The amendments to Quebec immigrant investor program (QIIP) published in Gazette on 18 July 2018. The investor scheme is expected to reopen on Sep 10, 2018 accepting 1900 applications.
§3. Investor Program
1. An investor is a foreign national who is at least 18 years old and comes to settle in Québec to invest in it.
2. The Minister selects a foreign national under the Investor Program if he meets the following conditions:(1) he has a management experience of at least 2 years in the 5 years preceding the application for selection;
(2) he alone, or with his spouse or accompanying spouse, has a net worth of at least $ 2,000,000, the lawful origin of which must be demonstrated;
(3) he makes a five-year term investment of $ 1,200,000 with an Investment Québec subsidiary for which he has entered into an investment agreement with a financial intermediary who is bound by a agreement with the Minister and that liquee and who will be, in Québec, his mandatary;
(4) he obtains the number of points required as eliminatory thresholds, if applicable, and as a passage threshold provided for in the Regulation respecting the weighting applicable to the selection of foreign nationals when awarding points in respect of factors and criteria. of the Schedule A Economic Selection Grid.
3. The net worth of the foreign national does not include amounts received by donation in the six months preceding the date of submission of the application for selection.
4. The Minister may enter into an agreement with a financial intermediary that is an investment dealer or a trust company to allow it to participate in the Investor Program. This financial intermediary must:
(1) be registered with the Autorité des marchés financiers and not be suspended from his rights;
(2) have its head office in Québec and its executive office, including the management and administration responsible for supervising its annual operating plans and budgets;
(3) act as an investment dealer or a dutiable company for at least three years.
The Investment Québec subsidiary referred to in paragraph 3 of section 37 is also party to the agreement referred to in the first paragraph.
5. The implementation of the agreement may not be confided to a third party, in whole or in part, without the prior notice of the Minister.
6. The investment agreement must provide for the following:
(1) the identity of the foreign national, namely his name, sex, date of birth, home address, citizenship, personal telephone number, e-mail address, type of document attesting to his identity as well as the number of this document and the place of issue;
(2) the obligation of the foreign national to notify the nancial intermediary in writing of any change in the information provided for in paragraph 1 within 30 days following the change;
And (3) the commitment of the nancial intermediary to open a separate client account in the name of the foreign national no later than 110 days after the date of the Minister’s notice of intention to make a selection decision.
7. A foreign national shall, within 120 days after the date of the Minister’s notice of intention to make a selection decision, make the distribution provided for in paragraph 3 of section 37.
8. The term of the investment is five years from the date the amount is invested in a subsidiary of Investment Québec. This date must be later than the date of the Minister’s Notice of Intent to make a selection decision.
9. The investment is irrevocable before the end of the term unless the repayment is justified by one of the following situations:
(1) his application for selection is rejected or refused;
(2) the election decision that is canceled before obtaining permanent resident status;
(3) the request for permanent residence is refused;
(4) he dies before obtaining permanent resident status.
10. The financing intermediary must reimburse the investor the amount placed with an Investment Québec subsidiary within 30 days following the expiry date of the investment or its revocation.
Investment Québec sends the Minister a written acknowledgment of repayment within 30 days of it.
11. From the date of submission of the application for selection, the foreign national may not change the financial intermediary unless the change is justified by a reason such as the status of the financial intermediary, bankruptcy, the cessation of its activities or the purchase or merger of its business.
Points for Investors
- Education – 14 points (maximum)
- Investment criteria – 25 points
- Experience – 10 points
- Age – 10 points
- Language – 22 points, French (16 points), English (6 points)
- Stay and Family in Quebec – 8 points
Passing is 40/94 total points
