More Chinese seek foreign citizenship

Featured - May 11th, 2012
thumb

More Chinese businessmen are seeking foreign citizenships. Immigration lawyers have noticed an increase in applications from wealthy Chinese families to emigrate to the US, Canada and the UK. The investor immigration program is a growing trend in China serving as an “exit” to protect their families and wealth from threats of political turmoil and economic slowdown.

Canada had been a favorite destination until it refused to accept new applicants in 2011. The US EB5 investor program gives permanent US residency if an investment of at least $1 million creates 10 full-time jobs in 2 years. Other choices are lesser-known destinations such as St. Kitts and Nevis in the Caribbean and Bulgaria, which are possibilities for immediate citizenship. St. Kitts citizenship requires a minimum donation of $250,000 to the Sugar Industry Diversification Foundation without the need to reside in the country. Passports will be sent in the mail upon approval. Bulgaria requires 1 million Bulgarian levs to a government bond for five years, with no residency requirement.