There is an interesting article on WealthX today looking at the current trends in countries offering residency or citizenship to “immigrant investors” and in particular the shift among the Chinese from the US to the EU. The full article is worth a read. Here are some highlights:
- In recent years 80%-90% of foreign investment visas in the US, Portugal, Canada and Australia are taken up by People’s Republic of China (PRC) nationals, but this is starting to change.
- The US, UK, Australia and Canada are limiting some of their programs while they deal with the backlog of applications, or make them more expensive.
- The US’ EB-5 visa requires investment of between US$500,000 and US$1 million in return for a conditional green card. There are just 10,000 of these visas issued annually and a cap on each nationality.
- This year Canada stopped accepting applications for its immigrant investor program and the federal entrepreneur program, of which around 90 percent of applications were from China.
- Investor programs for residence, like in Portugal, Spain, Greece, Hungary, UK, Canada, US, Australia, where the investor receives only Permanent Resident (PR) Status, are more popular in China. Under these programs it is legal for them to invest abroad and obtain PR, while applying for immediate citizenship is against the law in China.
Just for fun, here are the details on the Greek program that affords residency to real estate investors: