On July 15, MIDI issued a new checklist to replace the controversial document checklist of December 2014. This new QIIP document checklist brings significant improvements to the file preparation process for applicants and their agents. While the checklist is currently only available in French, we do expect the English translation to be available online in the next few weeks. In the meantime, and in order for you to already adapt to this positive change in the QIIP, RCI has provided a highlight of what this new checklist means for you and your clients.
For more details, a full RCI memo on the new checklist can be found on our website www.rcican.com.
What Are the Main Changes of New Checklist ?
– Full translation of bank transcripts is no longer required, and a simplified certified translation may be submitted instead;
– Applicants have full discretion to choose which documents best document their management experience instead of having to submit several specifically identified documents;
– The engagement report, previously required to document investments in the stock market, is no longer required;
– Documents relative to stock options are no longer specifically required;
– For most applicants, only the detailed personal credit report is required to document liabilities (e.g. no more credit card statements or mortgage contracts required);
– For most documents, the checklist requires only the submission of photocopies instead of originals or certified true copies;
– The Sections 6 and 7 of the checklist have been completely re-edited and simplified;
– Section 8 (on Chengbao contracts for Chinese applicants) has been deleted.
When does the new Checklist apply?
The July 2015 Checklist of the QIIP replaces all old checklists.
It applies to applications to be submitted for the upcoming intake, from August 31 2015 until January 29 2016.
The new checklist equally applies to all applications in inventory, and therefore to all update requests and pre-interview updates from now on.
Does this mean I can use this new checklist for my client’s file updates?
Yes. The new checklist applies to all files, including those submitted in prior intakes. The new checklist therefore not only simplifies the processing for new applicants, but also benefits prior applicants as well.
Completeness of Declaration is Still a Must
It is to be noted, however, that although the document checklist has been significantly simplified, it is still mandatory for applicants to declare all their assets, liabilities and sources of funds. As such, a complete and detailed narrative document remains an essential part of any QIIP application, and we urge everyone to refer to our narrative template and narrative example for more details. Our QIIP Handbook, available for free on our website (www.rcican.com), is also a useful resource to assist you in this process. Please do not hesitate to contact us for any assistance.
The New Checklist: A Fresh Start
This positive development is the fruit of a positive dialogue between MIDI and appointed stakeholders of the financial intermediaries, including an RCI delegate, in order to improve the processing of the QIIP and ensure that the program remains an attractive and competitive option for immigrant investors.
We look forward to working together for this intake. The new QIIP intake being due to start in only a few weeks, our entire team is standing by to assist you and answer your questions. Please contact your RCI Account Manager to find out more on what RCI can do to ensure you have a positive QIIP intake this year.