Quebec immigration investor program which is known to be most popular residence program based on investment had recorded a steep decline of 74% for 2014 in the total number of applications received compare to its previous year 2013.
It is only 1400 applications received in 2014 compare to the 5,849 applications of the previous year 2013, making the first time QIIP failed to reach the annual application limit for the first time.
The experts mainly criticized the new documentation rules for the drop in applications. In 2014, authorities delayed the subscription period for three months until the end of March 2015, for to allow applicants more time to submit.
And in this year the program set to begin on 31st August 2015 until 31st January 2016, a new feature to come and operate for a quota of 1750 requiring investor applicants identifying a financial intermediary.
The Quebec immigration investor program (QIIP) is popular among Chinese investors; it gained more popularity after terminating the federal Immigrant Investor Program in the year 2012 making more applicants to be QIIP as an entry platform to immigrate to Canada.
This program requires an individual to invest about 1.6 million CAD with at least half of the amount to invest in a government affiliated project for five years.