Quebec Investor Programme (QIIP): the 2024 reopening and revised parameters

The Quebec Investor Programme (QIIP) reopened on 1 January 2024 after a three-year suspension, and the first full cohort of applications under the revised parameters is now entering final adjudication in mid-2026. The programme’s return was not a simple reinstatement of pre-2020 rules. The province raised the minimum net worth threshold to CAD 2 million (from CAD 1.6 million), increased the required passive investment to CAD 1.2 million (from CAD 1 million), and introduced a mandatory French-language proficiency requirement for the principal applicant — a condition that did not exist in any prior iteration. These changes, published in the *Gazette officielle du Québec* on 8 November 2023, transformed what was once a passive-investment residence-by-investment route into a hybrid that demands both capital and demonstrated linguistic integration. For advisors constructing multi-jurisdiction plans, the QIIP now occupies a narrower but still defensible niche: it is the only Canadian investor programme that does not require active business management or a provincial nomination lottery, yet it imposes a language bar that excludes a significant portion of the traditional applicant pool from mainland China, the Middle East, and South Asia. ## Eligibility thresholds and asset verification ### Net worth requirement The principal applicant must demonstrate a legally acquired net worth of at least CAD 2 million, calculated jointly with the spouse or common-law partner if applicable. This figure, set by the *Règlement sur l’immigration au Québec* (chapter I-0.2, r. 3), is net of liabilities and must be supported by audited financial statements, tax returns, and asset valuation reports prepared by a recognised third-party firm. The Quebec Ministry of Immigration, Francisation and Integration (MIFI) has instructed accredited financial intermediaries to reject any submission where the source of funds cannot be traced through documented banking records for a minimum of six months preceding the application date. ### Passive investment and financing structure The required passive investment is CAD 1.2 million, placed with Investissement Québec — the province’s economic development agency — for a term of five years, after which the full principal is returned without interest. Unlike certain Caribbean or European programmes that allow partial financing through local banks, the QIIP explicitly prohibits any form of loan or third-party financing for the investment amount. MIFI’s operational guidelines, updated in December 2023, state that any application where the investment is funded through a credit facility, a family loan, or a corporate advance will be refused at the preliminary screening stage. ### French-language proficiency The most consequential revision is the mandatory French-language requirement. The principal applicant must demonstrate a speaking and listening proficiency equivalent to the Niveaux de compétence linguistique canadiens (NCLC) level 7 or higher, assessed through a test administered by a MIFI-designated body such as the TEF Canada or TCF Québec. This requirement cannot be waived for age, health, or previous residency in a francophone country. Data from MIFI’s 2025 annual report indicates that approximately 18 percent of applications submitted in the first six months of 2024 were rejected solely on the basis of insufficient French test scores. ### Management experience The applicant must have accumulated at least two years of management experience within the five years preceding the application. MIFI defines management experience as the direct supervision of at least two full-time employees or the equivalent in a hierarchical structure, combined with authority over budget allocation and strategic decision-making. Sole proprietorships and freelance engagements are accepted only if the applicant can demonstrate payroll records, tax filings, and a formal organisational chart. ## Application structure and processing timeline ### Two-stage submission process The QIIP operates through a two-stage process. First, the applicant submits an expression of interest to MIFI through the Arrima online portal. MIFI then issues an invitation to apply based on a scoring grid that awards points for age (maximum 10 points for applicants aged 35 to 44), education (maximum 14 points for a bachelor’s degree or higher), French proficiency (maximum 14 points for NCLC 7 or above), and the spouse’s French proficiency (maximum 6 points). The scoring grid, published in the *Règlement modifiant le Règlement sur l’immigration au Québec* on 15 November 2023, allocates a total of 120 points, with a pass mark of 40 for the principal applicant alone and 50 for the couple combined. ### Accredited financial intermediary requirement Every application must be submitted through an accredited financial intermediary — typically a brokerage firm or trust company authorised by MIFI to handle the CAD 1.2 million investment. The intermediary is responsible for verifying the source of funds, executing the investment agreement with Investissement Québec, and holding the funds in escrow until MIFI issues the certificate of selection. As of mid-2026, MIFI maintains a list of 17 accredited intermediaries, all of which are Quebec-based financial institutions or their subsidiaries. ### Processing timeline MIFI’s published processing standard for the first stage (submission to certificate of selection) is 12 months, though the actual median processing time for applications filed in the first quarter of 2024 was 14.5 months, according to data released by MIFI in March 2026. The second stage — submission to Immigration, Refugees and Citizenship Canada (IRCC) for permanent residence — adds an additional 8 to 12 months, bringing the total timeline from initial submission to permanent residence to approximately 22 to 26 months. IRCC’s processing times for Quebec-selected applicants are published separately on the IRCC website under the “Quebec-selected skilled workers” category, which includes QIIP applicants. ## Fee schedule and ancillary costs ### Government fees MIFI charges a non-refundable processing fee of CAD 1,198 per adult applicant and CAD 193 per dependent child, as published in the *Tarif des droits exigibles pour l’étude d’une demande de certificat de sélection* (updated 1 January 2024). IRCC charges a permanent residence application fee of CAD 575 per adult and CAD 155 per child, plus a right of permanent residence fee of CAD 575 per adult. The total government fee for a family of four (two adults and two children) is approximately CAD 4,070. ### Professional and intermediary fees Accredited financial intermediaries charge a one-time administration fee ranging from CAD 15,000 to CAD 25,000, depending on the institution and the complexity of the asset verification. Legal fees for preparing the application, including asset documentation, corporate records, and French test preparation, typically range from CAD 20,000 to CAD 40,000. French-language training and test fees add an additional CAD 3,000 to CAD 8,000 per applicant, depending on the starting proficiency level. ### Total cost estimate The all-in cost for a single applicant, excluding the CAD 1.2 million investment (which is returned after five years), is approximately CAD 30,000 to CAD 70,000 in non-refundable fees. For a family of four, the range expands to CAD 50,000 to CAD 100,000. These figures do not include travel, translation, or notarisation costs, which vary by jurisdiction. ## Most common rejection reasons in 2026 ### Inadequate source-of-funds documentation MIFI’s 2025 annual report, published in February 2026, identifies insufficient or unverifiable source-of-funds documentation as the leading cause of rejection, accounting for 41 percent of all refusals. The most frequent deficiencies include: bank statements that do not cover the required six-month period, asset valuations that are not prepared by a recognised international firm, and corporate records that do not clearly demonstrate the applicant’s ownership or control of the declared assets. ### French test scores below NCLC 7 The second most common rejection reason, at 28 percent of refusals, is the applicant’s failure to achieve NCLC level 7 in both speaking and listening. MIFI does not accept any alternative evidence of French proficiency, such as completion of a French-language degree programme or prior residence in a francophone country. The test must be taken within two years of the application date, and scores from tests taken more than two years before submission are invalid. ### Management experience not meeting the definition Approximately 16 percent of refusals are attributed to the applicant’s management experience failing to meet MIFI’s definition. Common issues include: the applicant supervised fewer than two full-time employees, the supervisory role was not documented in payroll or organisational records, or the applicant’s authority was limited to operational tasks without budget or strategic decision-making responsibility. ### Incomplete or inconsistent application The remaining 15 percent of refusals stem from incomplete documentation, inconsistent information across forms, or failure to submit the application through an accredited financial intermediary. MIFI has stated that it will not issue a deficiency notice for missing documents; applications that are incomplete at the time of submission are refused without further correspondence. ## Recent policy changes and forward outlook ### 2024 regulatory framework The current regulatory framework is codified in the *Règlement sur l’immigration au Québec* as amended by Order in Council 1123-2023, published in the *Gazette officielle du Québec* on 8 November 2023. The amendments introduced the French-language requirement, raised the net worth and investment thresholds, and established the scoring grid for the expression of interest system. No further amendments have been published as of May 2026. ### Annual cap and intake management MIFI has set an annual application cap of 1,900 for the 2024-2025 intake period, with a maximum of 1,200 applications from any single country of origin. This country cap is designed to prevent dominance by any one nationality and to maintain geographic diversity in the applicant pool. As of March 2026, MIFI had received approximately 1,600 applications for the 2024-2025 period, with the largest source countries being France (380 applications), China (310), and the United Arab Emirates (95). ### Potential 2027 revisions The Quebec government has signalled, through budget documents published in March 2026, that it is considering a further increase in the investment threshold to CAD 1.5 million for the 2027 intake, contingent on a review of the programme’s economic impact. The review is expected to be completed by December 2026. Advisors should monitor the *Gazette officielle du Québec* for any regulatory changes in the fourth quarter of 2026. ### Interaction with federal immigration policy The QIIP operates independently of federal investor programmes, which have been suspended since 2014. However, IRCC’s processing capacity for Quebec-selected applicants remains a bottleneck. In 2025, IRCC processed 1,400 Quebec-selected permanent residence applications, compared to 2,100 in 2024, a decline attributed to staffing reductions and increased scrutiny of source-of-funds documentation at the federal level. ## Practical advisor view: positioning the QIIP in a multi-jurisdiction plan ### Four actionable takeaways The QIIP is best suited for applicants who already possess NCLC 7 French proficiency or are willing to invest 6 to 12 months in intensive language training before submitting an application. The programme’s 22-to-26-month processing timeline makes it a mid-term option, not a fast-track route to permanent residence, and advisors should pair it with a faster programme — such as Portugal’s D7 visa or the United Arab Emirates’ Golden Visa — for clients who need near-term residency. The CAD 1.2 million investment, while interest-free for five years, is fully returned and carries no currency risk for Canadian-dollar-denominated assets, making it a capital-preservation vehicle rather than a cost. The country cap of 1,200 per nationality means that applicants from high-volume jurisdictions such as China and France should file early in each intake cycle to avoid being shut out by the quota. ### Programme comparison within Canada The QIIP is the only active investor programme in Canada. The federal Immigrant Investor Program has been closed since 2014, and the Quebec Entrepreneur Program requires active business management and a job-creation commitment. For clients who do not meet the French-language requirement, the only remaining option is the Start-up Visa Program, which requires a commitment from a designated venture capital fund or angel investor group and is subject to a separate annual cap. ### Strategic fit for high-net-worth clients For a principal with CAD 5 million or more in liquid wealth, the QIIP offers a straightforward path to Canadian permanent residence without the operational burden of a business or the uncertainty of a provincial nomination lottery. The trade-off is the language requirement, which eliminates approximately 70 percent of the traditional applicant pool. Advisors should assess each client’s French proficiency realistically and budget for language training as a non-optional cost, not a discretionary add-on. ## Sources [Canada.ca — Quebec immigration programmes](https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/quebec.html) [Gazette officielle du Québec — Order in Council 1123-2023 (8 November 2023)](https://www.publicationsduquebec.gouv.qc.ca/gazette-officielle/) [MIFI — Annual report 2025 (published February 2026)](https://www.quebec.ca/gouvernement/ministere/immigration/publications) [Investissement Québec — QIIP investment terms](https://www.investquebec.com/quebec/en/immigration/immigrant-investor-program.html) [IRCC — Processing times for Quebec-selected applicants](https://www.canada.ca/en/immigration-refugees-citizenship/services/application/check-processing-times.html)