MIFI announced that they will not be accepting applications
for the Quebec Immigrant Investor Program until next year.
Quebec announced recently that they will be extending the
temporary suspension of the immigrant investor program.
The Quebec Immigration Investor Program (QIIP) will now be
closed to applications until April 1, 2021, said the MIFI (Ministry of
Immigration, Francization and Integration).
Quebec had previously closed the program until July 1, 2020.
The program allows people with a net worth of over $2
million to get permanent residence by investing at least $1.2 million with a
financial intermediary that has been approved by the government of Quebec.
Many say that people are taking advantage of the program,
while supporters say it helps the province of Quebec to acquire more wealth.
Though the program requires candidates to have an intention
to reside in Quebec, most take up residence in Ontario and British Columbia.
Not only that, but the program also gains criticism that the
program allows people to buy permanent residency to the country.
The QIIP is the version of Quebec that is similar to the
FIIP (Federal Immigrant Investor Program), which was cancelled in 2014.
Quebec is currently interested in revising the program as it
states the recent ministerial decree in French.
In support of the FIIP, the Investment Industry Association
of Canada wrote a letter in early May, calling on the federal government to
revive the investor program of Canada.
They said that it could help the economy of Canada recover
from the effects that were caused by the coronavirus pandemic.
The IIAC represents the intermediaries that facilitate the
arrival to Canada of Immigrant investors.
The government of Quebec profits from the investor program
by taking a $1.2 million interest free loan from immigrant investors.
The government then places the money in interest-earning
invests, which includes bonds. Not only that, but they also hold the cash to
make sure that the money can be repaid to the investor after the 5 year term.
A small part of the money goes towards loans for small
businesses in Quebec.
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