Beijing: Canadian government announced to eliminate its investor visa scheme and Chinese millionaires are threatening to initiate legal action against Ottawa if the decision is not overturned.

A group of more than 10 people, who had applied for the immigrant Investor Program, said here in a press conference that they had wasted years of time, effort and money preparing to move to Canada.

Rong Bing, a 47-year-old businessman, said he first applied to move to Canada through the investor visa scheme in 2009. He quit his job with a state-owned enterprise the same year to prepare for his family’s move to Canada.

Larry Wang, the president of the immigration consultancy firm that organized the press conference, said he would help applicants take legal action if the decision was not overturned.