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Increase in China's Rich Seeking US Residency

Increase in China's Rich Seeking US Residency

Write: Truman [2011-11-14]

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.

EB-5 green cards also allow affluent foreign investors and family members to work in the US in any capacity and go to school or retire there.

Each year, 10,000 visas are available for EB-5 investors looking to come to America, the Wall Street Journal reported.

In a bid to boost the economy and counter high unemployment rates, America has long promoted the immigration of people who invest capital in the nation's economy and help create jobs for US workers.

Chinese are increasingly making up a large proportion of the world's rich. The Hurun Wealth Report 2011 said China had 960,000 individuals with a personal wealth of 10 million yuan (US$1.5 million) or more. China also has 60,000 "super rich" with 100 million yuan or more.

According to a recent Bank of China survey, four out of 10 millionaires were thinking of emigrating and sending their children to study overseas, with the US and Canada their preferred destinations.