Chinese take a shine to Europe’s investor immigrant schemes, as waiting list for US programme stretches to 10 years
- Concerns over long waiting lists, policy uncertainty, and lack of welcome prompt search for alternative emigration destinations
- Washington’s EB-5 investment immigration programme last year issued 4,642 visas to those born in the mainland, down from 8,308 in 2014
Wealthy Chinese mainlanders are taking a shine to Europe as a potential emigration destination, as they seek out alternatives to the United States, where long processing times and policy uncertainty have put a damper on the appeal of citizenship in the world’s largest economy.
Data from the US State Department shows visas issued to China-born applicants last year under an investment immigration programme called EB-5 dropped by almost half from the peak in 2014.
A total of 4,642 visas were issued to mainland born applicants under the category of employment-based fifth preference (EB-5) in 2018, down from 8,308 in 2014.
Created in 1990, the US EB-5 visa programme allows a foreign national who makes an investment of at least US$500,000 that creates 10 American jobs in a high unemployment or rural area to become a permanent resident, along with his or her family, usually in five to seven years.
It has become one of the most popular immigration programmes in the past few years among Chinese, who make up as much as 90 per cent of the US$50 billion put up by global applicants each year.