The east-central Canadian province of Quebec has unveiled plans to re-open its highly sought-after Immigrant Investor Program (QIIP) as part of its 2015/ 16 Immigration Plan. The announcement was made by the Hon. Kathleen Weil, Provincial Cabinet Minister of Culture, Communications and Immigration in the Gazette officielle du Québec, the province’s official government gazette, a few days before the deadline to submit QIIP applications for the 2014 fiscal year. The relatively short window of opportunity to submit applications starts on 31 August 2015 and ends on 29 January 2016 or until a limited quota of 1,750 immigrant investor visas have been issued.
“With plans underway to bring the province’s immigration programs in line with Canada’s far more stringent federal programs such as the recently launched IIP Venture Capital Program, this may be the final opportunity for potential applicants to reap the benefits of such favourable investment conditions,” says Daniel Perron, Managing Partner at Henley & Partners Canada, the firm that pioneered the concept of residence and citizenship planning in the early 1990s.
A quota of 1,750 applicants will be authorized to submit applications, of which no more than 1,200 applications will be authorized from the Hong Kong and Macao administrative districts in The People’s Republic of China. The quota will continue to be managed by Quebec’s Authorized Financial Intermediaries (AFI). With a limited quota each, these organizations are tasked with seeking, screening and accepting candidates with the best possible opportunity of success.
A potential applicant must demonstrate sound business or equivalent upper management experience in a minimum of two of the last five years preceding the application, and evidence a minimum net worth of CAD 1,600,000. Spouse equity may be included in this sum should the spouse be included on the application as a dependent. To be considered, the applicant must also sign an Investment Agreement with an AFI and show a commitment to settle in the province of Quebec.
The successful applicant must furthermore commit to investing a minimum of CAD 800,000 for five years in government guaranteed issued bonds. Financing of the investment by local financial institutions is permitted, taking the bond as collateral for the loan. No return is provided to the investor, who benefits from a government guarantee. The unpaid interest is used to fund local immigration programs.
“Providing a complete application and fulfilling all documentation, source of funds and proofing requirements demands a substantial time investment. Given the limited quota and the amount of time allotted until the 2015 QIIP re-opening, we recommend starting the process as soon as possible. As the global leaders in residence and citizenship planning, we recommend an initial assessment to ascertain individual eligibility under the QIIP and whether this is the most suitable solution,” concludes Perron.
Further information is available from Henley & Partners Canada on Tel. +1 514 288 1997.