Canada was one of the world’s first countries to launch a residence by investment program. The program started in 1986, and since then, it has managed to attract over 200,000 successful applicants.
Historically, Canada’s investor program was divided into two. Those were the Canada Quebec Immigrant Investor Program (QIIP), and the Canada Federal Immigrant Investor Program.
In 2014, the Federal Immigrant Program was shut down, causing controversy where all backlogged applications were simply deleted. To replace it was a newer Venture Capitalist Pilot program, which didn’t last beyond 2017 (due to poor results).
Since then, the only remaining immigrant investor program is the QIIP. It’s the only way for investors to easily access Canada, and it’s what we’ll be explored below. It was suspended for a few years in 2018 but it is set to reopen for 2021.
The program will most likely experience changes and the hope is that the processing time will be reduced. Currently, it would take 4 to 6 years for an application to be processed under the Quebec Immigrant Investor Program. This is the reason why many have turned to Canada’s immigrant Entrepreneur Programs.
Quebec Immigrant Investor Program
The program requires a minimum of 1.2 million CAD. The minimum investment period is 5 years and is done through the Quebec government’s investment branch.
This program’s investments are passive and do not require business efforts. The Quebec government guarantees it, and the investment is returned after 5 years (with no interest).
A legally approved financial intermediary is needed to authorize the investment. The intermediary’s role is to hold the investment capital until the application gets approved. Additionally, the intermediary allows investors to finance their investments, where they can make a single non-refundable $350,000 cash payment.
Applying for Family.
Applicants can sign up their children and spouse for residency in Canada. For children to quality, they should be younger than 22 years. Also, the family’s intention should be to reside in Quebec, though legally permanent residents are given freedom of movement (they can relocate to any location in Canada).
Do note that not spending enough time in Canada does create the risk of having your permanent residency revoked. To legally comply, it’s recommended that the applicant is present within Canada for 2 out of a 5 year period.
At the federal level, applications cost up to 1,000 CAD, and up to 15,000 CAD by the Quebec government.
As a result of a backlogging process, processing an application takes time. It may take up to 2 years for authorities to provide investors with a CSQ (Certificate of Selection of Quebec).
After receiving the certificate, an investor can sign up for permanent residency on the federal level. Do note that completing this specific process takes time, and may last up to 44 months.