The Quebec Immigrant Investor Program (QIIP) accepted a record number of applicants last year and officials expect to at least match the number in 2016.

Just over 5,000 investors were given permanent residency through the program in 2016, beating the previous high of 4,436 in 2012. In 2014, 3,669 immigrants were accepted.

Projections suggest 2016 will also see more than 5,000 candidates awarded permanent residency, with 89 per cent of those coming from Asia.

QIIP Requirements

  • Legally acquired personal net worth of $1.6 million.
  • Two years of suitable management or business experience within the five years preceding the application.
  • Make investment of $800,000 for a period of five years bearing no interest. Money invested is returned at the end of the period.
  • Intend to settle in the province of Quebec.

The QIIP is controversial in the rest of Canada because many of the immigrants who come in through the program end up settling in Vancouver and Toronto, despite declaring their intent to reside in Quebec as part of the application process.

Experts suggest this is one of the reasons for the inflated housing markets in both major cities, particularly the West Coast giant.

Critics say Quebec should not be benefitting financially from the program if the immigrants given permanent residency do not settle in the province.

Quebec says it has attempted to slow the movement of immigrants out of the province, first by introducing the declaration to reside rule, and also by focusing on French-speaking applicants.

To read this article in its entirety please click here

General Information: Contact Us to receive more information about this article.
Interested Investors: Kindly complete the following form and we will contact you to discuss your global residency and citizenship investment options.

The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer.