Quebec’s Immigrant Investor Program to reopen with stricter criteria

IMPACT – MEDIUM

What is the change? Quebec’s Immigrant Investor Program will introduce new criteria, including higher investment amounts and net asset holdings when the program reopens in September.

What does the change mean? The minimum investment will increase to CAD $1.2 million (from the current $800,000) and the minimum required net assets will increase to CAD $2 million (from the current $1.6 million).

• Implementation time frame: Aug. 2. The program is currently on hold to give provincial authorities time to clear a backlog of applications.
• Visas/permits affected: Permanent residency through Quebec’s Immigrant Investor Program.
• Who is affected: Foreign investors interested in settling in Quebec who meet the minimum criteria.
• Next steps: Application intake is expected to resume on Sept. 10 and is limited to 1,900 applications.

Background: In addition to the new investment and net asset criteria, applicants must have at least two years of management experience, agree to invest for a five-year term, and sign an agreement to invest with a financial intermediary authorized to participate in the program. The program also takes into account other factors such as age, professional training and language skills.

BAL Analysis: The Quebec Immigrant Investor Program is a good option for foreign investors intending to settle in Quebec and who are able to meet the stricter criteria, but it is likely to remain popular and applicants should plan to apply when intake resumes.

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

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