Starting January 1, 2024, Quebec will reopen its immigration programs for investors, in accordance with the changes made to the Quebec Immigration Regulation which will come into effect on November 23, 2023. These changes emphasize, among other things, the requirement of French proficiency, considered as essential by the government to stimulate Québec’s economy, social integration, and the preservation of the language and culture.
Here is a brief summary of the new qualification criteria for the Québec immigrant investor program:
- Demonstrate 2 years of management experience in the 5 years preceding the submission of an application;
- Demonstrate a net worth of 2 million CAD, including the spouse’s assets;
- Demonstrate French language proficiency at an advanced intermediate oral level, corresponding to a B2 level;
- Hold a diploma equivalent to Quebec’s high school education;
- Obtain an open work permit valid for three years and, within two years of its issuance, reside in Quebec for 12 months, with at least 6 months by the applicant and the remaining time by the applicant or their spouse, cumulatively;
- Invest, within 120 days of approval, CAD 1 million in a government bond for a period of five years (financing available) and make a non-refundable contribution of CAD 200,000 to the Québec government, all of which through a licenced financial intermediary.
Forecasts for Immigration in 2024:
For 2024, the Quebec government has set a processing target of 7,900 applicants in the business categories (Investors, Entrepreneurs, Self-Employed), marking a significant increase of 83% compared to 2023. This measure is widely welcomed and will undoubtedly have a beneficial effect on the pending processing of current IRCC applications for the Québec Immigration Investor Program (QIIP).
In the coming weeks, we will share a detailed overview of the new criteria applicable to all programs aimed at business people wishing to immigrate to Québec. In the meantime, we remain at your disposal for any questions or clarifications by contacting us at reception@exeo.ca.
