CANADA: New Intake Rules Have Been Announced for Québec Investor Applications
On August 27, 2014, the Québec Ministry of Immigration, Diversity and Inclusion (MIDI) announced new intake rules for the Québec Investor Program, which will reopen for a limited time from January 5–30, 2015, with a limit (quota) of 1,750 applications. The 1,750 quota will include a sub-quota of 1,200 applications from candidates from the People's Republic of China, including Hong Kong and Macao.
Per the previous intake rules, the 1,750 quota will not apply to candidates who possess advanced intermediate knowledge of French, who will be able to apply at any time. To demonstrate advanced intermediate knowledge of French, candidates must submit a standardized French test recognized by the MIDI and score at an advanced intermediate level in at least one of the four language competencies of speaking, listening, writing, and reading.
The eligibility criteria for the Québec Investor Program are expected to remain the same. The candidate must possess net assets of at least $1.6 million CAN legally acquired and must have at least two years of management experience in the past five years. In addition, the candidate must intend to settle in Québec and sign an agreement to invest $800,000 CAN at a zero interest rate for a period of five years with a government-approved financial intermediary; financing possibilities exist. The Québec government guarantees the repayment of the $800,000 CAN at the end of the five years.
Applications must be submitted by private courier or regular mail. Once the 1,750 quota is reached within the January 2015 window to apply, applications will be returned. Applications of candidates with an advanced intermediate knowledge of French will continue to be accepted until March 31, 2015, and will receive priority treatment.
A candidate who qualifies for the Québec Investor Program is issued a Québec Selection Certificate, which in turn leads to Canadian permanent resident status if Canada determines that there are no medical, criminal, or security problems.
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