Canada”s Quebec Investment Program resumption remains uncertain

Investors and wealthy individuals planning to immigrate to Canada under the Quebec Investment Program will have to wait much longer. Resumption of the QIP Program earlier scheduled for April 1, still remains uncertain, as the office struggles to clear the backlog.

Quebec’s Justice Minister, Simon Jolin-Barrette earlier attributed the suspension to the fact that about 20,000 applications are yet to be processed. The Minister had promised that his department will use the suspension period to review the program, which has been controversial in several ways.

When we contacted the Quebec Hon. Minister Simon Jolin Barrette, his office only acknowledged the receipt of our message and replied that “the request will be brought to the attention of the relevant parties and followed up on as quickly as possible.”The office of the Quebec Investment Program also did not have any definite answer on when the program is likely to resume.

The Quebec Government website restated that “intake of permanent selection applications for the Investor program is temporarily suspended.”

The Quebec Investor Program has the following eligibility criteria:
  • Have legally acquired net assets of at least C$2,000,000, excluding any amounts received by donation less than six months before your application is submitted
  • Must have management experience for at least two years in the five years preceding the application for selection. This experience must include duties related to the planning, management and control of financial, human or material resources under your authority.
  • Intend to settle in Québec
  • Sign an investment agreement with a financial intermediary (broker or trust company) authorized to participate in the Investor Program
  • Make a five-year term investment of C$1,200,000 with Investissement Québec – Immigrants Investisseurs Inc.
  • Must obtain, by the prescribed deadline, an attestation of learning about democratic values and the Québec values.

The QIIP is Quebec’s version of the Federal Immigrant Investor Program (FIIP), which was cancelled in 2014. The Quebec Investment Program resumption is still clouded with uncertainty as the Government explores ways to fill the gaps.

Canada also has the federal Start-up Visa Program and the entrepreneur streams offered by the provinces and territories under the Provincial Nominee Program (PNP).Canada’s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that: are innovative, can create jobs for Canadians and can compete on a global scale.

If you have an innovative business idea and can get support for your idea from one of the designated organisations, you may be able to immigrate to Canada as an investor.

As for the Quebec Investment Program earlier slated to resume on April, it is not happening. Be advised, so there will be no April Fool!

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