More China rich moving to West
By Wang Xiang |
September 3, 2010, Friday
|
Print Edition
Print Edition
AN increasing number of wealthy Chinese are flocking to the West for permanent residency, taking with them 15 billion yuan (US$2.2 billion).
The number of Chinese investors applying for foreign permanent residency surged 30 percent in the first half of the year, the Hong Kong-based newspaper Wen Wei Po reported.
Chinese people almost used up the migration quota in Canada and Australia, two hottest destinations for immigrants.
These rich Chinese actually "buy" citizenship in the western countries through their immigrant investor programs, the newspaper said. The most popular destinations include Australia, Canada, Singapore and the United States, where visa requirements are more relaxed and taxes lower.
More than 2,000 people immigrated to Canada through these programs. Each applicant was first required to pay 120,000 Canadian dollars (US$114,000) to the authorities before being eligible for residency, an agent surnamed Hu with a Shenzhen-based immigration service told the newspaper.
Hu said most of his clients were private entrepreneurs, mining bosses, or real estate developers. It is easy for them to find some extra cash to move to the West, he said.
The Chinese influx into Canada has concerned that country's government. Ottawa has doubled the proof of funds needed to obtain a visa from C$400,000 to C$800,000 this year. Last year, Canadian government cut the immigration quota from 133,500 to 115,000, following news that the unemployment rate has increased.
Only people with personal assets of more than 10 million yuan qualify for the visa to US. Applicants are required to invest US$500,000 into certain business. The authorities only grant the residency if the business survives and profits.
The migration of rich and famous Chinese has been a heated controversy in China. Kung fu star Jet Li and movie actress Gong Li have been called unpatriotic by many online commentators for immigrating to Singapore.
The nationality of basketball star Yao Ming's daughter also came under scrutiny after she was born this May in the US.
The number of Chinese investors applying for foreign permanent residency surged 30 percent in the first half of the year, the Hong Kong-based newspaper Wen Wei Po reported.
Chinese people almost used up the migration quota in Canada and Australia, two hottest destinations for immigrants.
These rich Chinese actually "buy" citizenship in the western countries through their immigrant investor programs, the newspaper said. The most popular destinations include Australia, Canada, Singapore and the United States, where visa requirements are more relaxed and taxes lower.
More than 2,000 people immigrated to Canada through these programs. Each applicant was first required to pay 120,000 Canadian dollars (US$114,000) to the authorities before being eligible for residency, an agent surnamed Hu with a Shenzhen-based immigration service told the newspaper.
Hu said most of his clients were private entrepreneurs, mining bosses, or real estate developers. It is easy for them to find some extra cash to move to the West, he said.
The Chinese influx into Canada has concerned that country's government. Ottawa has doubled the proof of funds needed to obtain a visa from C$400,000 to C$800,000 this year. Last year, Canadian government cut the immigration quota from 133,500 to 115,000, following news that the unemployment rate has increased.
Only people with personal assets of more than 10 million yuan qualify for the visa to US. Applicants are required to invest US$500,000 into certain business. The authorities only grant the residency if the business survives and profits.
The migration of rich and famous Chinese has been a heated controversy in China. Kung fu star Jet Li and movie actress Gong Li have been called unpatriotic by many online commentators for immigrating to Singapore.
The nationality of basketball star Yao Ming's daughter also came under scrutiny after she was born this May in the US.
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