intention to settle in Quebec by signing an investment agreement with a willingness to invest C$800,000 with an accredited financial intermediary. A financial intermediary can also finance the investment. Applicants must need to have experience of at least minimum two years in a managerial capacity within the past five years. David Cohen, an immigration attorney, is quoted by CIC News as saying that a unique program is being offered by Quebec in the business immigration landscape of Canada where the approach of investors to business need not be very proactive. If you are looking to migrate to Canada, get in touch with Y-Axis, a premier immigration consultancy company, to apply for a visa.