Quebec millionaire migration scheme falls short of target, as some rich Chinese look elsewhere
2014 applications were down 74 per cent compared to the previous year, as ‘onerous’ new rules kick in
One of the world’s most popular wealth-migration schemes, Quebec’s Immigrant Investor Programme, has failed to reach its target of applications for the first time, as wealthy Chinese look for alternatives to Canada’s turmoil-plagued millionaire-migration systems.
The application window for the 2014 intake was pushed back three times until March 2015, to give applicants more time to satisfy strict new documentation rules regarding wealth and income sources. The target was 1,750 household applications, which would typically represent about 6,400 immigrants.
But Quebec’s immigration ministry told the South China Morning Post last week that only 1,400 applications were ultimately received before the window closed. That was down 74 per cent compared to 2013, when 5,389 mostly-Chinese applications were received in a two-week application window, easily surpassing the same target.
Ministry spokesman Jonathan Lavallée said the 1,400 included 908 applications from mainland Chinese millionaires and 17 from Hong Kong permanent residents; this too fell short of the 1,200 cap for all of China.
Lavallée said the 2015 application window had been increased to five months, from August 31 to January 31, 2016. “A longer intake period was established … to allow more time for potential investors to prepare their application and find a financial intermediary who will sign their investment agreement,” said Lavallée.
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The Quebec IIP has long been popular, but even more rich Chinese switched their attentions to the scheme after Ottawa froze its federal IIP in 2012 then shut it down entirely last year. This helps explain the 2013 rush for Quebec applications.