“Challenges for Many Indian Investors in Meeting Eligibility for Quebec’s Business Immigration Program to Canada IN 2024”
** Quebec Immigrant Investor Program (QIIP) Reopens in 2024**
In a significant development, the Government of Quebec has unveiled the final version of its updated immigration regulations, marking the reopening of the Quebec Immigrant Investor Program (QIIP) from January 1, 2024. This announcement is a positive stride forward, bringing fresh possibilities for prospective immigrants.
**Unique Business Immigration Program: QIIP’s Distinctive Features**
What sets the QIIP apart is its distinctive approach within the Canadian immigration landscape. Unlike other business immigration programs in the country, the QIIP does not mandate applicants to establish or purchase a business, employ Canadians, or invest their capital at risk. It stands out as the only passive investment business immigration program in Canada, offering an alternative route for those seeking immigration through investment.
**Eligibility Criteria for QIIP Applicants: Key Requirements**
To qualify for the QIIP, applicants must meet specific criteria:
1. **Management Experience:** Possess a minimum of 2 years of management experience acquired in the 5 years preceding the application.
2. **Net Worth:** Hold a legally accumulated net worth of CAD$2,000,000.
3. **Education:** Complete studies equivalent to secondary education in Quebec.
4. **Language Proficiency:** Demonstrate proficiency in the French language at an intermediate level (B2, Level 7).
5. **Financial Commitment:** Within 120 days of approval, make a CAD$200,000 contribution to the Government and a fully guaranteed CAD$1,000,000 five-year investment in a Government bond (financing available).
6. **Residency Requirement:** Obtain a three-year work permit and, within 2 years of permit issuance, meet the 12-month residency requirement – six months by the principal applicant and another six months by either the principal applicant or spouse.
**Next Steps: What to Expect in the Coming Weeks**
In the upcoming weeks, more information about the procedural aspects of the program is expected to be revealed by the government. We are committed to keeping you informed and will share updates as they become available.
**Promising Admission Targets for 2024: Clearing the Backlog**
Additionally, the government has announced admission targets for the upcoming year. In 2024, it plans to admit up to 7,900 individuals in the Quebec business categories, representing an 83% increase compared to the projections for 2023. This substantial increase is expected to expedite the processing of QIIP applications currently in the backlog with IRCC.
**Get in Touch: Your Questions Answered**
Should you have any queries about the QIIP or have clients expressing interest, we encourage you to reach out to us.
The author of this article is Mr. Prashant Ajmera, an Indian immigration lawyer and Canadian citizen. He is the founder of Ajmera Law Group and the author of two books, “Millionaires On The Book” and “How to Plan for Your Child’s Foreign Education.” Over the past 30 years, he has assisted and advised over 30,000 students and families on planning their foreign education and settlement. He regularly speaks at various forums on this subject.
Ajmera Law Group: Mo: +91 9974253030 | info@ajmeralaw.com | www.ajmeralaw.com