Wealthy Chinese hoping to move abroad have overwhelmed the immigration departments of the U.S. and Canada—their favorite destinations—this year. But will China’s rich who want a visa head elsewhere or will they hold out for the American dream?
The answer, immigration experts say, is both. Australia, Europe and the Caribbean are emerging as destinations for China’s rich, while Chinese investors still keen on moving to the U.S. are told to expect wait times as long as five years for their visas.
A U.S. State Department official told the Journal that the EB-5 program—which grants visas to those who invest $500,000 in a range of development projects—has hit its quota of 10,000 visas for the fiscal year and won’t receive new applicants until Oct. 1. Chinese applicants made up about 85% of the 10,000 visas granted under the program. It’s the first time in the program’s 24-year history that the quota has been reached.
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Jason Chow, Wall Street Journal via CHINA US Focus http://ift.tt/1mWJIB7
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