Quebec is extending a temporary suspension of the immigrant investor program. Accordingly, MIFI will not accept applications for the Quebec Immigrant Investor Program until next year.
The Quebec Immigrant Investor Program (QIIP) will now be suspended for applications submitted until April 1, 2021, according to the Ministry of Immigration, Francization and Integration (MIFI). Quebec previously closed the program until July 1, 2020.
The QIIP program allows investors with net worth more than $2 million to obtain permanent residency by investing at least $1.2 million with an intermediary financial unit approved by the Quebec government.
The Quebec Immigrant Investor Program (QIIP) is receiving two mixed opinions. Critics say it is easy to take advantage of the program, while supporters hold the view that the program makes Quebec richer.
Although QIIP requires applicants to intend to reside in Quebec, most investors reside in British Columbia or Ontario. Another common criticism is the program that allows investors to "buy permanent residents" of Canada.
QIIP is the Quebec version of the Federal Immigrant Investor Program (FIIP), which was canceled in 2014. Quebec is more interested in modifying the program as stated in a recent decree. of the minister (decree only in French).
In support of the FIIP program, the Investment Industry Association of Canada wrote a letter in early May calling on the federal government to "revitalize" the Canadian investor program. They say it could help Canada's economy recover from the devastating coronavirus epidemic.
IIAC (Investment Industry Association of Canada) represents intermediaries to facilitate immigrant investors to come to Canada.
The Quebec government benefits from its investor program by borrowing US $ 1.2 million without interest from immigrant investors. The government put money into interest-bearing investments such as bonds and held in cash to ensure the money could be returned to investors after a five-year period. A small portion of the loan will be distributed to small businesses in Quebec.
Quebec will need to consider the lending rate set by the Bank of Canada when it reaches maturity and what they want to do with the Quebec Immigrant Investor Program (QIIP). Interest rates fell after coronavirus prevention measures were implemented in March. Low interest rates have raised questions whether or not Quebec will maintain its QIIP program in an effort to stimulate the economy. province.
The Immigrant Investor Program is a business-class settlement, a type of settlement for individuals with high net worth, who has the potential to create jobs and contribute to prosperity in the background. Canadian economy. Business immigration also includes investment / entrepreneur migration.
The main difference between investor and investor-based immigration programs is that business programs require immigrants to actively manage a business in exchange for permanent residency, while the program settled in the category of permanent resident investment in exchange for an interest-free loan.
For immigrants who want to start a business, there are other options, such as Quebec's business immigration program. Canada also has a Federal Start-up Visa Program and the business stream provided by provinces and territories under the Provincial Nominee Program for Employees (Provincial Nominee). For example, Ontario invited 26 entrepreneurs under the PNP program last month
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