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People's Daily Online>>China Society

Increase in China's rich seeking US residency

By Zha Minjie (Shanghai Daily)

08:41, November 14, 2011

Shanghai--Wealthy Chinese are emerging as the major group seeking permanent residency in the United States via investment.

About three quarters of those applying for the EB-5 investment immigration program were Chinese this year, according to the US Citizenship and Immigration Services.

The USCIS said China topped the list with 2,969 applications under the EB-5 program. Of those, 934 have been approved.

In 2007, only 270 Chinese people applied, with 161 approved. Since then, the number has continued to grow every year.

EB-5 investor status gives permanent residency to foreign nationals who can directly or indirectly create at least 10 jobs in America by investing at least US$1 million.

And that threshold drops to US$500,000 if a foreign national invests through "regional centers" in rural areas or urban regions with high unemployment.

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wende at 2011-11-1471.251.41.*
The rich elite should be checked thoroughly if they had been cheating on taxes or doing illegal business practices before they are allowed to leave the country. Same rigorous investigations should be done on government officials or their family members planning to leave. Doing business in the west is not as easy as some rich people think and I think they know that. Therefore, it is more suspicious regarding their real motive behind the exodus. Maybe they are avoiding pending prosecution
Sam Teng at 2011-11-14175.136.54.*
It's human nature. The grass over the neighbor's side is always greener.
PD User at 2011-11-1460.54.90.*
As usual, many like a taste of the life in the West.Let's hope they are not jumping from frying pan into the fire.Wait for 10 years we will see them applying to come back again.

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