Following the Canadian federal government's suspension of its controversial immigrant investor program, new data shows that thousands of Chinese millionaires are waiting to immigrate to Canada via Quebec. With tens of thousands of immigration applications backlogged and unprocessed by Canadian authorities, the waiting time for these prospective "immigrant investors" is expected to extend to eight years or more. Once approved, many of them may not intend to stay in Quebec for long, instead using the province as a stepping stone to other parts of Canada; it is estimated that this occurs in up to 90% of cases.
Under the immigration programs of the Canadian federal government and Quebec, applicants must possess a net worth of at least 1.6 million Canadian dollars (11.7 million Hong Kong dollars) and must provide the government with an interest-free loan of 800,000 Canadian dollars for a period of five years. Defying the federal government's decision to halt the immigrant investor program, Quebec approved 2,123 immigration applications from Hong Kong last year, further increasing the federal government's backlog. This figure is higher than the total number of applications from all other regions worldwide. Previous approval data shows that the vast majority of applications submitted in Hong Kong originated from mainland China.
Of the applicants approved by Quebec last year, more than 85,000 are currently awaiting approval from the federal government. The number of visas issued last year was 9,359, reflecting a significantly long wait time for new applicants.
In August of this year, Quebec set an annual quota for immigrant investor applications. The quota for 2013 was set at 1,750, with a maximum of 1,200 applications accepted from any single country. While Quebec has not yet released the number of immigration applications received from Hong Kong this year, industry insiders analyze that the program is already severely oversubscribed.
Published data also confirms that very few immigrant investors in Quebec remain in the region. From 2000 to 2008, 18,258 immigrant investors renewed their status, drawing criticism toward the ruling Canadian Conservative government. However, industry insiders state that it is perfectly legal for immigrants to relocate. Once individuals obtain permanent residency in Canada, they are free to choose to reside in any part of the country.