The Government of Quebec has announced the new regulations for its Immigrant Investor Program (QIIP). The program was suspended in 2019 and is now set to return with considerable qualification criteria changes. 

The investment amount remains at CAD 1.2 million, although CAD 200,000 of that investment will be deducted as a contribution to the government. Financing of the remaining CAD 1 million investment remains valid, and the holding period of five years still applies. 

Quebec's government also introduced a requirement for investors to prove a level 7 proficiency in French on the Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes test.

Applicants will also need to hold a secondary school-equivalent diploma and prove they have at least two years of management experience within five years prior to applying. 

However, the biggest change is that successful applicants will now receive a three-year work permit instead of a direct permanent residency. 

The government has also decided to factor in a 12-month physical residence requirement into the program during the first two years of residency.

The main applicant will have to reside for six months, while the remaining six months can be assigned to the investor or their spouse. Overlapping residence periods by the investor and spouse are not counted separately.

The government has yet to release details regarding processing and documentation procedures but is expected to do so within the upcoming weeks leading up to the official launch of the program on the 1st of January, 2024.