When looking at a picture of the Canadian immigration landscape, Québec’s Immigrant Investor Program (QIIP) distinguishes itself from the other pathways in that it is the only purely investment-based immigration program in Canada, in other words, it is the only program that does not require an active business operation requirement accompanying the mandatory investment criterion.
New Eligibility Requirements for January 2024’s Reopening
After having been suspended in 2019, the Ministry of Immigration, Francisation and Integration (MIFI) has officially reopened the QIIP in January of 2024 with some modifications to its selection criteria.
The new iteration of the QIIP eliminated the use of application quotas, application deadlines and even the former selection grid. Updated criteria have also been implemented with respect to an applicant’s education, language proficiency, physical presence in Québec and investment. Some of the new and stricter eligibility requirements include:
- holding at least a secondary school diploma before submitting an application.
- having a spoken proficiency in French corresponding minimally to level 7 (on the Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes test).
- making a five-year-term, risk-free investment of CAD 1 million with Investissement Québec – Immigrants Investisseurs Inc. at 0% interest along with a financial contribution of CAD 200,000 through an authorized financial intermediary, within 120 days upon request by MIFI.
- applying for and obtaining a Work Permit from Immigration, Refugees and Citizenship Canada (IRCC) upon receipt of the Québec Selection Certificate (CSQ)’s approval in principle.
- residing in Québec for at least 12 months within the two years following the work permit issuance. The first 6-month period must be completed by the main applicant, while the second 6-month period can be completed by the main applicant and/or by the spouse/common-law partner.
The latest requirements will especially affect the eligibility of non-French speaking foreign nationals; a clear message is being sent to francophone investors that an additional pathway is once again available to settle in Québec and obtain permanent residence seamlessly. QIIP indeed remains the sole alternative for applicants seeking an immigration option to Québec through a direct investment pathway as opposed to work, skills and/or business-based programs.
To further discuss the program’s requirements and your eligibility, please contact us.