Will my investment be returned to me if my Immigrant Investor application is refused?

That depends on the particular program. Under the Immigrant Investor Venture Capital Pilot Program, applicants are only required to make an investment if their application is approved. Applicants who are approved under this program are required to make an investment in the Immigrant Investor Venture Capital Fund in the amount of CAD $2 million. The investment will be committed for approximately 15 years. This is an at-risk investment, therefore, it is a possibility that applicants will lose some or all of their investment. As with any venture capital investment, however, applicants also have the potential to receive proceeds, either over time or at the end of the investment term. Proceeds are dependent on the performance of the IIVC Fund. Under the Quebec Investor Program, the investment of CAD $800,000 is guaranteed by the Quebec government and returned in full after five years.