The Quebec Immigrant Investors Program, an immigration pathway that leads applicants towards a Canadian Permanent Resident Visa has been closed for a year. However, rumours have risen indicating that the program may re-open on August 1st, 2013.
In order to qualify for the selective immigration program, the applicant must be able to prove that he has legally acquired a net worth of CAD $1.6 million, excluding any money received through donations in the past 6 months. This net worth can either be earned alone, or jointly with a spouse or common-law partner. As well, the assessment of the application with will take other factors into account, including age, the nature and duration of professional training, and language skills.
The applicant must intend to settle in Quebec and sign an agreement to invest in the province. Once accepted into the program, the applicant must invest CAD $800,000 via a government-approved financial institution (broker or trust company) into a government-controlled corporation for a period of 5 years at a zero rate of return. Additionally, the applicant must have a least 2 years of experience in management within the last 5 years. According to CIC’s website, “the management experience does not have to be in a commercial or industrial enterprise. As long as the experience is managerial in nature, it can be in agriculture, government or in an international organization.” At the end of the 5 year term, the broker or trust company will, within 30 days, reimburse the applicant CAD $800,000 without interest. However, this amount may vary if the applicant secured financing for the investment.
Closures in the program and the fact that it has a very limited number of application spaces explain why the program is known to fill up within a few days of opening. “Unless a candidate is willing to begin preparing an application in advance, there is little chance that there will be sufficient time to gather supporting documents and submit the required forms before the quota is reached,” Says Attorney David Cohen, Canadian Immigration Lawyer. “In my opinion, the applicants who begin the process now are maximising their chance for success.”
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