Quebec suspends immigrant investor program until July 2020
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The Quebec Immigrant Investor Program, which allows investors to obtain Canadian permanent residence with a $1.2 million investment, has been suspended until July 1, 2020.
The suspension takes effect Friday, November 1, 2019.
Quebec’s Immigration Minister, Simon Jolin-Barrette, attributed the suspension to the fact nearly 20,000 applications for permanent residence through the Quebec Immigrant Investor Program have yet to be processed.
The minister said his department will use the suspension period to review the program, which has been controversial.
Critics say it allows wealthy individuals to effectively purchase Canadian permanent residence and citizenship while supporters say it helps fund essential programs in Quebec.
The Government of Canada cancelled a similar program in 2014, saying investors were not maintaining ties to Canada and were paying “significantly lower taxes over a lifetime than other categories of economic immigrants.”
To participate in the Quebec Immigrant Investor Program, individuals invest $1.2 million, which is returned interest-free after five years.
In order to be eligible, investors need at least $2,000,000 in legally acquired net worth and a minimum of two years of management experience within the past five years, among other criteria.#casansaar (Source - CIC News)
The suspension takes effect Friday, November 1, 2019.
Quebec’s Immigration Minister, Simon Jolin-Barrette, attributed the suspension to the fact nearly 20,000 applications for permanent residence through the Quebec Immigrant Investor Program have yet to be processed.
The minister said his department will use the suspension period to review the program, which has been controversial.
Critics say it allows wealthy individuals to effectively purchase Canadian permanent residence and citizenship while supporters say it helps fund essential programs in Quebec.
The Government of Canada cancelled a similar program in 2014, saying investors were not maintaining ties to Canada and were paying “significantly lower taxes over a lifetime than other categories of economic immigrants.”
To participate in the Quebec Immigrant Investor Program, individuals invest $1.2 million, which is returned interest-free after five years.
In order to be eligible, investors need at least $2,000,000 in legally acquired net worth and a minimum of two years of management experience within the past five years, among other criteria.#casansaar (Source - CIC News)
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