The Quebec Immigrant Investor Program, the popular provincial program which has allowed investors to obtain Canadian permanent residence has suspended the applications intake from November 1, 2019 to June 30, 2020. It doesn’t influence applications within 2019 intake, submitted before November 1st. It is not clear if the program will reopen, and under what conditions.
Quebec’s Immigration Minister, Simon Jolin-Barrette, credited the suspension to the fact almost 20,000 applications for permanent residence through the Quebec Immigrant Investor Program have yet to be processed. The minister said that the suspension period will be used to review the program, which has been controversial.
Meanwhile, the government of Quebec has announced the quota for Entrepreneur and Self-Employed worker program from November 1, 2019 to September 30, 2020.
Taking a more optimistic view of the program’s future, this move gives prospective candidates intending to submit new applications, time to prepare their applications for submission when a new intake period opens.
The QIIP has been among the oldest and best-ranking immigration programs for the investors around the globe, offering access to top-rated education, dependable healthcare, active lifestyle, economic freedom and increased quality of life. In order to participate in the program, investors invest CA$1.2 million, which is returned interest-free after five years or a non-refundable amount of CA$350,000. To be eligible, individual should have a legally acquired net worth of at least $2,000,000 and a minimum of two years of management experience within the past five years.
Quebec’s Immigrant Investor Program has been a model to many of the world’s current investment immigration programs and has generated CA$ 100 million in economic benefits since 2000.