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St Kitts sees influx of wealthy Chinese
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A GROWING number of Chinese entrepreneurs are emigrating to St Kitts, a small island in the Caribbean Sea, as part of efforts to bypass Chinese regulations over offshore fundraising.
A recent media report about the influx of Chinese immigrants to the island sheds new light on the motivation behind the current immigration wave of China’s wealthy, including Zhang Lan, founder of restaurant chain South Beauty.
Their motive appears not confined to seeking better air, food, or education opportunities as the public thought. In some cases it is just about business.
The island does not require a minimum residency period to apply for citizenship like most countries. This makes it appealing to Chinese businesspeople as a shortcut to obtaining a foreign identity.
“They don’t stay here very long or take time to enjoy the island. They just want citizenship,” an immigration consultant surnamed Feng told Legal Weekly.
He said that in mid-2012, the number of Chinese immigrants to St Kitts was fewer than 20. The figure has increased multi-fold since then. Some of his clients with plans to get their companies listed said they feel like they are “forced” to immigrate to St Kitts.
The idea is to avoid the tedious procedures of getting regulatory approval for a listing overseas, according to the report.
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