QUEBEC IMMIGRANT INVESTOR PROGRAM UPDATE
On June 4th, 2014, the Québec Minister of Finance, Mr. Carlos Leitão, delivered his 2014-2015 budget speech to the National Assembly. Within his budget, Mr. Leitão, announced changes to the Immigrant Investor Program to improve its efficiency.
In order to ensure receiving higher quality investor files, the government will be introducing a mechanism of attributing quotas to financial intermediaries for the number of investor files each will be allowed to submit to the Ministère de l’Immigration, de la Diversité et de l’Inclusion (MIDI).
Pursuant to this announcement, AURAY Capital met with the MIDI to discuss the details of the reopening of the Québec Immigrant Investor Program. We were informed that the Minister, Ms. Kathleen Weil, must wait until the budget is adopted, expected this autumn, before a ministerial order may be published regarding the details of the reopening of the Immigrant Investor Program. Unofficially, here is what we can expect:
· Net asset requirements and investment amounts will remain unchanged at $1.6 Million and $800,000 respectively;
· All files will be submitted to the MIDI office in Montreal;
· Credit cards will no longer be accepted for the purpose of paying the application fees of $10,000;
· The candidates will be required to submit a complete file;
· The Program will not reopen before October 2014, and most likely will be prolonged into the first quarter of 2015;
· The total number of new applications will remain unchanged at 1,750 with no more than 1,200 originating from one country.
The Minister will have to announce that the Program is not reopening between September 8th and 19th as previously published. It is possible that other criteria will be announced at that time. We will keep you informed as soon as new information is made available.
FEDERAL IMMIGRANT INVESTOR PROGRAM
As the Federal Government is exploring ways to reform business immigration programs, in order to pave the way for new pilot programs, the federal budget 2014 (Economic Action Plan) proposed:
· To terminate both the Federal Immigrant Investor Program and the Federal Entrepreneur Program, and;
· Return the fees to the candidates.
For these proposals to come into force:
· The Parliament needs to pass the government’s Budget Implementation Act and,
· The Act needs royal assent for implementation.
The royal assent is expected to take place on June 26th, 2014. However, it is unclear at the moment at what stage the files may be returned. Therefore, we urge those who are interested to invest in Canada to act quickly.