According to the latest mandate published on the Quebec Official Gazette, the Quebec Immigrant Investor Program (QIIP) will remain suspended until March 31, 2023. Quebec Immigration Ministry (MIFI) has hinted at the development and near completion of the investor program’s mechanism. A recent meeting with AURAY Capital and other industry leaders has revealed specific deliverables about the program needing federal approval. These deliverables and new mechanisms will allow the investors and their families to come to Quebec before obtaining fast-track Canada Permanent Residency Visa status.
Despite the announced deadline, the Quebec Government is working on rolling out the new requirements of the QIIP in the coming weeks. The industry participants will get 45 days to review and finalize the new requirements and submit their comprehension to the Government. According to the current needs of the program, the applicant must have:
- The personal net worth of CAD 2 million (INR 11.7 Crore) legally acquired
- Two years of relevant management or business experience within the five years
- Investment of CAD 1.2 million (INR 7.01 Crore) in a passive government guaranteed investment for five years
- Demonstrate intention to settle in Quebec province
Unlike the other federal business and provincial programs, applicants must not set up a company under the QIIP. The investment is passive, wherein the applicants can attain maximum returns on returns and residency benefits. Suppose a candidate does not wish to wait until March 31, 2023. In that case, he/she can opt for other pathways such as Canada Startup Visa, Canada Self-employed Program, Owner Operator Program, and other provincial entrepreneur programs with an investment range of CAD 100,000 (INR 60 Lac) to CAD 600,000 (INR 3.6 Crore).