The Quebec Immigrant Investor application is the only program currently open in Canada for international investors.
Quebec Immigrant Investor Program: How does it work?
The Quebec Immigrant Investor application is the only program currently open in Canada for international investors. Although the purpose of the program is to relocate applicants to Quebec, it is not mandatory to prove French language proficiency in order to be eligible to apply.
It is also known as a passive investor program, as it does not require the implementation of a fully working business plan providing job vacancies inside the province. In order to be eligible to apply, you must meet all of these requirements:
-Minimum net worth of 2 million dollars legally acquired. Assets such properties, bank accounts, stocks and shares belonging to the principal applicant and spouse, if applicable.
-Two years of full-time experience in a business management position in one of these industries: agricultural, commercial, industrial, or in a government/international agency.
-An investment of 1.2 million dollars CAD that will be returned in full after a five-year term.
-Meet other factors like education, English or French level, work experience, adaptability, family members living in Quebec, etc.
-The first three factors must be met in order to apply; if one of them is not met, the application will be rejected.
The interest generated by the investment is used to pay some entities involved during the process. It also provides 0% interest loans for small businesses and creates new job positions indirectly.
Now, how does the process work?
The only way to apply is by sending a physical application to the Direction de l’enregistrement et de l’évaluation comparative. After that, you will have to go through the following two processes:
1.Obtain the Certificat de sélection du Québec (CSQ), mandatory for all permanent residence processes for Quebec.
2.Apply for the Permanent Residence on a federal level, where the applicant will have to undergo a medical and a background check ( police clearance certificates).
The process to obtain permanent residence is longer than with other similar programs, as the average time is approximately four years. The applicant will be able to live inside Canada permanently only after the Permanent Residence application is approved.
The passive investment is to be completed after the application for the Certificat de sélection du Québec (CSQ) is reviewed by the Quebec government and approved in principle. If everything is in order, the applicant will be notified on how to transfer the investment money and to proceed with the rest of the process.
The Quebec Investor Visa Program intake period will be over on August 31, 2019, and should open again mid-2020. If you have advanced or intermediate knowledge of French oral expression and oral comprehension, you can apply up until October 31, 2019. If you do not speak French, you can start preparing your application now and be one of the first applicants for the coming intake period.
Currently, the program only receives 1900 applications a year and reserves ⅔ of that amount for applicants from China, Hong Kong, and Macau.