No Quebec IIP Moratorium – confirmed by MICC

• Posted on May 09, 2011
• In Industry News

At a meeting held yesterday between the financial intermediaries and MICC, it was confirmed that there will be no moratorium on the Quebec Immigrant Investor Program. This positive news ends weeks of rumours about a potential closure.

The Quebec government is in fact committed to adding more resources to be able to process an increased number of files with a target of processing 3 200 files in 2011 and 4200 in 2012. However, it was not confirmed to what extent this will be able to meet the growing demand of file applications, especially from BIQ Hong Kong, where deposited files have doubled in August alone, to approximately 700 files, with 470 opened so far. Overall from January to August, 2200 files have been received, of which, 1900 have been opened.

Taking into consideration the above targets and increased daily deposit of files in BIQ HK in Sept, we are underlining the importance to continue with the current pace and professionalism of submitting only complete and well presented files.

For a breakdown of the opened files to date, refer to our QCIIP Stats file.

As the current acceptation rate has fallen to 62% (down from 72%), it is important to submit only complete files with detailed source of funds. As a financial intermediary we want to stress on the importance of high quality files and confirm our commitment to assist if you need any guidance in the preparation of your clients’ files.

For more information, please contact your Relationship Manager.