(vi) Quebec Immigrant Investor Program:
The Quebec Immigrant Investor Program is not open for accepting new applications between the period November 1, 2019, and July 1, 2020.
The Quebec Immigrant Investors Program is the one and only immigration program launched by the provincial government of Canada that is specifically designed to attract foreign investors. Immigrant investors that have a net worth equivalent to a minimum amount of CAD 2 million can apply for the permanent residence visa of Canada and make an investment using the Quebec Immigrant Investor Program.
Although Quebec is predominantly a French-speaking province, it is not mandatory for the applicant to be proficient in the language to apply under the Quebec Immigrant Investor Program. However, French language proficiency could be considered as one of the important factors while selecting your profile for nomination under Quebec Immigrant Investor Program.
The Quebec Immigrant Investor Program could be described as passive in nature, which implies that the applicants are not required to start or actively operate a business in the province of Quebec.
Successful applicants are sent a selection certificate from the province of Quebec to immigrate to Canada, which enables them to obtain the permanent residence permit of Canada after passing the medical and criminality exams taken by the federal immigration authorities.
Benefits of Quebec Immigrant Investor Program:
The Quebec Immigrant Investor Program is the only investor immigration stream of the Canadian Government that offers the selected candidates an array of advantages. Unlike some business investor immigration programs that exist for international countries, for instance, the EB-5 program of the United States government which requires the applicant to generate a specific quota of jobs in a specific period of time, the Quebec Immigrant Investor Program does not have any such eligibility requirement.
In addition to this, the Quebec Immigrant Investor Program also provides permanent residency of Canada immediately after initial landing and therefore does not involve any intermediate temporary visa grant. The applicants are also allowed to include their immediate family members within the application and therefore obtain a permanent residence visa of Canada for their dependents as well.
Eligibility Requirements for Quebec Immigrant Investor Program:
The Quebec Immigrant Investor Program determines the eligibility of the candidate by their willingness and ability to make a significant investment in Quebec. In order to become eligible, an applicant (along with their spouse, if applicable) would be required to demonstrate that they possess assets that have a net worth of at least CAD 2,000,000 and should also make an investment over a five-year term equivalent to CAD 1,200,000 in collaboration with the organization Investissement Quebec – Immigrants Investisseurs Inc.
It’s mandatory for all applicants to sign the investment agreement in association with one of the participating financial intermediaries of Quebec.
Starting from January 1, 2020, all applicants that have applied for the permanent residence of Canada through Quebec immigration programs are needed to demonstrate that they comply with Quebec values. This can be done by the applicant by either completing a course in Quebec values or passing a Quebec values exam.
The process to apply for the Quebec Immigrant Investor Program:
The applications under the Quebec Immigrant Investor Program are accepted only during the designated intake period in a year. The provincial government of Quebec declared that the Immigrant Investor Program will remain closed for new applicants starting from November 1, 2019, till July 1, 2020. It is not also guaranteed if new applications will be accepted even after July 1, 2020, as the Quebec immigration ministry will announce more details regarding the application procedure around this date.
New permanent residents are accepted by the provincial government of Quebec through a two-step application process:
-> Selection: Selection takes place at the level of the province. All Quebec immigration applicants are required to apply towards the province of Quebec to receive a Certificat de selection du Quebec (CSQ).
-> Admission: Admission of new candidates takes place at the federal level. After the candidate receives the CSQ, they are required to apply for Canadian permanent residence to the federal government of Canada. Similar to all permanent residence applications, it is mandatory to pass the medical exam as well as go through the police verification procedure to ensure that they get admitted to Canada.
Once the application gets approval at both the federal and the provincial levels, an applicant can be considered to have approved for the Canadian permanent resident permit.
To apply for the Quebec Immigrant Investor Program, interested applicants are required to submit a paper-based application along with all the necessary immigration forms and also need to present supporting documents. For investors, immigration officers will specifically ask to demonstrate the intention to live and work in Quebec and will ask to submit proof of prior management experience, details related to their personal assets, and an official investment agreement.
Applications submitted for the Quebec Immigrant Investor Program should be submitted in hard-copy format through courier towards the Direction de I’enregistrement et de evaluation comparative situated in the city of Montreal. Once the application gets approved by the immigration department and CSQ gets issued, the investor then can apply on the subsequent federal level for the permanent residence of Canada.
Other Canadian immigration options available for investors:
The Quebec Immigrant Investor Program is at present the only immigration program that is specifically launched by the Canadian government to specifically attract foreign investors.
However, for international investors that have relevant entrepreneurial experience, there exists an array of immigration options to Canada. The federal government’s Start-Up Visa Program is one of the many options for international entrepreneurs who have their innovative business idea been chosen by a recognized organization in Canada. In addition to it, many provinces across Canada offer different entrepreneurial immigration streams under their respective provincial nominee immigration programs such as those for Quebec, British Columbia and Ontario.