Quebec Immigrant Investor Program (QIIP)

If you were looking at applying for Canadian immigration through the country’s most popular investor program, the Quebec Immigrant Investor Program (QIIP), you’re in luck. Although the current program is scheduled to end on February 28^th 2017, there is news that the program will start a new intake of applications as of April or May 2017. This could be your ticket to becoming a Canadian permanent resident.

Here we’ll cover some of the most frequently asked questions on the Quebec Immigrant Investor Program.
 

1. When is the deadline to submit my application?

The short answer is that you should always aim to submit as quickly as possible. Although the government cap of 1,900 applications has not yet been attained for the current intake period, experts agree that the cap is usually filled within a few months of the program opening, and it can occur at any point. The Quebec government unfortunately does not publish how many applications have been received to date, so there is no way of knowing how many spots remain at any given time during the application intake period.

2. Does the total investment amount of CAD 800,000 have to come from my personal net worth?

No. Applicants have the option of financing their investment. However, unlike investing the full sum of CAD 800,000, the down payment made for the financing option is not returned after the five-year holding period. The applicant makes a one-time, non-refundable down payment and the financial intermediary loans the balance of funds required to complete the full CAD 800,000 investment. The financial intermediary takes fees and interest from the down-payment, and the net cost to the investor is the down payment. Contact our office for pricing details on the financing option.

3. What are important steps I should take prior to submitting my application?

Go through the QIIP required document checklist and ensure that all essential documents are included in your application, including forms, photographs, payment of government processing fees, and supporting documents. Applications that are missing required documents will be returned.

All applications must include an Investment Agreement countersigned by one of the program’s authorized financial intermediaries. The Quebec immigration office requires this agreement to know that you commit to investing CAD 800,000 if your application is approved, as well as through which financial intermediary you will transfer the funds. When the investment is requested by the immigration office, you do not transfer the investment directly to Investissement Québec; the funds go through the financial intermediary with whom you’ve signed the Investment Agreement.

The Quebec immigration office allocates a specific quota of applications to each authorized financial intermediary. Our office works closely with several of these designated institutions which enable us to secure spots within the quotas for our clients.

4.  Can I move to Canada as soon as my QIIP application has been accepted?

Approval of the Quebec Immigrant Investor Program application does not automatically grant Canadian permanent residency. Once approved at the Quebec stage, a Quebec Selection Certificate is issued to the applicant and accompanying family members. With these Certificates, the applicants must submit an application for permanent residence to the Centralized Intake Office (CIO) for Federal applications. The CIO then forwards the application to the appropriate IRCC office for processing.

While the Quebec immigration office is responsible for the selection of applicants, the Federal immigration office is responsible for their admission to Canada. This means that even if an individual is accepted at the Quebec level, if he or she is found to be medically or criminally inadmissible to come to Canada, his or her application could still be refused. The principal applicant and all accompanying family members must undergo medical examinations for the permanent residence application.

5. What if I choose not to settle in Quebec?

One of the requirements of the Quebec Immigrant Investor Program is that you must have the intention to settle in the province of Quebec. At a selection interview, the officer will ask questions on general knowledge of the province, so doing research ahead of time is recommended. You will also be asked where you want to settle and why you have chosen to settle in Quebec over any other province. Learning French, or taking steps to start learning the language, can be used in your favor as the official language of Quebec is French. Having relatives living in another province is a hurdle that is difficult but not impossible to overcome as you will have to prove that you will not be settling in the province that your relatives live in, but rather that you are determined to set up your new life in Quebec.

That being said, once your application for permanent residence has been approved, and you have officially landed in Canada, you have the right to change your mind. While you must initially land in the province of Quebec when you first arrive as a permanent resident, you may then choose to settle in any Canadian province you desire. There is no restriction as to where you and your family decide to settle as Canadian permanent residents. Take note though, if the Quebec immigration officer thinks that there is a chance that you will reside elsewhere, the possibility that your application will be refused increases. So you must prove beyond reasonable doubt that you have chosen Quebec!

Final Thoughts

Even though it might be too late to submit under the current intake period, the Quebec Immigrant Investor Program should be reopening by spring of this year. Since an application can take several months to complete, it is never too early to get a head start and we encourage you to do so. There are documents to translate, reports to obtain, and banks to contact, all of which take a devotion of time and effort. With many years of experience with the QIIP, our team at QICMS will help you compile a complete file as efficiently and quickly as possible, to give you the best chance at a spot within the application cap set by the immigration office.  Don’t miss out on this opportunity to apply for Canadian permanent residency through the QIIP: a passive investment program that will grant you and your family a new and brighter future in Canada.

For more information on the Quebec Immigrant Investor Program, please click here.

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