Quebec suspends investment program until 2023.
The Quebec Immigrant Investor Program (QIIP) will remain suspended for another two years as part of the government's reforms to modernize the immigration system in Canada's eastern province.
The program was scheduled to reopen on April 1, 2021, after a previous suspension on November 1, 2019. However, the government announced today that QIIP will not reopen until April 1, 2023.
"This timeframe will allow the Ministry to complete the ongoing revision work, enabling it to implement an updated program that is more aligned with the government's goals for immigrant integration and community building," according to the Quebec government.
The government has clarified that all applications previously submitted under this program will continue to be processed during this period.
Impact of the Quebec Immigrant Investor Program
QIIP has been operating since the 1980s. Since 2001, an estimated $700 million Canadian dollars have been invested, ultimately serving 4,700 Quebec businesses.
One of the main reasons for the program's popularity is its passive nature, meaning investors are not required to establish or manage a business in Quebec themselves. Instead, an investor is required to invest money in a provincial government-backed initiative. QIIP applicants, who can demonstrate a net worth of at least C$2 million and have some management experience, are required to invest C$1.2 million in an authorized Canadian company in the province, with the proceeds used to fund other business programs. Investors receive their money back, minus interest, after a period of 5 years.
