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Rich Chinese join an exodus to the West
By Wang Xiang |
September 2, 2010, Thursday
|
Online Edition
Online Edition
AN increasing number of wealthy Chinese are emigrating out of the country, taking with them 15 billion yuan and forcing up the immigration threshold of many countries.
The number of Chinese investors applying for foreign permanent residency surged 30 percent in the first half of this year, Hong Kong-based Wen Wei Po newspaper reported. The Chinese almost used up the immigration quota of Canada and Australia, two most favored destinations for immigrants.
These rich Chinese are actually "buying" citizenship in the Western countries through immigrant investor programs, the report 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 emigrated to Canada through these programs. Each applicant was required to pay 120,000 Canadian dollars to the authorities before getting their permanent residence visas, an agent surnamed Hu with a Shenzhen 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 pay extra cash to move to the west, he said, adding that about 90 percent of Australia's business visas were granted to Chinese investors last year.
The influx of Chinese immigrants has alerted the Canadian government. Ottawa has raised the required fund for a permanent residence visa from 400,000
Canadian dollars to 800,000 this year. Last year, Canadian government cut the immigration quota from 133,500 to 115,000, following news that the local unemployment rate had increased.
The number of Chinese investors applying for foreign permanent residency surged 30 percent in the first half of this year, Hong Kong-based Wen Wei Po newspaper reported. The Chinese almost used up the immigration quota of Canada and Australia, two most favored destinations for immigrants.
These rich Chinese are actually "buying" citizenship in the Western countries through immigrant investor programs, the report 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 emigrated to Canada through these programs. Each applicant was required to pay 120,000 Canadian dollars to the authorities before getting their permanent residence visas, an agent surnamed Hu with a Shenzhen 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 pay extra cash to move to the west, he said, adding that about 90 percent of Australia's business visas were granted to Chinese investors last year.
The influx of Chinese immigrants has alerted the Canadian government. Ottawa has raised the required fund for a permanent residence visa from 400,000
Canadian dollars to 800,000 this year. Last year, Canadian government cut the immigration quota from 133,500 to 115,000, following news that the local unemployment rate had increased.
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