Quebec Finalizing Changes to the Quebec Immigrant Investor Program

2.25 minute read

"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. "

Written by My Visa Source Team
Published on: May 27, 2021

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.

Why Is the Quebec Immigrant Investor Program Being Revised?

It is one of the few Quebec immigration programs that do not require applicants to demonstrate advanced intermediate skills in the French language to be eligible for immigration. It is also passive, meaning that applicants are not required to establish or actively operate a business in the province. Also, the program has proven to show a low retention rate of immigrants. As per the requirements, applicants must intend to reside in the province to gain permanent residency.

However, a majority of applicants choose not to settle in Quebec after receiving permanent residency. After they have become permanent residents, authorities can't keep them in Quebec. As a permanent resident, your right to reside in any part of Canada is protected by the Canadian Charter of Rights and Freedoms.

Therefore, the Quebec government is trying to revise this program to imply changes that are better aligned with the needs and objectives of the province for this program. The new program will likely include changes such as a new security deposit to motivate the investors to settle in the province and giving approved investors early entry to Quebec.