An affiliation agreement was reached between ICLC and colin R.Singer Law firm (Montreal - Canada) where as ICLC will cooperate in explaining the Canadian citizenship and Immigration programs in light of the necent facilities offered by the Canadian government (GG) including referring clients to " Singer " Law firm.
With this tissue of our newsletter we explain the conditions and nights resulting from the investment program which will open shortly for a limited period of time.
Quebec Immigrant Investor Program Advantages
Invest in your future
The Quebec immigrant investor program is one of the most popular investment visa immigration categories in Canada.
Created by the provincial government in 1986, Quebec’s Immigrant Investor Program is designed to allow business people and their families to enter the province of Quebec as permanent residents on an unconditional basis. In return, funding made available through the program helps provide subsidies in support of Quebec small and medium businesses.
The program will be reopened briefly from May 27, 2017 –
The candidate must meet the following conditions:
- Hold a minimum of $1,600,000 CAD in total net assets between applicant and spouse
- Hold a minimum of 2 years management experience in a legal business (agricultural, industrial or commercial), in government or in an international organization within the last 5 years preceding the application for a selection certificate or hold experience in a legal professional business where the staff, excluding the candidate, occupies at least the equivalent of 2 full-time jobs
- Invest CAD $800,000 free of interest for a period of 5 years after which time the full amount will be refunded. If the Quebec Investor does not wish to liquidate the amount of $800,000 for a 5-year term, the investor may finance the investment amount through a designated broker or trust company by paying approximately $220,000 which will cover the cost of interest, commissions and administration charges to set up the loan.
The Process – What you can expect
To begin, we will provide you with introduction to Canadian legal counsel with expertise in taxation law, to help you maximize all financial benefits before your Canadian residence is established.
Once we prepare and submit your business Immigration application you can expect a processing time of about 12-15 months to receive a decision. Upon approval from the Quebec government, you are required within 110 days to deposit CAD $800,000 directly with the brokerage firm or bank selected by the governement. This investment will be returned to you after 5 years without any interest being paid by the government. If you do not wish to liquidate your assets to make the required investment, please see the financing solution below.
Financing solution to replace the $800,000 required investment (90% of Immigrant investors choose this). All Inclusive ONE time payment of only CAD $220, 000.
If the Immigrant Investor does not wish to liquidate assets to finance the $800,000 mandatory deposit, we can arrange financing through different Canadian banks at preferred rates – the cost of the financing is CAD $220,000.
After your Quebec application is approved, there will be additional delays of approximately 6 months for the federal government to conduct medical and security background checks, before issuing visas for you and family.
How long will I have to relocate to Canada?
The visa will be issued with a validity period corresponding to the one year anniversary of your medical examination. Most applicants have 8-12 months to activate their visas.
Many applicants activate their visa with an initial visit and thereafter return to Canada on a second visit with their accompanying possessions.
What will the Government do with your investment?
The required investment of $800 000 is invested in a term note guaranteed by the Government of Quebec. A small portion of the interest generated by the investment is used to pay the financial intermediaries such as the brokerage firms, banks, lawyers and immigration consultants involved in the business immigration process. The large part of the interest generated by the investment is given to local corporations in the form of grants.
By doing this, the Immigrant Investor contributes to the economic development of Canada and helps create jobs in Quebec and Canada. In return, Canada and Quebec will give the opportunity to the investor of being accepted without taking into account all the criterias that have to be met for other types of immigration
There are many advantages of applying through the Quebec Investor Category:
• There is no condition attached to the immigrant visa as compared with the Entrepreneur program.
• Your dependant children under age 22 years can immediately study at the University level, saving substantial tuition and other fees otherwise required for a student visa. They could also receive a government bursary.
• The application is simplified: there is no need to submit a business plan or undertake an exploratory visit for a business project.
• Donations and gifts are admissible in the calculation of the net assets if they are received at least six months prior to submitting the application.
• The spouse’s assets can be included in the calculation of the net assets, if needed.
• Interview waiver - (Providing that the evidence in your file is sufficiently clear)
Personal property, liquid assets and business property are included in the calculation of the Quebec Investor’s personal net worth.
What is personal net worth?
This refers to the total value of all assets of an investor (combined with spouse or common-law partner), minus the total debts owed by the investor. Assets primarily include real estate, shares of publicly traded companies, and cash deposits in banks. Real estate must be supported by market appraisals. To participate in the program there is no requirement to liquidate assets beyond the amount of the government investment
How to calculate personal net worth: Note: This is a simplified example for general understanding
Main residence (fair market value): 850,000$
Less Loan on residence - 200,000$ 650,000$
Apartment, office or land 300,000$
Less loan - 50,000$ 250,000$
Net value of real estate assets: 900,000$
Money in the bank plus (cash value) insurance policies: 200,000$
Investment in publicly traded stocks: 350,000$
Business Assets (book value): 150,000$
Net Worth of the investor USD 1,600,000$
Conversion USD to CAD (Rate 1.30)
Total Net Worth: CAD $2,080,000