Tobi Cohen, Postmedia News · Mar. 16, 2012 | Last Updated: Mar. 16, 2012 2:02 AM ET National Post

OTTAWA . Canada is planning to overhaul its popular Immigrant Investor Program that is so attractive to millionaire newcomers that some chartered private planes last year to be first to submit their application.

Within 30 minutes, the program - which essentially fasttracks permanent residency for those who can afford it - had reached its annual quota of 700 applicants.

In an interview this week, Immigration Minister Jason Kenney said the $800,000 minimum investment required under the current system is simply too low and that it's time to consider making it a permanent contribution to the Canadian economy rather than just a loan.

"I've always said that I believe Canada has been underselling itself through our Immigrant Investor Program," the Minister said.


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Kelly McParland  Mar 16, 2012 – 10:02 AM ET | Last Updated: Mar 16, 2012 12:35 PM ET