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Secure Your Future With The Quebec Immigrant Investor Program (QIIP)
By : Lifeincan   |   Jul 30, 2024

Secure Your Future With The Quebec Immigrant Investor Program (QIIP)

Quebec Immigrant Investor Program (QIIP) is one of the most famous programs for obtaining permanent resident status in Canada for business people or those who want to invest in Quebec's economy. This detailed resource explains the details of the QIIP, including its requirements, how to apply, the advantages, and changes that have been made recently.

What Is The QIIP?

The QIIP is an investment migration scheme that targets those willing to invest a considerable amount of money in Quebec without having to actively participate in the day-to-day operations of the business. It is stable and has basic conditions that can attract world investors to invest in the country.

Benefits of the QIIP

The QIIP offers numerous benefits for investors and their families, making it a highly sought-after program for business immigration to Canada.

Benefit

Description

Permanent Residency

Health care and education of all the facilities that are available to Canadian permanent residents.

Family Inclusion

Dependent relatives, spouses, and children are incorporated in the application and they have the same status as the main applicant.

Economic Stability

Quebec has a stable economy which is good for doing business and living.

Cultural Diversity

The cultural and social life in Quebec is very lively and the people from different parts of the world make living there even more interesting.

Investment Security

The capital is backed by the provincial authorities of Quebec and repaid five years later in full.

How Does QIIP Compare With Other Programs?

Even though QIIP is a passive investment program, it is appropriate to compare it with other business immigration programs to identify its strengths.

Feature

QIIP

Other Business Immigration Programs

Investment Type

There is no active management involved in the investment.

It often means that active management of a business is necessary.

Investment Security

This type of security is guaranteed by the government of Quebec.

Varies, but is frequently associated with business profitability.


Family Inclusion

Includes spouse and dependent children.

Varies by program

Residency Requirements

12 months within two years of the period 

Varies, often stricter

Recent Updates and Changes

Over the years, the QIIP has revised and updated its processes to adapt to the current economic conditions. As of January 2024, new criteria and processes have been introduced:

Update

Description

Financial Criteria

Amended for the present-day economic environment.

Residency Requirements

Tightening the clauses of the residency requirements to rule out the chances of those who have no genuine intention of settling in Quebec.

Application Processing

Simplified to reduce the amount of time that it takes to process and improve on efficiency.

Eligibility Criteria

The following are the eligibility criteria for applying for the program:

Investment Requirements

To be eligible for the QIIP, applicants must make a substantial financial investment:

Requirement

Details

Investment Amount

CAD 1,200,000 for a five-year term, guaranteed by the Quebec government.

Refund

The investment is returned in full after five years, with no interest accrued.

Net Worth Requirements

Applicants must demonstrate a legally acquired net worth:

Requirement

Details

Minimum Net Worth

CAD 2,000,000, legally acquired, alone or with a spouse/common-law partner.

Assets

Property, bank accounts, pension funds, stocks, and shares can be included in the net worth calculation.

Management Experience

Applicants must have management experience in a business or a professional setting:

Requirement

Details

Experience Duration

At least two years of full-time management experience in the last five years.

Management Role

Experience must involve planning, supervision, and control of financial resources, human resources, or material resources.

Other Requirements

Additional requirements include language proficiency and educational qualifications:

Requirement

Details

Language Proficiency

Basic knowledge of French or English is beneficial but not mandatory.

Educational Qualification

Minimum of a secondary school diploma or equivalent.

Residency Conditions

Applicants must fulfill certain residency conditions after receiving their work permit:

Requirement

Details

Residency Duration

Complete a stay of at least 12 months within two years following the issuance of the work permit.

Residency Proof

Submit documents demonstrating the stay in Quebec to the Ministère de l’Immigration, de la Francisation et de l'Intégration (MIFI).

Application Fees

As of January 1, 2024, the fees for reviewing an application for permanent selection are as follows:

Fee Type

Amount

Principal Applicant

CAD 17,380

Spouse or Common-Law Partner

No additional fee

Dependent Child

No additional fee

Payment Methods

All fees are to be paid in Canadian currency either by the applicant or any other party at the time of submission of the application. The acceptable forms of payment include credit cards (with the signed credit card payment form), post-money orders, or bank drafts in favor of the Minister of Finance of Quebec.

Step To Apply

The application process for the QIIP involves several steps:

  • Prepare Documentation: Get all documents that would support your claims to the form such as proof of net worth, management experience, and education.

  • Submit Application: An application must be filed to the Quebec immigration authorities accompanied by the needed investment.

  • Interview: Candidates may be required to present themselves for an interview where the authenticity of the documents and the applicants’ management experience will be confirmed.

  • Investment Deposit: After the approval, one is supposed to make a certain level of investment.

  • Receive CSQ: After the investment is made, the applicant gets approval in the form of the Quebec Selection Certificate (CSQ).

  • Federal Application: Take the CSQ to the federal immigration department for permanent residency processing together with other relevant documents.

The time it takes for the QIIP applications to be processed depends on the stream, but one can expect to wait between 12-24 months for complete processing including federal stages.

Conclusion

The Quebec Immigrant Investor Program (QIIP) is quite a special and reliable way to get a permanent residency permit in Canada for experienced business people and high-net-worth individuals with the necessary amount of experience. The fact that it is a passive investment program, that includes family members and is supported by a solid economy makes the QIIP a great investment to have a prosperous future in Quebec.

To get more information and for the procedures to start applying for Quebec immigration, you are advised to visit the Quebec immigration website or seek the assistance of immigration lawyers.