A M I R I S M A I L & A S S O C I A T E S C E R T I F I E D I M M I G R A T I O N P R A C T I T I O N E R S

AMIR ISMAIL & ASSOCIATES CERTIFIED IMMIGRATION PRACTITIONERS CANADA: Tel: (416)-913-0230, (647)-835-0660 - Fax: (416)-907-3338. PAKISTAN: Tel: 021-356...
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AMIR ISMAIL & ASSOCIATES CERTIFIED IMMIGRATION PRACTITIONERS CANADA: Tel: (416)-913-0230, (647)-835-0660 - Fax: (416)-907-3338. PAKISTAN: Tel: 021-35652860-1-2, Fax: 021-35221435 – Cell# 0300-2516207. Email: [email protected] - Web: www.worldaia.com

QUEBEC IMMIGRANT INVESTOR PROGRAM INTRODUCTION 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. Qualification Requirements To meet the government criteria for the Quebec Immigrant Investor Program, you must, among other things:  





Have a minimum net worth of CDN $1,600,000, acquired through lawful economic activities, excluding the amounts received by donation less than six months before the date on which the application was filed; Have management experience (duties related to the planning, management and control of financial resources and of human or material resources under your authority), for at least two years in the five years preceding the application for a selection certificate, in a legal business (farming, commercial, industrial or professional), or for an international agency, a government or one of its departments or agencies; Agree to invest CDN $800,000 over a five-year period through an Authorized Financial Intermediary duly recognized by the Immigration Authorities in Quebec (MICC) and Investissement Quebec (IQ). This investment is fully guaranteed by the Government of Quebec.; Declare the intent to settle in the province of Québec.

Benefits of settling in Quebec As Canada’s largest province accounting for nearly 25% of the national population, Quebec is a dynamic and prosperous society. In addition to the advantages of living in Canada, Quebec offers: 

Fast and efficient process, allowing investors and their families to settle anywhere in Canada;

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       

A vibrant and rich multi-cultural and religious society creating a unique place to raise families; Excellent education system with preferential fees for permanent residents at world-renowned universities; Excellent public and private healthcare system; Canadian passport is one of the most valued passports for international travel; Unspoiled environment with strict environmental controls; Comprehensive range of government programs to support business and technological development; Close integration with US economic markets and NAFTA. Quebec’s Immigrant Investor Program offers a unique tax advantage.

Before arriving in Canada, the Immigrant Investor may establish an offshore trust in order to benefit from a five-year income tax exemption on world wide revenues, should the conditions set in the law and regulations are met. For comprehensive insight into life in Quebec, visit the province’s official immigration portal. Visa free travel for Canadian passport holders It is estimated that 154 countries and territories granted visa-free or visa-on-arrival access to ordinary Canadian passport holders. 150 (visa on arrival for free counted) countries and territories are visa-free accessible. Visa prior to arrival or prearrangement required for countries or territories not mentioned below. Where visa-free access is permitted, such access is not necessarily a right, and admission may technically be at the discretion of border enforcement officers. Visitors engaging in activities other than tourism, including unpaid work, may require a visa or work permit. Attached with this document you will find a graphical illustration of countries where Canadians can travel visa free or those which grant visas to Canadian on arrival. Investment Options There are two different ways to make the required investment in order to qualify for the Quebec Immigrant Investor Program. Applicants can either deposit the full investment (Full Investment), or finance the required amount (Financed Investment). Full Investment The investor deposits the full amount of CDN $800,000. No further payment is required. At the end of the five year period, CDN $800,000 is returned to the investor with no accrued interest.

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Financed Investment The investor pays a reduced amount*, which is used to finance a CDN $800,000 closed five-year term loan from a chartered bank. No further payment is required. However, the paid amount is not returned to the investor at the end of the five-year period. This option is particularly attractive for applicants seeking to retain maximum capital for investment in ongoing business operations. * This amount may change marginally, if the prime lending rates in the national banking system rise or fall in response to changes in the Bank of Canada key interest rate. Application Fees Application fees are required to be paid directly to the Quebec government by the applicant. The fees are currently being revised and it is expected to be set at CDN $10,000. The Canadian Federal Authorities will require an application fee of CDN $1,050 for the main applicant, CDN $550 for each dependent above the age of 22 and CDN $150 for each dependent below the age of 22. Applicants may also incur miscellaneous expenses related to their application such as translation of documents, travelling expenses to attend interviews as requested by the Immigration Authorities, as well as costs related to medical tests and police clearances. Always refer to the official Canada Immigration and Quebec Immigration websites for up-to-date application fees. Application process The below summarized process is based on the requirements that need to be fulfilled for a Permanent Residency application of a foreign investor in the province of Quebec, Canada. AIA has outlined the below procedures by combining current timelines of local government institutions as well as the actual process our clients have experienced so far. The procedure can be broken down to 7 basic steps that the main applicant will have to go through. Some of them require his/her involvement, while others are performed by AIA on the grounds of the power of attorney(s) given by the main applicant. All of the steps are dependent on the successful completion of the previous step.

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QUEBEC IMMIGRANT INVESTOR PROGRAM - PHASE I – QUEBEC SELECTION

Step 1

Preparation and submission of File. AIA will verify the source of funds and have Broker's Declaration issued by the Financial Intermediary. Application fees are to be paid at this stage. Quebec Immigration Authorities will issue file number.

Step 2

Quebec Immigration Authorities will send a request to update the file.

Step 3

Interview Stage: Applicant will either be requested for an interview or it will be waived.

Step 4

Following a file's acceptance, Applicant will be issued a conditional Quebec Selection Certificate (CSQ).

Step 5

Applicant transfers the investment as per the selected Investment Option. Upon receipt Quebec Immigration Authorities will issue CSQ.

QUEBEC IMMIGRANT INVESTOR PROGRAM - PHASE II – FEDERAL APPROVAL

Step 1

Once CSQ has been received, applicant can lodge application to the Federal Immigration Authorities. During this process, applicant will be subjected to medical, security and background checks.

Step 2

Upon completion of the above verifications the Canadian Permanent Residence Visa is issued. Right of Landing fees are to be paid at this stage. Applicant and family are welcome to arrive in Canada as Permanent Residents through an initial entry point in Quebec.

Please note that this information is accurate as of June 2013. Any changes that may occur after this date, which may or may not affect an applicant’s processing, will not be the responsibility of AIA, as governments can experience large volumes of applications, local authorities can modify forms/documents needed amongst other factors that may affect timings. Processing times will vary depending on where the application has been filed. AIA can provide a specific timeline for an individual based on the visa office they will be applying though. For more information, please contact us. Frequently Asked Questions What are all the payments expected of an applicant? The Quebec application for Selection Certificate will require an applicant to pay application fee which is currently being revised and is expected to be set at CDN$10,000. The Canadian Federal Authorities will require an application fee of CDN $1,050 for the main applicant, CDN $550 for each dependent above the age of 22 and

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CDN $150 for each dependent below the age of 22. The full investment amount will be CDN $800,000. The financed investment amount depends on the prime lending rates* in the national banking system. An applicant may also incur miscellaneous expenses related to their application such as translation of documents, travelling expenses to attend interviews as requested by the Immigration Authorities, as well as costs related to medical tests and police clearances. * Bank of Canada key interest rate. What documents are required for an application? Documents will vary for each applicant. AIA will assist you to create a personalized list of documents for your specific application. The principle documents will include: civil status documents, financial documents proving your current net worth as well as past financial or asset documents to prove your acquisition of current assets. Documents proving your management experience might also be requested. What happens to my investment with Quebec if the Federal government doesn’t approve my application? Depending on the reason for refusal, an appeal can be made. If the appeal is not successful, the amount invested with Quebec will be returned to the applicant. AIA will not be responsible for any bank charges or currency exchange losses, which may have negatively affected the applicant. Does everyone have to attend an interview? Yes, if they are asked to. Both the Quebec and the Canadian Federal Immigration Authorities can request an applicant to attend an interview; they can also chose to waive interviewing an applicant if they are satisfied with the file and the supporting documents submitted. In most cases Quebec will request an interview while the Federal Authorities won’t, but this is on a case-by-case basis and no guarantee can be made. Will AIA assist me if I am required to attend an interview? Yes, AIA will provide interview preparation. Also, one of our lawyers will accompany you to your interview. I inherited CAD 250,000 from my father when he died. Can I include this as my assets? Yes, if they have been acquired more than 6 months before the application submission. The same rule is applied to gifts and donations.

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As part of my application, do I have to submit a business plan? No, your investment is passive so there is no need to submit a business plan or to start up a business in Canada once you receive your Permanent Residence Visa, unless you want to. Do I have a choice for what I can invest in? No, your investment must be a passive investment secured for 5 years with the Government of Canada. Once you arrive in Canada, you are free to purchase property, start up a business or make other kind of investments as you choose. AIA can assist you with investment information based on your specific requirements. What is the difference between applying as a Federal Investor and a Quebec Investor? The Quebec Immigrant Investor Program takes into consideration any managerial experience in a government, governmental organization or international organization and therefore may appeal to individuals with a broader spectrum of backgrounds, as the Federal doesn’t. Quebec will also look at a broader range of management duties such as HR, financial and material resources, whereas the Federal program will want to see that an applicant is only managing people. AIA can assist you to ensure you apply under the best category for your circumstances. Does Canada enforce taxes based on worldwide income and assets or only those in Canada? Canadian permanent residents and citizens are taxed on their worldwide income, however before immigrating to Canada an applicant can establish a trust which will, if properly structured, exempt them for 5 years on any foreign earned income and capital gains earned from the assets held in this trust. Please contact us for more information related to your own specific needs. Do you have other questions concerning the Quebec Immigrant Investor Program? Write to us at [email protected] and we will gladly respond to all your enquiries.

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Visa Free Travel to various countries for Canadian Citizens

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