Contrary to popular belief, an active and/or established business is not required in Quebec for individuals to be able to take part in the Quebec Immigrant Investor Program. Instead, an investment into a government-guaranteed (“prescribed”) investment is required by the program amounting to $1.2 million. Needless to say, the intent should be to settle in Quebec, which is a French-speaking province.
For Immigrant Investors Looking to Apply
First and foremost, here are the qualifications in order to be an eligible applicant:
- $1.2 million investment into passive government guaranteed investment (five-year period, no interest)
- Business or management experience adding up to two years, within the time period of five years before applying
- Personal net worth of $2 million, acquired legally
- Plans to settle in the province of Quebec
As previously mentioned, it’s not enough to simply have the money to meet Canada’s investor requirements. Evidence of assets is not required beyond $2 million, but legitimacy must be established. There has to be proof that the applicant’s money and net worth were acquired in legal ways. That’s why thorough documentation is required to show how the applicant’s career progressed over time, leading to them earning and saving such hefty amounts.
All personal assets and liabilities must be declared by any immigrant investor looking to apply. Documents for this include bank statements, real estate evaluations, investor booklets, and more.
There are several steps for any immigrant investor wanting to apply:
- Collate documents supporting both experience in management alongside personal net worth.
- Make sure to have proof of all assets being accumulated legally.
- Application must be reviewed by a licensed financial intermediary who has an approved license and quota allocations from the immigration authorities of Quebec.
- Submit application to Quebec immigration authorities, who will issue a file number within 30 days.
- Notice of interview or interview waiver will arrive within a year (12 months) post-submission.
- The decision is made within 30 days post-interview.
- Positive decisions (approved applications) will require the investment to be made within 110 days.
- Quebec Selection Certificate (CSQ) is issued after investment, permitting permanent residence application at the federal level.
- Full application submission to federal immigration authorities.
- Visa issuance depends on the visa office; the timeframe is anywhere from 12 months to 44 months.
- Passports are requested after approval, along with the issuance of confirmation of permanent residence (COPR) to the applicant and dependents.
- Take note of the expiry date on the COPR document since travel to Canada by applicants and dependants must be done before then.
Quebec’s program for immigrant investors does not require an established or active business in the province. Applicants must be able to invest $1.2 million in a government-guaranteed investment and prove they earned their assets legally through documentation, among others. That way, a Quebec Selection Certificate will be issued in order to boost the filing of a Canada permanent residency with federal immigration. According to immigration consultants in Canada, for now, intake for this program is paused until the 1st of April, 2023.
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