New criteria for Quebec Immigrant Investor Program

On June 7, 2023, Quebec’s Minister of Immigration, Francisation et Integration (MIFI), released its draft Regulation amending the Regulation respecting immigration to Quebec, which notably concerns the Immigrant Investor Program (PIIQ), scheduled to reopen in 2024.

Summary of the new criteria for the main applicant (“Investor”):

Unchanged criteria:

  • Have a net worth of at least C$2 million (including spouse’s assets);
  • Have acquired at least 2 years of management experience in the 5 years preceding the submission of the application.

Modified / New criteria:

  • Demonstrate minimum proficiency in spoken French, which corresponds to level 7 on the Échelle
    québécoise des niveaux de compétence en français des personnes immigrantes adultes;
  • Have a diploma obtained before the date of submission of the application and corresponding at least, in Quebec, to a secondary school diploma;
  • Have been issued a work permit following the MIFI’s notice of intent to issue a selection certificate (PCSQ);
  • Within 2 years of the date of this work permit issuance, the principal applicant must have resided in Quebec for a period of at least 6 months and he or his spouse or de facto spouse included in the application has resided in Quebec for another period of at least 6 months;
  • Make a 5-year term risk-free investment, at 0% interest of C$1 million with IQ Immigrants Investisseurs Inc. and a non-refundable financial contribution of $200,000 to this company, through a financial intermediary, within 120 days of the acceptance decision.
Other technical information**:
  • Investors must still enter into an investment agreement with an authorized Financial Intermediary, (such as AURAY Capital);
  • Financing of the mandatory investment remains possible;
  • The selection grid is abolished;
  • The notion of quota is eliminated (no limitation on the number of applications);
  • There does not seem to be a time limit for submitting applications.

* Please note that this is an administrative version of the draft regulation amending the Regulation respecting immigration to Québec which will be published in the Gazette officielle du Québec on June 7, 2023.
** According to our interpretation (will be confirmed following official publication)


At first glance, it is heartening for the whole industry to see the program reopening. Indeed, despite the new criteria imposed in the new regulation (which could still be modified in part following comments received by the MIFI), there will always be a clientele for this unique passive investment program.

As you know, AURAY Capital has always been a leader in the QIIP, notably through its various actions with different stakeholders. We will do our best to make sure the new QIIP will be attractive for all parties involved.

  • To consult the draft Regulation published on June 7, click here.
  • Any person wishing to comment on the draft Regulation is requested to submit written comments within the 45-day period to Claire Malbouires at
  • Upon receipt of the comments, MIFI will analyze them and make the changes they think appropriate before publishing the final version of the regulation, which will then normally be in force within a few weeks.

If you need more information, do not hesitate to contact us.


Published on May 26, 2023

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