October 12, 2010
NEWSLETTER

OUR OFFICES
Montreal – Head Office
2200 McGill College Avenue, Suite 320
Montreal, Quebec, Canada H3A 3P8
Tel: (514) 499-1170
Fax: (514) 499-1063
Email: info@canadaiip.com
Website: www.canadaiip.com


We also have representatives in:
Dubai
Tehran
Iran
Beijing
Hong Kong
Guangzhou
Shanghai
Vancouver
MORATORIUM ON QUEBEC IMMIGRANT INVESTOR

MICC announced today its intention to declare a moratorium on the submission of applications to the Quebec Immigrant Investor Program effective 12:00 noon EDT this Friday October 15, in Montreal and 12:00 PM HKT in Hong Kong (midnight Thursday Montreal time), or until they receive a total number of 500 files, whichever comes first.

BIQ will only accept files that are received and stamped at their office. Files that have been mailed but have not arrived at the BIQ by the deadline will be returned.

While the MICC had initially said that it would not favor any moratorium, the number of applications filed since the federal moratorium has reached 6,800. As of this moment, the anticipated processing time is more than 36 months. More than 2600 applications filed at the BIQ Hong Kong have not yet been opened. In consideration of the current backlog, these files may not be opened before February 2011.

The date when the new program will be introduced remains unknown. We are all waiting for the federal government 's official announcement. We will reconvene with the MICC at the end of November if no official announcement about the new program has been made.

The MICC will process by decree which shall become public later in October but retroactive to October 15, 2010. The MICC wishes to limit the number of applications filed with the BIQ this week to 500 and has reserved the right to date the introduction of the decree to the date when the 500th application has been filed.

As always, you can count on our support during these upcoming days. Please do not hesitate to contact us.

Industrial Alliance Securities

© 2015 Industrial Alliance Securities Inc.
All rights reserved