The Government of Quebec has recently unveiled significant reforms to the province’s economic immigration system, signifying a pivotal moment in shaping Quebec’s immigration landscape. These reforms, scheduled for publication in the Gazette on June 7, will undergo a 45-day consultation period to gather insights and feedback from various stakeholders.
Of particular interest are the anticipated changes to the Quebec Immigrant Investor Program (QIIP), which will have a profound impact on the industry.
The key highlights of the reforms include:
Language Requirement:
Applicants will now be required to demonstrate a minimum proficiency in spoken French, with a target score of at least 7 out of 12 on the échelle québécoise des niveaux de compétence en français (Quebec scale of French language proficiency).
Temporary Residence Requirement:
Under the revised program, applicants will need to establish themselves as temporary residents in Quebec for a minimum period of 12 months before becoming eligible for permanent selection. This requirement aims to promote integration and facilitate a smoother transition for immigrants into Quebec society.
Removal of Selection Grid:
The points-based selection grid, previously used to evaluate applicants, will be eliminated, streamlining the application process by eliminating the need for accumulating points based on various criteria.
Updated Investment Requirements:
The reforms bring changes to the investment requirements, replacing the previous five-year investment of $1,200,000 with a requirement to invest CAD$1,000,000 for a period of five years. Additionally, applicants will need to make a non-reimbursable contribution of $200,000. These updated investment requirements demonstrate a strong commitment to Quebec’s economy and provide valuable support for its development.
Clarification on Financial Intermediaries:
The role of financial intermediaries will be defined based on their involvement in facilitating the purchase and redemption of the applicant’s investment with the Government of Quebec, enhancing transparency and coherence in the program’s financial aspects.
While we respect the Quebec government’s plan, we hold the opinion that these changes may result in a niche program with limited applications. Historically, French-speaking QIIP applicants have been rare, making it challenging for businesses to thrive within this limited pool.
Moreover, the revised investment requirements will position the QIIP as one of the most expensive investment immigration programs globally. This may discourage potential applicants who have more accessible and cost-effective alternatives available.
Additionally, despite the program’s intention to streamline the application process, there is no guarantee of a shorter federal processing time.
As the reforms progress, we remain committed to closely monitoring their implementation and assessing their broader impact on the program and the market. Throughout this transitional period, we are dedicated to providing our clients and partners with updated information and guidance.
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