Surge in Rich Chinese Who ‘Invest’ in U.S. Citizenship.

Discussion in 'China' started by JayATL, Nov 10, 2011.

  1. JayATL

    JayATL Senior Member Senior Member

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    By Robert Frank

    Despite all the talk of class warfare and punishing success, the U.S. remains a highly desirable place for the world’s rich. Especially for the rich Chinese.

    According to data from the Immigration Service, thousands of wealthy Chinese have applied for the EB-5 Visa, also known as the “green-card-for-money” program.

    Under the program, foreign investors must finance commercial projects in the U.S. by investing either $500,000 or $1 million and create at least 10 full-time jobs. The investors have to undergo a background check, identify the source of their wealth and create and sustain 10 full-time jobs. The investors and their families can get citizenship after five years if they fulfill the requirements.

    Lots of rich people around the world apply. But the Chinese have become far and away the biggest users and beneficiaries.

    In 2011, 2,969 Chinese citizens applied for the program and 934 were approved, according to the Immigration Service. (Approval doesn’t mean they get citizenship, it just means they can start the program). Their numbers represented more than three quarters of the total number of applicants and approvals.

    It’s also a huge increase from previous years. In 2007, only 270 Chinese citizens applied and only 161 were approved, accounting for only about a third of the totals.

    Why the huge increase?

    The obvious reason is that China has a lot more millionaires and billionaires.

    But the other reason is that these newly rich want out – or at least an escape hatch and presence in another country in case they have to flee.

    A recent survey from the Bank of China and wealth researcher Hurun Report found that more than half of China’s millionaires are either considering emigrating or have already taken steps to do so.

    The survey found that the most common reason cited by respondents for emigrating was their children’s education, followed by a desire for better medical treatment and the fear of pollution in China.

    The top destination among those emigrating was the U.S., accounting for 40%, followed by Canada with 37%, Singapore with 14% and Europe with 11%, the survey showed.

    The EB-5 program has stirred controversy for years, with some saying it’s brought welcome investment, and others saying it’’s a mercenary citizenship program that does little for actual employment.



    Surge in Rich Chinese Who ‘Invest’ in U.S. Citizenship - The Wealth Report - WSJ
     
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  3. JayATL

    JayATL Senior Member Senior Member

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    Chinese immigrants in the US are quite seditious... I would hope US denies this practice to them.
     
  4. Defcon 1

    Defcon 1 Senior Member Senior Member

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    does this program provides dual citizenship for emigrants or they are entitled to only US citizenship after 5 years????
     
  5. Ray

    Ray The Chairman Defence Professionals Moderator

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    China is doing well and they have opened up their country and has even done system reforms.

    These Chinese have made their fortunes in China.

    Why are they wanting to go abroad?

    That would be being disloyal to the country that made one rich!
     
  6. kickok1975

    kickok1975 Stars and Ambassadors Stars and Ambassadors

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    Then for the same token US should deny and deport racist people like you. At least they bring wealth to US, what did you bring? Racist propaganda and groundless accusation. When you become US permanent resident, one deal breaking condition is not being racist to against another group of people based on your personal ideology. You have made numerous accusation such as Chinese in US are all spies in the past. You should feel shame.
     
    Last edited: Nov 10, 2011
  7. JayATL

    JayATL Senior Member Senior Member

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    I only go by what 99.999% of chinese americans say about the US, wish it ill and are always promoting anti US propoganda . and my opinion is based on that and not their race ...
     
  8. JayATL

    JayATL Senior Member Senior Member

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    I don't think chinese are allowed dual citizenship,,, infact only some countries are allowed that status with the US... i'll have to check


    Update:

     
    Last edited: Nov 10, 2011
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  9. kickok1975

    kickok1975 Stars and Ambassadors Stars and Ambassadors

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    I seriously doubt you have met or talked with 99.999% American Chinese which is about 3~4 million in American population. I'm sure former secretary of commerce Garry Loke, labor secretary Julia Cho and current Energy secretary Steven Chu are among that 99.999%
     
  10. Galaxy

    Galaxy Elite Member Elite Member

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    Half of the Chinese in U.S. living there for 1-2 centuries. They went their for various construction work like Rail road, etc. They are more American than Chinese. But they mostly live in concentrated areas of China town. 8)
     
  11. nimo_cn

    nimo_cn Senior Member Senior Member

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    I think we have plenty of threads talking about Chinese emigrating to Western countries, why start a new one?

    This is the second wave of emigration since the foundation of PRC, the first one took place in the 1980s right after China opened up. China is too crowded to live in, life is tough, pressure is intense, anyone has the money and means should move out of China and find a better life.
     
  12. JayATL

    JayATL Senior Member Senior Member

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    you are correct I have not- BUT I do base my opinion on those I have met and 99.999% of them being seditious pricks. call it my scientific polling :)...
     
  13. Galaxy

    Galaxy Elite Member Elite Member

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    You also try to pretend that you are Indian and knows everything about our policy and all that which is incorrect. You are now American and not Indo-American any more. :wave:
     
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  14. nimo_cn

    nimo_cn Senior Member Senior Member

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    This has nothing to do with loyalty, everyone has the right to pursue a better life. No one could deny that life is better in America if you are rich.

    What is happening in China had happened in other Asian countries such as Japan, SK, even Taiwan.
     
  15. Defcon 1

    Defcon 1 Senior Member Senior Member

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    i agree, same is happening in india.......brain drain is a very famous story here too...
     
  16. kickok1975

    kickok1975 Stars and Ambassadors Stars and Ambassadors

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    Enough said. Move on, JayATL, try to be a real American.
     
  17. nimo_cn

    nimo_cn Senior Member Senior Member

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    China does not allow dual citizenship, anyone chooses to become American citizen has to give up their Chinese citizenship.
     
    Last edited: Nov 10, 2011
  18. JayATL

    JayATL Senior Member Senior Member

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    I’ll get back to you once I look into my galaxy interpreter machine helping making sense of your comments.
     
  19. nimo_cn

    nimo_cn Senior Member Senior Member

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    Are you implying you are no better than a Korean machine?
     
  20. JayATL

    JayATL Senior Member Senior Member

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    i'm afraid you lost me in that chinese humor... :) .

    [​IMG]
     
  21. nimo_cn

    nimo_cn Senior Member Senior Member

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    Well, I am not surprise at all, after all you are no btter than a machine.

    By the way, I fully get the American style humor, very funny picture.
     

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