One of the most well known and controversial investment schemes for citizenship in recent memory has been Canada’s Federal Immigrant Investor Program (FIIP), which drew in nearly $2.4 billion before its closure by the government in 2014. However, Québec has decided to continue a near identical program for immigrant investors on the provincial level.
The Québec Immigrant Investor Program (QIIP) is on the expensive end of the investment scheme spectrum, admitting only foreign nationals with a net worth of $1.6 million CAN. This amount can be achieved through a combination of personal assets and those of a spouse or partner. This and further requirements to qualify for QIIP are as follows:
- Provable, legally obtained assets of $1,600,000 CAN.
- Management experience for at least two years in the five years preceding the application, excluding experience obtained in an apprenticeship, training or specialization process attested to by a diploma.
- Intent to settle in Québec and invest at least $800,000 CAN with a financial intermediary that is authorized to participate in the Investor Program.
- Other factors including age, language skills, and the nature of your professional training.
Typically, applicants work with a law firm to arrange their dossier of documents proving identity, civil status, net worth, management experience, and education qualifications. Legal assistance is highly recommended due to the steep application fee of $15,111 CAN and the long processing time. French-speaking applicants are eligible for priority processing and a waiver of QIIP’s cap of 1,900 applications per year.
In exchange for the expense and long wait, successful applicants and their family members will receive a Canadian business visa for investors, which will be converted into a permanent residence card upon entering the country.
The QIIP application window is only open from May 29, 2017 to February 23, 2018, so those interested in applying should act quickly.
If you believe you qualify for QIIP, feel free to read more on the Québec government’s official site.