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Investment offers gateway to US citizenship
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RESIDENTS of China’s mainland account for more than 80 percent of the people awaiting visas that bestow citizenship of the United States in return for investment, according to real estate services firm Savills Studley, which said the trend is pushing up demand for commercial property.
A rising number of Chinese citizens are applying for EB-5 visas, where non-citizens put at least US$500,000 into a business in the US, as they seek to park their wealth offshore — in part to escape the impact of an anti-corruption drive at home.
Australia has a similar scheme for those investing more than US$4 million.
Australian property has long been popular among Chinese but investment has accelerated since the start of the anti-graft campaign last year.
In the US, Savills Studley said that more than 6,400 people are on the waiting list for an EB-5 visa, and this year’s allotment for Chinese applicants is likely to be reached by September, compared with August last year.
There were almost 10,700 EB-5 visas issued last year, with people from China’s mainland accounting for 85 percent of recipients, it said.
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