August 2, 2018, is the date for opening the new Quebec Immigrant Investor Program, as per the announcement of the Quebec immigration ministry.
David Heurtel, Immigration Minister, Quebec, made this announcement subsequent to the passing of regulation on July 3rd.
Hence, Quebec will commence its new immigration system for economic immigration based on declaration of interest. This system will have a resemblance to the present immigration system of Federal Express Entry .
The revised Immigrant Investor Program QIIP has added the features of enlarged net worth and investment requirements for the first time in 8 years. The requirement for investment will be $1.2 million, which was $800,000 in the past. Moreover, the net worth amount to qualify will be $2 million, which was $1.6 million in the past.
New Requirements under the Quebec Immigrant Investor Program
The Quebec Investor Program was created in 1986; and is a popular and large investment immigration program in Canada.
In the past it has annually accepted 1,900 applications, and has brought 5,000 High Net worth Individuals accompanied by their families to Canada every year. Because of the termination of the federal government version in 2014, the program in Quebec has played a dominant role in the the immigration scene of the country.
It has admitted more business immigrants compared to the combined total of all the programs through provincial nomination . Additionally, it has attracted $1 billion in direct investment to the province since it was set up. The new skilled worker system has the aim of making Quebec immigration revolutionary, modern, efficient and effective. It hopes to decrease the processing time for economic immigration to below one year. This change will prioritize such skilled workers who are best qualified to meet the labor needs of the market in Quebec.
Process for the New Quebec Declaration of Interest Immigration System
The immigration ministry of Quebec announced the following details regarding the immigration system based on declaration of interest:
Quebec controls its immigration system, and also has the power to keep yearly immigration levels independent from the rest of Canada.
Quebec’s Economic Immigration Targets for 2018