Authored by Patrick McCarthy – Director, Immigrant Investor Program at Sherbrooke Street Capital (SSC) Inc.
On January 1, 2024, the Ministère de l’Immigration, de la Francisation et d’Intégration (MIFI) reopened the Immigrant Investor Program (QIIP). The QIIP had been suspended since October 31, 2019, pending the introduction of new criteria.
What is the QIIP?
Quebec has long been considered a pioneer when it comes to investor immigration, having introduced its investor program in 1986 – before the EB5 Program in the USA and Golden Visa Programs in Europe.
The Immigrant Investor Program was a novel idea at the time. For the first time, investors could obtain status in Canada by virtue of a passive investment. Still today, it differentiates itself from other popular Canadian business immigration programs like the Start-Up Visa and PNP Entrepreneur Streams, as the QIIP is the only business immigration program in Canada where investors do not have the obligation of establishing and managing their own business on an active and ongoing basis.
Over the years, the Immigrant Investor Program has evolved and major reforms to the IIP have happened on several occasions in the last 35+ years.
What are the new requirements?
The application process and eligibility criteria are much changed from previous iterations of the program. The selection grid has been abolished, for the first time, the QIIP includes residency and French language requirements, and the approval process is now multi-stage – which will allow the applicant and family to arrive in Quebec faster with temporary status.
Conditions to Apply:
In order to be eligible to apply, applicants must:
- Enter into an Investment Agreement with an authorized Financial Intermediary
- Have at least two years of management experience, acquired within the five years preceding the application.
- Have a net worth of at least $2,000,000 – the legal origins and accumulation of which must be demonstrated.
- Have a diploma corresponding minimally to a secondary school diploma in Quebec; and
- Have knowledge of spoken French, corresponding minimally to Level 7 (B2) according to the to the Échelle québécoise des niveaux de compétence en français.
After Applying:
Once approved by the MIFI, their financial intermediary will open an investment account for them. At this point, the investor must complete two financial transactions.
- First, he must make a five-year investment of $1,000,000*. The Term Note issued by the Government of Quebec does not bear any interest but does guarantee the return of capital to the investor.
- Second, he must make a financial contribution of $200,000 to the Province.
At this stage, he will receive a notice of intention to select and will have six months to apply for a work permit.
* Because the capital is guaranteed by the Government, authorized financial intermediaries may arrange financing for the applicant’s investment, using the Term Note as collateral for the loan.
Residency Period:
Within two years following the issuance of the work permit, a stay of 12 months in Quebec must be completed. These 12 months can be completed by the applicant alone or can be shared – 6 months by the principal applicant, and the other period of 6 months by the accompanying spouse.
Once the residency period has been demonstrated, the applicants will receive Selection Certificates and be eligible to apply for permanent residence from within Canada.
How is the money used?
Both the one-time contribution of $200,000 and the revenues generated on the $1,000,000 investment over five years, finance two very important Government initiatives aimed at stimulating the economy:
- The Programme des immigrants investisseurs pour l’aide aux entreprises (PIIAE), offers grants of up to $250,000 to small-to-medium sized businesses that are making investments in growth-related and job-creating projects.
- The Programme d’aide à l’intégration des immigrants et des minorités visibles en emploi (PRIIME), provides subsidies to Quebec businesses to cover the additional expenses related to hiring an immigrant, such as the salary of a support person, training costs, or the cost of specific integration measures.
How can one apply for the Quebec Immigrant Investor Program?
As a first step, interested investors and their immigration advisors should contact an authorized Financial Intermediary (FI), so that the Investor and Intermediary may enter into an Investment Agreement together.
Based on the individual’s experience, the FI will be able to work with the client’s immigration advisor to put together a tailored list of required documents.
Complete applications must be submitted to the MIFI in hard copy, and should include:
- duly completed and signed application form,
- a Narrative Document explaining how they have acquired their wealth
- an Investment Agreement signed with an authorized Financial Intermediary,
- all supporting documentation, and
- the Government Processing fee of CAD$17,380
Please contact us if you have any questions, or would like to discuss any potential clients for the program.
Sherbrooke Street Capital (SSC) Inc. is a full-service investment dealer based in Montreal Canada, and the leading financial intermediary for the Quebec Immigrant Investor Program. SSC offers full-service support to RCBI and immigration professionals, so that can deliver unparalleled service to their immigrant investor clients.
