Quebec Immigrant Investor Program (QIIP) mearani 2017-07-17T05:35:24+00:00
QUEBEC IMMIGRANT INVESTOR PROGRAM (QIIP)
Investment: CDN $800,000
Financing Option: CDN $ 220,000
Net Worth Requirement: CDN$ 1,600,000
Physical Residency Requirement: 2 years within a period of 5 years
Citizenship Requirement: Eligible after physically residing in Canada for at least 4 years within a 6 year period However, the expected change in the law, if implemented, will reduce the physical residency for at least 3 years within a 5 year period
For the last two decades thousands of immigrants have been welcomed into Canada through the Quebec Investor Program. Investors opting to initiate the application process for Immigration to Canada through this program must have the intention to settle in Quebec, which is the second largest and a multicultural province of Canada.
This program has been established for all the businessmen, senior executives, agriculturalists, NGO managers, and senior government officials/bureaucrats who have the intention to apply for Immigration to Canada. After coming to a special agreement with the Federal Government, this province has been granted the right to choose its own immigrants. In order to confirm the eligibility of Quebec immigrants, thorough background, security and medical checks are run on them by the Federal Government.
The application process for the Quebec Investor Immigrant program has been re-opened since 31st May, 2016 and will remain open till 28th February 2017. This time the program has a limited quota of 570 applications from around the world, excluding China. Keeping in mind the very restricted quota for applications from around the world, it is recommended to start the process for Quebec immigration as soon as possible.
A minimum, legally earned net worth of CAD 1.6 million, excluding any gifts received less than 6 months before the application is submitted to MIDI.
Management experience of at least 2 years in the past 5 years, which includes the management of human resources, financial or material resources in any one of the following:
A commercial business
An agricultural business
A government or non-governmental organization
A deposit of CAD 800,000, without any interest or profit, is required at the time of acceptance of Quebec immigration application. This deposit is held for 5 years after which it is returned. An alternative option available is of financing through the approved Canadian financial intermediary for a one-time cost of CAD 200,000 – 220,000.
Eligible family members:
Children till the age of 19 years. However, the expected change in the law, if implemented, will increase the age limit to 22 years for dependent children.
Once the investor deposits the professional fees, Lalani & Associates will start compiling the application and will submit it to a Quebec lawyer for initial review which is then further submitted to Ministère de l’Immigration, de la Diversité et de l’Inclusiona (MIDI) along with the government’s processing fee.
The application is put in an interview queue after the initial review.
The MIDI might request for an update of the applicant’s net worth while the application is in queue for an interview.
The applicant and spouse will be invited for an interview with the Quebec immigration officer in Montreal, which is the expected location. If the applicant comes out successful in the interview, then a “Intent to issue CSQ” letter will be sent to the applicant, after which he/she will have 110 days to invest the funds, either by depositing the full amount or by availing the financing option.
After the issuance of CSQ, an application for permanent residence is filed to the Federal Government.
Once the background, security and medical checks have been completed successfully, a Canadian immigrant visa will be granted to the applicant.
A permanent residence visa is granted when you apply for Immigration to Canada through the Quebec Investor program. At the time of arrival at the port-of-entry, the applicants will be required to provide an address in Quebec where their permanent resident cards (PRC) will be mailed.
The PRC is only valid for a period of 5 years, Applicants will be required to physically reside in Canada for 730 days within a 5-year period, if they want to uphold their permanent residence status.
Upon arrival in Quebec, every family member’s PR status will be independent of each other. Whoever stays and fulfills the conditions will be given renewal of their PR status, if they have not yet fulfilled the requirements for Canadian Citizenship.
In order to meet the eligibility criteria for acquiring Canadian citizenship, the applicants will be required to physically reside in Canada for at least 1,460 days out of a total 6-year period. However, if the amendments proposed to the Canadian immigration law are implemented, then the number of days will be reduced to 1,095 out of a total 5-year period. At the time of Citizenship application, citizenship and Immigration Canada will ask for detailed proof of residence in Canada, including and not limited to grocery bills, utility bills, school enrollment for children etc.
Adult immigrants will be required to pass a citizenship test and provide proof of adequate proficiency in English language.
Children below the age of 18 are usually granted citizenship when one of their parents receives citizenship status. However, children above the age of 18 must comply with the citizenship requirements.
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