Quebec has announced its intention to reopen the local investors’ program before the end of the current year, despite the fact that the central government has decided to shut down the federal Canadian foreign investors program. Quebec’s immigration ministry, Immigration et Communautés Culturelles Quebec (ICCQ) has announced that the program will reopen on September 8th 2014.
There will be 1750 visas available and the application period will be between 9th and 18th September. If there are some visas that remain available the second round of applications will take place at the end of the year. All successful applicants will receive permanent Canadian residence for themselves and for their spouses and children. In order to be successful and the applicant must show that they have assets worth at least 1.6m Canadian dollars or Lend 800,000 Canadian dollars to the Quebecois government for five years.
In addition to that, they need to settle in Quebec. Due to the fact that the investor immigrants program in Quebec is the only available investor immigrant program in Canada during the current year, it is expected that the demand will be very high. According to the immigration minister Chris Alexander, many people who applied to the federal immigrant investor visa program did not come to Canada but sent only their families there while remaining to work in their home countries.
Therefore the program failed to bring the expected benefits for the Canadian economy and the government decided to abolish it. At the time of its closure, some 25,000 applications were pending.
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