Are you waiting to apply for the popular Quebec Investor Program (QIIP)?
The Minister of Immigration in Quebec has announced that the QIIP will remain suspended until January 1, 2024. The current suspension has been in effect since 2019 and was set to expire on April 1, 2023. New regulations are expected to be published in the fourth quarter of 2023 that will focus on promoting stronger settlement ties to the province.
The previous versions of the QIIP program saw the majority of applicants coming from China and South East Asia, but many did not settle in Quebec. The new version of the program 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. If you are still keen on QIIP and don't speak French, it is time to pick up French!
Despite the suspension, 5,000 candidates became permanent residents through the QIIP in 2022, which is the most since 2015.However, there is still a significant backlog of applicants dating as far back as 2017 who are still waiting to receive their Canadian permanent residence visas.
The existing QIIP program requirements:
Applicants to have a legally acquired personal net worth of $2 million and to make a $1.2 million investment into a passive government-guaranteed bond for a period of five years, bearing no interest.
Applicants are 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.
One of the issues with the QIIP program is that once candidates receive their permanent residence, they are free to move anywhere in Canada. The majority of applicants have opted to move to either Toronto or Vancouver, which has resulted in local officials blaming them for driving up real estate prices.
Overall, the QIIP program is expected to undergo significant changes when it resumes in 2024, with a greater emphasis on settlement ties to Quebec.