The Québec Government has made important amendments to the immigrant investor program (IIP) which is expected to reopen in early 2024. The Quebec IIP is equivalent to the Canada golden visa scheme aims at attracting high-net-worth clients. All Applications for IIP has been suspended by Quebec government until Jan 1, 2024. The Government is working on to revise the program and align with other economic immigration programs to meet Québec’s economic needs and the government’s goals in terms of the integration and francization of immigrants.
When the program re-opens, new rules apply. These legislative changes were approved by government and published in Canada Gazette on June 7, 2023.
According to the modified rules, to immigrate to Québec as an investor and be eligible for the Investor Program, you must meet the following conditions.
– You must intend to settle in Quebec permanently.
– Master the French language at a CLB 7 level
– Hold a diploma corresponding to at least Quebec secondary school;
– Minimum residence condition of 6 months (work permit)
2. Have the minimum net worth
You must have a net worth of at least 2 000 000,00 $ CAN. You can share this net worth with your wife, husband, partner or common-law partner who accompanies you to Quebec. You must be able to demonstrate the lawful origin and accumulation of your net worth. If you received donations less than six months before submitting your application, these cannot be included in the amount of your net worth.
3. Have management experience
You must have at least two years of management experience. This experience must have been acquired during the five years preceding the submission of your application. The management experience must include the following functions under your authority:
• Control of financial resources
• Control of human or material resources
4. Conclude an investment agreement
You must enter into an investment agreement with a financial intermediary, either an investment broker or a trust company that has signed an agreement with the Ministry of Immigration, Francisation and Integration and IQ Immigrants Investor Inc.
5.Make a five-year term investment
You must make a five-year term investment in the amount of 1 000 000,00 $ CAN. The investment must be made with IQ Immigrants Investisseurs inc. The placement is guaranteed by the government of Quebec. A non-refundable financial contribution of 200 000,00 $ CAN will also be required. Credit facilities are available to finance the transaction.
Fully Refundable Investment – At the end of your investment, your financial intermediary will reimburse you the amount of 1 000 000,00 $ CAN without interest, within 30 days. The amount reimbursed could, however, vary if you have opted for financing your investment.
6. Residence condition.
• has been issued a work permit;
• in the two years following the date of issue of the work permit, has stayed in Quebec for a period of at least six months and the foreign national or his or her spouse or de facto spouse included in the application has stayed in Quebec for another period of at least six months.
We will update you accordingly when the program is open in 2024.