Quebec Immigrant Investor Program (QIIP) 2022 | Ultimate Guide
Looking to immigrate to Canada by investment in 2022? The highly popular Quebec Immigrant Investor Program (QIIP), currently on hold, offers high net worth foreign investors the ability to obtain permanent residency and eventual Canadian citizenship by Investment.
The program has long been in demand among foreign investors from Africa, Asia and the Middle East, and for good reason: the passive investment residency program gives investors and their families the ability to obtain Canadian permanent residency without the need for a business plan, active business management or job creation.
Find out more about the program’s benefits and investment requirements, or contact us now for a free and confidential consultation. Also be sure to investigate the Canada Startup Visa Program, which offers greater flexibility than the Quebec Investor Program at a fraction of the price.
NOTE: The Quebec Immigrant Investor Program will not be accepting new applications until April 2023. Email us on [email protected] for the latest program status.
The QIIP Residency Visa Program At A Glance
The Quebec Residency Program, which has undergone various enhancements over the years, replaced the Canadian Federal Immigrant Investor Program, which was shuttered in 2014.
In order to be eligible to apply for Canadian residency under the program, investors must be able to prove a legally acquired minimum net worth of CAD 2 million, and be willing to make an interest free loan of CAD 1.2 million, to be invested via financial intermediary (trust company or brokerage) authorised to participate in the Quebec Investor Program for a period of 5 years. In addition, applicants must meet a range of criteria pertaining to their health, experience and international standing.
The program is capped at 1,900 application slots per intake year, with 1,235 slots reserved for Hong Kong, China and Macau, while the remaining 665 application slots are reserved for applicants from the rest of the world.
It must be noted, however, that applicants with a high intermediary command of the French language are exempt from the program’s annual intake limit.
How long is the processing time for the QIIP?
This is one of the most frequently asked questions about the Quebec IIP: Depending on which country you’re applying from, your application can take anything from 64 months to process.
Because the program is fully endorsed by the Quebec government, it is risk-free and can be financed.
Quebec Investor Program Benefits
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IMMEDIATE PERMANENT RESIDENCY: Unlike as with the US EB-5 Visa Program, successful QIIP applicants are awarded immediate Canadian Permanent Residency status, with no interim temporary residency status applicable.
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QUALITY OF LIFE: Quebec is the most populous province in Canada, offering residents one of the highest standards of living in the world. Renowned for its natural beauty, inclusive culture and high levels of personal safety, Canada is an obvious choice for families seeking to build a better life in a prosperous first world country.
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LOW TAXATION: Quebec has one of the lowest corporate taxation rates in North America, making it an excellent choice for companies seeking to expand into Canada and the United States.
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GATEWAY TO OPPORTUNITY: Whether you are seeking to grow your business or maximise the career opportunities for your family, Canada is the land of opportunity. Given its mature and diversified economy, Canada offers investment residents access to a range of opportunities for growth.
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WORLD CLASS EDUCATION: Canada’s schools and tertiary institutions of learning consistently rank among the best in the world.
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CLEAR PATH TO CANADIAN CITIZENSHIP: The Quebec Immigrant Investor Program offers applicants a clear and reliable path to obtain Canadian citizenship and a passport through naturalization within 3 years from obtaining permanent residency status.
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PASSPORT POWER: The Canadian passport is one of the most powerful travel documents in the world, offering the bearer visa-free access, or a visa upon arrival, for XXX countries around the world, including
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ESTABLISHED, GOVERNMENT BACKED PROGRAM: Because the program is fully endorsed and sponsored by the Quebec and Canadian federal government, applicants enjoy unrivalled piece of mind about their investment.
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NO JOB CREATION REQUIREMENT: Unlike is the case with many other first world countries’ immigrant investor programs, the Quebec IIP does not require applicants to create any new jobs for Canadian citizens, making it a far less onerous path to second residency and citizenship than a host of other programs.
QIIP Investment Options 2022
As of June 2020, program applicants are expected to meet the following criteria:
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You must be able to prove a legally acquired minimum net worth of CAD 2 million. The investment funds must have been acquired by doing business or as a salary earned as a qualified manager within a private company, NGO or government entity. Donations or inheritances are also considered as legally acquired funds.
OR:
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Another option is to prove that you have owned and run a viable business for a minimum of 2 year out of the last 5 year period.
OR:
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Alternatively, you must be able to prove that you have a minimum of 2 years’ management experience within a company, NGO or government entity, attained during the last 5 year period.
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You must be willing to make an interest free loan of CAD 1.2 million, to be invested with the investment branch of the Quebec Government for a period of 5 years.
OR:
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You have the option of financing your application by making a non-refundable contribution of CAD 350,000 in financing and relate brokerage costs, i.e. paying the project income from your investment loan to the government up-front. Many investors opt for this option as they achieve a better net financial result by investing their capital in more productive assets for a period of 5 years.
Additional QIIP program requirements
In addition to the QIIP’s minimum net worth and passive investment requirements, applicants have to meet the following requirements:
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You have to be older than 18 years
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You have to be of impeccable character and international standing
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You have to have at least 2 years of relevant management experience acquired during the course of the past 5 years
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You have to have a clear police record in your country of original origin or current residency
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You have to intend to settle in Quebec.
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You have to score a minimum of 75% in the Quebec Values Test
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While proficiency in French is not a mandatory requirement, a basic level of proficiency could count in your favour.
Program History
The Quebec IIP’s predecessor program, formally known as the Canadian Immigrant Investor Program (Canada IIP), was one of the most popular investment migration programs in the world. Upon launch in 1986, it was a true industry pioneer, and attracted over 200,000 applications during the course of its lifetime.
The Canadian federal residency program, enabled foreign investors with a net worth of $1.6 million to obtain Canadian residency by investment subject to loaning $800,000 to the Canadian government on an interest free basis for a period of 5 years. The program attracted scores of well-heeled investors from China and Hong Kong, in particular.
The program was subject to a fair amount of criticism, especially upon termination. With the passing of Bill C31 of 19 June 2014, the program was shuttered, leading to the cancellation of all pending applications and leaving around 65,000 applicants already being processed in the lurch. At the time the program was dismantled, investors also had to prove at least 2 years of business management experience, and had to meet a range of health, reputational and security related requirements.
Disclaimer: The above information is intended as general guidance on the subject only, and was deemed accurate at the time of publication. The program is undergoing changes in 2020, and the accuracy or completeness of the information supplied is not guaranteed, and the publisher will not be held liable for its accuracy, or any losses, direct or indirect, suffered as a consequence of relying on this information. Seeking expert advice before making any investment decision is highly advisable.