Québec Immigrant Investor Program (QIIP Canada Visa)
Update: The Quebec government will be accepting a maximum of 1900 applications under the Quebec Immigrant Investor Program (QIIP) between May 30st, 2016 and February 28th, 2017.
Under the new subscription period, Quebec will accept a maximum of 1900 applications including a maximum of 1330 from China, Hong Kong and Macao and the balance of 570 applications to be filled from elsewhere. Applicants with an intermediate-advanced aptitude in French are not subject to the cap and may apply at any time.
Following the winding up of the Federal program in June 2014, the Quebec Investor program remains the sole option for business immigrants with a high net worth wishing to secure permanent residence on the basis of a passive investment.
- Have a legally acquired minimum personal net worth of CAD 1.6 million;
- Possess at least two years of suitable management or business experience within the five years preceding the application;
- Commit to making an investment of CAD 800,000 into a passive government guaranteed investment for a period of five years bearing no interest (Please see “Investment and Financing” section below for more details;
- Willing and intend to settle in the province of Quebec; and
- There is also a language requirement in order to gain more points during the application process.
What is “Legally Acquired Net Worth”?
In order to meet the minimum net worth requirement of CAD 1.6 million, applicants must demonstrate the net value of their current assets, as well as how they have achieved their net worth (usually by doing business or managing a company as an employee) over the course of their careers through narrative statements and supporting documents.
Net worth is established through bank statements, investor booklets, real estate evaluations, audited financial statements and other pertinent and up to date documentation. Candidates are required to declare all of their personal assets and liabilities, however they may not be required to produce evidence of assets beyond CAD 1.6 million.
Applicants must also demonstrate that their net worth was acquired legally, which may include the individual’s past employment income, businesses, local market conditions, inheritances and donations. While it is often difficult to produce detailed documentation of the early stages of an applicant’s career, clear supporting documents will facilitate the application process.
What is “Suitable Management or Business Experience”?
A qualified applicant would typically owned or managed an active trade or business, which may include professional practices, rather than merely managing investment activities such as passive real estate investors and investment managers. In this context, developing real estate may qualify whereas merely owning real estate may not qualify.
Suitable management experience is defined in the applicable regulations as:
“[T]he assuming, for at least 2 years in the 5 years preceding the application for a selection certificate, of duties related to the planning, management and control of financial resources and of human or material resources under the investor’s authority; the experience does not include the experience acquired in the context of an apprenticeship, training or specialization process attested to by a diploma.”
Investment and Financing
Successful applicants are required to make their investment with Investissement Québec for a period of five years, at the end of which the capital is returned without interest. The five year period begins upon issuance of the selection certificate, before the applicant has even landed in Canada. Proceeds from the investment are used to fund various business and social programs within the province of Quebec.
The Quebec Investor program permits applicants to finance the bulk of their investment through designated securities brokerage firms and investment banks. Typically the financing schemes require a down payment of approximately CAD 200,000. The bank loans the applicant the balance of CAD 600,000. The applicant deposits the sum of CAD 800,000 with Investissement Québec. The down payment is not refunded at the end of the five year period. The bank takes fees and interest from the down payment, the immigration agent takes their commissions from the down payment. Therefore, the net cost to the investor is the down payment.
Capital Requirements (CAD 300,000 in total)
· CAD 220,000 to be deposited with the fiduciary financial institution part of the program, once the applicant receives the Promise of a CSQ (Certificate of Selection of Québec);
· CAD 15,000 application fees with the Québec government;
· CAD 65,000 legal, advisory and file management fees, being:-
(i) CAD 25,000 for the file opening (includes the file application fees with Immigration Québec) at the time of the application with Immigration Québec and
(ii) CAD 40,000 remainder upon the successful delivery of the Promise of a CSQ from Immigration Québec;
- To obtain a Promise of CSQ (after the applicant applies with Immigration Québec) between 12 to 24 months;
- To obtain a Canadian Permanent residence (depending on Immigration Canada process):(i) Immigration Canada asks for a background and health check prior to granting Permanent Residence Status to the applicant; and (ii) The obtaining of a CSQ is mandatory under the Québec Immigration Investor Program (QIIP).
VALON can be your resource and business partner in Asia. Should you wish to receive more detailed information on VALON, please do not hesitate to contact us at email@example.com.
How We Can Assist
We will facilitate your application by assisting with:
- Liaising with our overseas qualified partners
- Evaluating your options
- Preparing the forms and documents for application
- Post-application follow-up
- Assist with your relocation needs
Disclaimer: This publication does not provide financial, legal or tax or advice of any kind, and VALON cannot guarantee that the information is accurate, complete or up-to-date. While we intend to make every attempt to keep the information in this publication current, VALON make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained herein. Nothing on this publication should be used as a substitute for the advice of a third party. VALON assumes no responsibility to any person who relies on information contained herein and disclaim all liability in respect to such information. You should not act upon information in this publication without seeking professional advice.