Canada kills investor visa popular with Chinese

Canada is killing a decades-old investor program that had allowed scores of wealthy Chinese to move to the country over the years.

The government has decided to scrap the plan after finding it has little economic benefit. It allowed rich foreign investors to apply for permanent residency in Canada if they had a mininum net worth of $1.5 million and invested 800,000 Canadian dollars to the government in the form of a multiyear, interest-free loan, according to CNNMoney.

"For decades, it has significantly undervalued Canadian permanent residence, providing a pathway to Canadian citizenship in exchange for a guaranteed loan that is significantly less than our peer countries require," the Canadian Ministry of Finance wrote in its 2014 budget report. "There is also little evidence that immigrant investors as a class are maintaining ties to Canada or making a positive economic contribution to the country."

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