Recently, Quebec revealed many planned reforms to its immigration policies. So, Quebec is re-opening the immigrant investor program in 2024. The Quebec Immigrant Investor Program (QIIP) and other business immigration programs in Quebec will see some essential adjustments. So, these initiatives may ease PR for Canada!
About the Changes
The most important change to Quebec’s economic immigration programs will be the requirement that all applicants for economic immigration must possess excellent oral French proficiency.
Investors as well as business owners and independent contractors would be impact by the changes to business-class immigrants. For those who qualify, oral French proficiency will be a requirement for principal applications.
According to the government of Quebec, there are now extremely few workers that can speak French well. Additionally, it thinks that making French a prerequisite will facilitate immigrants’ assimilation into Quebec’s business sector and make it simpler for them to support the province’s economy.
What Additional Changes Are There?
1. New or modified standards:
- Show at least level 7 competency in the Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes in spoken French.
- Possess a diploma that was earned prior to the application deadline and at least satisfies Quebec’s requirements for a high school diploma
- Have received a work permit after receiving notification from the Ministry of Immigration, Refugees, and Integration (MIFI) that a PCSQ will be issued
- The principal applicant must have lived in Quebec for at least 6 months within two years of the work permit’s issuance, and either he or his spouse or de facto spouse who is included in the application must have lived there for at least another 6 months.
- Make a non-refundable financial commitment of $200,000 to IQ Immigrants Investisseurs Inc. through a financial intermediary within 120 days of the admission decision, along with a C$1 million risk-free investment with a 5-year term at 0% interest.
2. Unchanged Standards:
- Have a net worth of at least C$2 million (including the assets of your spouse).
- Have at least 2 years of management experience in the 5 years preceding the filing of the application.
Why should you go with the Quebec Immigrant Investor Program?
The Quebec Immigrant Investor Program is Canada’s only passive investor immigration program, with a number of extra benefits. Many foreign business investor immigration schemes, such as the EB-5 program in the United States, require persons to create a particular number of jobs within a certain time limit.
Furthermore, the Quebec Immigrant Investor Program provides permanent resident status in Canada upon initial arrival, with no interim temporary status. Immediate family members of the applicant may involve on the application and obtain Canadian permanent residence, enjoying all of the privileges that this status entails, such as universal health care and access to a world-class education.
