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IMMIGRANT INVESTORS IN QUEBEC (CANADA)

A foreign national is designated as an immigrant investor in Quebec (Canada) if:

• he has at least 3 years of experience in management:

1.  in a farming, commercial or industrial business that is profitable and legal;

2.  for a government or one of its departments or agencies;

3.  for an international agency;

• he has net assets of at least 800 000 $ that he has accumulated through legal economic activities;

• he comes to settle and to invest in Québec in accordance with the provisions of the applicable laws:

A foreign national who applies for a selection certificate as an investor shall file with the Minister of immigration an investment agreement signed with a broker or a trust company that entered into an agreement with Investissement-Québec or one of its subsidiaries and which will be, in Québec, his mandatary with Investissement-Québec or one of its subsidiaries.

The Minister shall examine the agreement and shall award the applicant the points provided for in the Regulation respecting weighting if the agreement complies with the provisions of the law.

The agreement must contain at least the following conditions, which must apply for the full term of the agreement:

• an undertaking to make an investment of at least $400 000 with a broker or a trust company that must place that amount with Investissement-Québec or one of its subsidiaries for the purposes of financing its Programme des immigrants investisseurs pour l'aide aux entreprises;

• the term of the investment shall be five years; the term is calculated from the date on which the Minister receives notice by Investissement-Québec or one of its subsidiaries that the investment has been made by Investissement-Québec or one of its subsidiaries; that date may not precede that on which the Minister informs the investor that the agreement complies with this agreement;

• the agreement or any other deed signed in connection with that agreement or investment, except those entered into for the purposes of the Programme des immigrants investisseurs pour l'aide aux entreprises, must not provide for a hypothec, a guarantee or any other security granted by a third party in favour of a foreign national or a member of his family;

• the agreement must be irrevocable before the end of its term, except if the application for visa or landing within the meaning of the Immigration and Refugee Protection Act is denied to the investor;

• within 30 days of the maturity of the investment, the broker or trust company shall reimburse the investment to the investor and shall file a document with the Minister attesting the reimbursement.

This text is not a legal opinion