The Minister of Immigration in Quebec confirmed the continued suspension of the Quebec Immigrant Investor Program (QIIP) until 1 January 2024.
Don’t forget the existing suspension was set to expire on 1 April 2023.
New regulations to promote stronger settlement ties to the province are expected to be published at the start of the fourth quarter of 2023.
Everyone knows that the majority of QIIP applicants belonged to China and South East Asia and never settled in Quebec.
But that happened in the older versions of the program.
Now the newer version is likely to be a scaled-down version of the old program, with the addition of new requirements, including French language and settlement performance bonds.
It should be noted that QIIP has remained suspended since 2019, and applicants currently waiting to obtain their Canadian permanent residence visas date as far back as 2017.
What’s interesting is that 5,000 candidates secured permanent residency through the QIIP in 2022, even though the program has been suspended for new applicants for four years. These numbers are the highest since 2015.
Recent Requirements For The Quebec Immigrant Investor Program
- The applicant must have a legally acquired net worth of $2 million.
- The applicant needs two years of management or business experience within the last five years of submitting the application.
- The applicant should invest $1.2 million in a passive government-guaranteed investment for five years without interest.
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