Investor program to accept new applications beginning Sept. 10

IMPACT – MEDIUM

What is the change? Authorities in Quebec will reopen the Quebec Immigrant Investor Program on Monday, Sept. 10.

What does the change mean? Applicants must (1) have net assets totaling at least 2 million Canadian dollars (about US$1.52 million) and (2) intend to reside in Quebec and commit to making an investment of at least CA$1.2 million. The program will remain open until March 15, 2019 or until 1,900 applications are received.

• Implementation time frame: Sept. 10, 2018, until March 15, 2019.
• Visas/permits affected: Permanent residence through the Quebec Immigrant Investor Program.
• Who is affected: Foreign nationals interested in settling in Quebec who can meet the net income and investment thresholds described above.
• Next steps: Authorities will accept up to 1,900 applications and will begin taking them on Monday. Those applicants who demonstrate at least an intermediate ability in French will be eligible for priority processing, are not subject to the quota and will be permitted to submit applications until March 31, 2019.

Background: The Government of Quebec announced changes to the QIIP in March, increasing both the net worth and investment thresholds to their current levels. Authorities subsequently announced that the intake period would begin Sept. 10.

BAL Analysis: While the changes raise the bar on who will be eligible for the Quebec Immigrant Investor Program, they may also make the program less competitive for applicants who are able to meet the new requirements. Interested applicants should begin compiling an application as soon as possible.

This alert has been provided by the BAL Global Practice group. For additional information, please contact your BAL attorney.

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