Quebec changes threshold for popular investor program

IMPACT – MEDIUM

What is the change? The Government of Quebec has announced changes to the Quebec Immigrant Investor Program (QIIP).

What does the change mean? Going forward, applicants will be required to (1) have net assets totaling at least CAD 2 million (up from the previous threshold of CAD 1.6 million) and (2) make an investment of at least CAD $1.2 million (up from CAD $800,000) in order to qualify for the program. QIID is not accepting applications at this time, but is expected to open a new application period in August of 2018, when the new requirements will take effect.

• Implementation time frame: Ongoing.
• 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 are expected to announce information on the intake period and number of applications that the QIIP will accept in its next application period in the coming months.

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. BAL will continue to follow the program, including any announcements of the next intake period and how many applications provincial authorities will accept.

This alert has been provided by the BAL Global Practice group and our network provider located in Canada. For additional information, please contact your BAL attorney.

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