Canada cancels immigrant investment scheme

Canada has announced that it will cancel the country's immigrant investment scheme.

The programme allowed immigrants to obtain residency by committing a minimum of US$726,700 dollars to a five-year zero-interest loan to a provice, an initiative that prompted Chinese investors to flock to the country.

Now, though, Canada will Change the rules to reduce the number of Chinese buyers securing visas, introducing a scheme that will grant residency to those who invest money rather than loan it.

The move follows a growing trend among non-EU buyers from countries such as China to invest overseas to secure residency, an approach employed by Spain, Portugal and other EU property markets in an attempt to boost investment.

Source: Wall Street Journal