Swiss immigrants to Canada tend to come to the country mainly through Federal Skilled Worker (FSW) and Canadian Experience Class (CEC) worker programs, but are also a good fit for Quebec Immigrant Investor Program (QIIP).
Canada’s only passive investment immigration program, QIIP allows foreign nationals to acquire their permanent residency in the country by investing in that province.
In the first 11 months of last year, 200 Swiss men and women became new permanent residents of Canada.
The FSW program helped 70 Swiss gain permanent residency in Canada and another 15 through the CEC program in the first 11 months of last year.
In the first 11 months of last year, another 30 immigrated to Canada Provincial candidate programs (PNP) and 60 to family sponsorships.
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The QIIP allows foreign nationals to gain permanent residency in Canada simply by investing $1 million with IQ Immigrant Investors Inc., a Quebec crown corporation, without having to establish or actively manage a business in the province.
Swiss nationals who choose to immigrate to Canada through the QIIP must also pay a non-refundable financial contribution of $200,000 and intend to settle in the French-speaking province of Quebec.
Successful applicants are issued a certificate of selection by Quebec for immigration to Canada, which allows them to obtain their Canadian permanent residence after health and criminality checks by federal immigration officials.
Eligibility criteria include:
- language skills
- a legally acquired personal net worth of $2 million;
- two years of relevant managerial or business experience within five years prior to application;
- Mandatory residency;
- investing $1.2 million in a government-guaranteed passive investment for a five-year interest-free period;
- a high school diploma and;
- intending to settle in the province of Quebec.
QIIP applicants must demonstrate French language proficiency
The French language requirement is met by applicants presenting a Certificate of Test Results (TEF, TEF Canada, TEFAQ, TCF, TCFQ) or a recognized French diploma (DELF or DALF) confirming a B2 level in oral French in talking and listening together. with their application to QIIP.
Applicants can demonstrate that they have legally acquired the minimum net worth of $2 million by showing the net worth of their current assets as well as their history of acquiring funds during their career with supporting documentation.
This can be demonstrated using bank statements, investor brochures, real estate appraisals, audited financial statements and other relevant and up-to-date documentation. Grants received less than six months before an application is submitted cannot be included in the net worth calculation.
The main applicant may share this net worth with a spouse or common-law partner accompanying him or her in Quebec.
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Since the purpose of the QIIP is to attract business acumen and investment to Quebec, applicants must also have owned or managed an active trade or business, which may include professional practices, rather than simply having managed investments.
Gray areas under QIIP include non-business management professionals, passive real estate investors and investment managers. Development of real estate may qualify while mere possession of real estate may not.
“(The applicant must have) … for at least two years in the five years before applying for a selection certificate, tasks related to the planning, management and control of financial resources and human or material resources under the authority of the investor; experience does not include experience gained within an internship, training, or degree-certified specialization process,” the eligibility criteria state.
Quebec’s Certificate of Selection is required under QIIP previously
Under the QIIP, applicants first apply for an Avis d’intention de sélection du Québec, upon receipt of which they can apply for a three-year work permit from Canadian federal immigration officials.
With that Quebec certificate, the principal applicant and their spouse agree to live in Quebec for a period of at least six months within the first two years of obtaining work permits – a requirement that can be met through concurrent residence or periods separate ones of six months each. .
Once this is completed, the applicant can apply for the current Quebec Selection Certificate (CSQ) from Quebec. As part of this application, the investor must establish a clean source of funds and give an interview in French to convince the officer of his or her intention to stay in Quebec.
Once a CSQ is issued, they can apply for permanent residence through IRCC.
Successful applicants are required to make their investment with Investissement Québec for a period of five years at the end of which the capital is returned without interest. The five-year period begins with the issuance of the certificate of selection before the applicant has landed in Canada.
Investment income is used to finance various business and social programs within the province of Quebec.
QIIP allows applicants to finance most of their investment through certain securities brokerage firms and investment banks. Typically, financing plans require a down payment before the bank will loan the balance up to $1.2 million.
The applicant then deposits that amount with Investissement Québec. The prepayment is non-refundable at the end of the five-year period. The bank takes the fees and interest from the prepayment, the immigration agent takes his or her commissions from the prepayment.
The net cost to the investor is the down payment.
