The Quebec Immigrant Investor Program (QIIP), one of the world's most popular in the residence-by-investment immigration industry, recorded a drop of 74 per cent in the number of applications received for 2014 compared to the previous year.
Only 1,400 applications were received before the application window closed compared to 5,389 applications received in 2013. This is the first time the QIIP has failed to reach its annual application limit with industry experts blaming strict new documentation rules for the decline.
For the 2014 intake, the authorities had delayed the application subscription period three times through the end of March 2015 in order to allow more time for applicants to submit their applications.
This year as well, the application window has been increased to five months as the program is set to launch on August 31st and run through January 31st, 2016. A new feature of the program which operates under a quota of 1750, requires investor applicants to identify a financial intermediary with continuing quota allocations.
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The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer.
