Where should you live when the world is your oyster? According to 2019 Best Countries Report, Canada, the Great White North, is ranked #3 in the world in global quality of life, right after Switzerland and Japan. And according to TimeOut, Montreal, Quebec is ranked 6th in best city in the world for 2019.
Everyone is looking for a safe and sound environment for their family to live in, a great education system for their children to be educated and a strong and stable economy to grow their business and investments. Quebec/Canada not only offers all of the mentioned above but it also has a universal healthcare system, an amazing culinary culture and not to mention it is one of the few countries in the world that is still abundant in land and natural resources. So, the question is, how to come here and stay?
There are many visas and permits that allows people to come to Canada, however most of them have may conditions or limitations that may not be the most suitable for a businessman or an entrepreneur who would like to stay in Canada with their family. The Quebec Immigrant Investor Program is the more tailored program for a high net worth individual who is willing to make a passive investment in the Canadian economy.
With the Quebec Immigrant Investor Program, the principal applicant along with his/her family does not have any language requirements, nor do they need to keep a job in their field of study, nor do they have to stay in a continuous study to maintain their status in Canada. The businessperson and his/her family will have the liberty to allocate their time and energy at their pace on what they wish to do, such as expending their business in Quebec or explore new field of investment, etc.
Then what is required for a person to be qualified for the Quebec Immigrant Investor Program (QIIP)?
- Have a minimum net worth of CA$2,000,000 obtained legally, alone or with accompanying spouse.
- Intend to settle in Quebec and sign an agreement to invest CA$1,200,000 (a financing option is offered at a fraction of that price) with a broker or trust company authorized to participate in the Investor Program.
- Have at least two (2) years of management experience in the last 5 years.
- Undergo security and medical clearance.
For a high net worth individual who is qualified with the above conditions, the next thing may not come as easy: understanding the process, steps and documentations required to prove a large accumulated wealth. The process can easily become a challenging task if done without any guidance. This is where a good experienced lawyer/consultant with high success rate can make all the difference in your immigration experience.
Question: Is there a point system for the Quebec Immigrant Investor Program (QIIP)?
Answer: Yes there is, although the impact is very limited. The required score is 40 points: 25 points are given to sign the required documents, 10 points are “pass or fail” for the management experience, and the remaining 5 points may be obtained whether with age, education, language, adaptability, trips to Quebec province, family in Quebec, etc. In a nutshell, if the essential conditions of the program are met, there is little chance that point system would be a negative factor.
Question: How does Quebec immigration by investment program compares with other provincial nominee programs (PNP)?
Answer: The PNP whether in BC, PEI, Manitoba, etc would require from the applicant an active investment in the province, and conditions regarding physical presence, job creation, buying / creating a business, work, etc. Quebec requirements is a passive investment with no such conditions where permanent residence is offered to the family right upon landing on Canada.
Question: which immigration program is better for Canada: what to you advice?
Answer: Most important is for the family to be awarded the great quality of life Canada has to offer. The best program may be different depending on every family: let’ s have a consultation and see which one is best for your family.
Question: Can I apply anytime?
Answer: Not really, because there are windows of opportunity: The immigration programs for Canada are seasonal, and conditions of eligibility are subject to change. The Quebec VIP immigration program for HNWI investors is usually open for about 8 month a year, and the required investment has increased twice in the last 10 years, in 2010 and 2018
Question: Can I buy real estate and get permanent residence in Canada?
Answer: No. Permanent Resident and non-permanent residents are able to buy properties in Canada, and can even get bank financing, but acquisition of property does NOT give any legal status in Canada.
Question: Does Quebec Immigrant Investor Program (QIIP) lead to Canadian citizenship?
Answer: Quebec Immigrant Investor Program (QIIP) leads to Canadian permanent residence in the first place. But it may lead to Canadian citizenship soon after: after 3 years of permanent residence, applicants and their family can request for Canadian citizenship if they meet with the eligibility conditions
Photo credit: Ottawa by Dennis Jarvis and Montreal by Maxim Polishtchouk