Quebec, one of the major provinces in Canada, has recently made an announcement on the new declaration of interest system for the economic immigration. These new changes are said to be made from August 2, 2018. This date, however, is the same when the higher investment requirements for the for the Quebec Immigrant Investor Program will come into effect.
New Interest System Rules Approved from the Immigration Authorities
The new rules set for the interest system has been approved by the higher authority of the immigration department in Quebec. These new rules were announced by the provincial Immigration Minister, David Heurtel.
The provincial Immigration Minister stated that this new system is similar to that of the federal Express Entry System. And according to him, these new rules will make the Quebec immigration program more modern, effective and highly efficient.
The new interest system rules have also made the application process easier for the immigrants, as the processing time would take just 12 months from now onwards. According to the Minister, these changes are going to be proved revolutionary and it will give priority to skilled workers who have been able to meet the basic requirements that come under the labor market in Quebec.
The Process Required for the New Quebec Declaration of Interest System
Here are the following details that you should know about the declaration of interest system –
- First, the candidate has to submit a declaration of interest request to Quebec Immigration.
- Candidates who have the highest score will get the invitation to apply for the Quebec Selection Certificate.
- All the candidates, who have got the invitation, also need to submit the complete application in favor of the immigration ministry of Quebec for a CSQ.
- Once the issue of CSQ has been done, the candidate finally can submit the application to the federal authorities.
The New Quebec Immigrant Investor Program or QIIP
From August 2, 2018, the new Quebec Immigrant Investor Program will also come into effect. In this new program, the investment requirement of $800,000 will go up to $1.2 million and the qualifying net worth will increase from $1.6 million to $2 million.
The New Requirements for the Investor Program
Here are the new requirements for the investor program –
- The applicant must acquire a personal net worth of $2 million legally.
- Two years of suitable management or business experience within the five years preceding the application;
- Investment of $1.2 million into a passive government guaranteed investment for a period of five years bearing no interest;
- Intend to settle in the province of Quebec.
Quebec has all control over its immigration system. And it also has the power to set their own immigration levels independently from the rest of Canada.
Since 2016, the Quebec immigration program has not accepted any immigration applicants. However, with this new declaration of interest system, Quebec is all set to welcome near about 30,000 immigrant skilled workers every year.