The Quebec Immigrant Investor Program (QIIP) is a popular pathway for individuals from Ivory Coast seeking to immigrate to Canada through passive investment. Recent data indicates a growing trend of Ivorian investors choosing Canada as their new home, with 15 new investors expected in 2023. Ivorians can opt for various economic programs to immigrate to Canada, including the QIIP, Provincial Nominee Programs (PNP), family sponsorship, or refugees/protected persons.
Quebec’s Appeal and Requirements
Quebec’s Appeal
Due to cultural affinities between the Ivory Coast and Quebec, the QIIP is an attractive option for Ivorians with the financial means and entrepreneurial spirit. Ivorians share cultural affinities with Canada and particularly with the French-speaking province of Quebec, given the historical ties between the Ivory Coast and France. This connection makes the QIIP an attractive option for Ivorians with the financial means and entrepreneurial spirit to invest in Quebec and secure permanent residency.
Requirements
Applicants must demonstrate French language proficiency, have a personal net worth of $2 million, suitable management or business experience, and invest $1.2 million in a passive government-guaranteed investment for five years. The upcoming relaunch of the QIIP in 2024 introduces changes like stricter eligibility criteria, including a legally acquired net worth of at least $1.5 million USD (C$2 million), a high school diploma, and two years of management experience. Successful applicants must make specific financial contributions, including a $750,000 USD ($1 million CAD) five-year investment through an authorized financial intermediary guaranteed by the Quebec Government.
Application Process and Financial Considerations
Application Process
Applicants apply for an Avis d’intention de sélection du Québec under the QIIP, followed by a three-year work permit application. Successful applicants commit to residing in Quebec for at least six months within their first two years. With the Quebec certificate, the principal applicant and their spouse agree to live in Quebec for at least six months within their first two years.
Once that is completed, the applicant can apply for the actual Certificat de Selection du Quebec (CSQ) from Quebec. As part of this application, the investor needs to establish a clean source of funds and give an interview in French to convince the officer of his or her eligibility.
Investment Details
The $1.2 million investment is made with Investissement Québec for five years, supporting various programs within Quebec. Financing can be done through designated securities brokerage firms and investment banks. Investors can finance a significant portion of their investment through designated securities brokerage firms and investment banks, typically requiring a down payment before securing bank loans for the balance.
The down payment is non-refundable and covers fees and commissions associated with the investment process. The QIIP allows applicants to finance the bulk of their investment through designated securities brokerage firms and investment banks. Proceeds from the investment are used to fund various business and social programs within the province of Quebec.
Changes in 2024
The upcoming relaunch of the QIIP in 2024 introduces changes like stricter eligibility criteria, including a legally acquired net worth of at least $1.5 million USD (C$2 million), a high school diploma, and two years of management experience. Successful applicants must make specific financial contributions, including a $750,000 USD ($1 million CAD) five-year investment through an authorized financial intermediary guaranteed by the Quebec Government.
The program will reopen in January 2024 with stricter French language requirements, residence requirements, and financial contributions in Quebec. While some measures will be stricter, others will be eased such as eliminating quotas and relaxing the applicant selection process.
Ivorian Investors Eligibility
The QIIP is a popular program for foreign investors seeking to obtain Canadian permanent residency through passive investment in Quebec. By meeting program requirements and making a substantial financial commitment, Ivorians can leverage this opportunity to establish themselves in Canada and contribute to Quebec’s economy and society.
The upcoming changes in 2024 will make it more difficult for foreign nationals to qualify, particularly for non-French speakers, but the program’s reopening offers an additional pathway for eligible investors to settle in Quebec, particularly those who may not qualify for other programs or would prefer an immigration option with a higher passive investment.
Conclusion
The Quebec Immigrant Investor Program provides a pathway for Ivorian investors to obtain Canadian permanent residency through passive investment in Quebec. By meeting program requirements and making a substantial financial commitment, Ivorians can leverage this opportunity to establish themselves in Canada and contribute to Quebec’s economy and society.
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