The Ministry of Immigration, Francisation and Integration (MIFI) announced the extension of the suspension of the Quebec Immigrant Investor Program until it can revise its current program to make it better aligned with the government’s objectives in regards to integration and Francization of the immigrants. Quebec is in the final stages of making important changes to the Quebec Immigrant Investor Program, one of the most popular business immigration programs in Canada. The announcement of the extension of the suspension was made by MIFI on March 31, 2021.
The ministry informed that the pending applications still awaiting review will be processed. The program was scheduled to reopen on April 1, 2021, after being suspended for more than a year and a half since November 1, 2019. Before being suspended, the program received 1900 applications, with a maximum number of applicants from China (1,235), Hong Kong, Macau among other countries.
What Are the Most Current Requirements for the Quebec Immigrant Investor Program?
You will be required to meet the following criteria to be eligible for this program:
- Have a legal net worth of at least $2 million
- Have at least 2 years of business management or ownership experience obtained in the last 5 years before applying
- Make a guaranteed passive investment of $1.2 million with the government
- Agree to an investment period of 5 years with no interest
- Intend to reside in Quebec
The interest acquired by the investment during this period is kept by the Quebec government. It is one of the few things that make this program so popular and controversial.