Quebec Investor Program Leads to Record in Immigrants
The Quebec Investor Program has just made it very easy for wealthy potential immigrants to gain citizenship in Canada. Are you a business owner or entrepreneur with a net worth of $1,600,000 CAD or more? Do you want to invest in Canadian businesses or start your own? This program could mean that you’ll become a Canadian with ease. But what exactly is the Quebec Investor Program and how does it work? Let’s take a look at some facts and how the program could help you become a Canadian citizen.
What Is The Quebec Investor Program?
Back in the day, the Federal government and Quebec’s government took care of their own passive business investment programs. The Federal program ended in 2014, leaving Quebec’s investor program as the only option for business-oriented immigrants with a lot of financial worth to gain permanent residence via investment. In May of this year, the Quebec government announced that they would accept a maximum of 1900 applicants into the Quebec Immigrant Investor Program until February of 2017. The government will accept up to 1330 applications for Chinese and Macao citizens, and 570 applications from everywhere else. The Quebec Investor Program is a symbiotic process that helps the Canadian economy as well as immigrant hopefuls. Quebec will receive investments in businesses that will boost success in the province and people that wish to gain citizenship easily will be able to through investments.
In order to qualify for the Quebec Immigrant Investor Program, there are a few things one must do:
- Be at least 18 years of age.
- Have a (legal) net worth of $1,600,000 CAD or more that was attained through operating or managing an industrial or commercial business. Inherited assets that were legally obtained are also allowed but must have been attained at least six months before applying for the program.
- Have at least two years of management and/or business experiencing within the past five years.
- Agree to invest $800,000 CAD into a guaranteed investment for approximately five years and two months without interest. The investment is 100% guaranteed to be returned to you at that point.
- Make clear your intention to have permanent residence in Quebec.
- Prove that you have enough financial support to take care of yourself and your family once you become a Canadian citizen.
- Pass a medical exam, security check, and criminal background check. Your family and dependents must do this as well.
- Meet other small requirements that pertain to Quebec immigrant regulations and laws.
Also keep in mind that you do not have to actively manage or establish a business physically within Quebec to qualify for the program.
How Long Is The Application Going To Take?
Processing times for the Quebec Immigrant Investment Programs range from one to two years. This usually depends on your current country’s cooperation. Applying as soon as possible is the smartest thing to do. Once you and your family arrive in Canada, you will receive a permanent residential visa from the government. After three years, you will be able to apply for Canadian citizenship. Typically in Canada, an immigrant will have to be a permanent Canadian resident for four years before being able to apply for citizenship.
What Makes Canada A Good Choice?
There are a lot of reasons, actually. Canada has a strong focus on environmentalism, a great healthcare system, a fantastic education system, a high quality of life, and boasts one of the most sought-after passports ever. Not to mention the country is part of NAFTA and G8, and has been rated by the United Nations as one of the greatest countries to live in. Probably the most important aspect of Canada for the immigrant is the country’s cultural, religious, and racial tolerance with deep roots in Canadian law.
There’s a major tax incentive for immigrant investors in Canada. Tax breaks and full tax holidays can be made available to investing immigrants in Canada. To benefit from this, immigrants will have to transfer their assets to a foreign trust. The income generated from this foreign trust will not be taxed by Canada. Five years is the cap for this tax break and can only begin once permanent residence applications have been completed and accepted. The foreign trust must be in existence before beginning residency in Canada. Any type of assets can be used.
Permanent residence applications cannot be filed until the individual’s tax planning is complete.
How To Make It In The Quebec Investor Program
The requirements for the Quebec Immigrant Investor Program are pretty cut-and-dry. If you can’t meet those requirements, unfortunately, you won’t be approved. However, there are financial options that could make the process of paying all that investment money much easier. The default Full Cash option within the Quebec Immigrant Investor Program is self-explanatory– the investor gives Canada $800,000 CAD up front in a lump sum. However, even wealthy and successful immigrants with high net worth may see that $800,000 CAD as a little steep. Having that kind of cash up front may take time and prevent one from even applying for the Quebec Immigrant Investor Program. Luckily, Canadian banks offer several different financing options for prospective investing immigrants. An investor can give the Canadian government between $210,000 CAD and $230,000 CAD (depending on current walk-away prices that change frequently) and borrow the rest from a Canadian lender. This is a handy option because there is no monthly payment requirement and you do not have to pay that money back when the loan’s term is up because it is being lent for a guaranteed investment that Quebec would have given back to you in five years anyway.
A New Chance
In conclusion, the Quebec Investor Program can be a useful tool for gaining dual citizenship in Canada for the businessman. Not only is Canada an economically successful and thriving country, but also the general tolerance towards immigrants and overall safety of the country make it a great place to consider moving to. With the Quebec Investor Program, you can absolutely make it to Canadian citizenship. Apply as soon as possible, though!