More wealthy Chinese go for Green Card
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More Chinese rich people join the trend to pursue American permanent residency by making investments in the United States. But they may be victimized by financial traps set up by domestic immigration agencies and foreign investment organizations, local expert warned.
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Qi Lixin, chairman of Beijing Entry & Exit Service Association, said the number of applicants for the US EB-5 visa through investment almost doubled in 2009, from around 500 last year to over 1,000 this year. The main reasons for them to do so are to provide a better education environment for their children and to look for further business opportunities.
"Only people with personal assets of over 10 million yuan can afford investment immigration," Qi said.
The EB-5 visa for Immigrant Investors provides a method of obtaining a green card for foreign nationals who invest money in the United States. Applicants should invest at least $500,000 in certain investments or regional centers with high unemployment rates.
"There usually exists a hidden problem for EB-5 visa applicants. As far as I know, there are more than 70 US regional center programs attracting investors in China. They said they can return customer's money in five years' time," Qi said, "But if losses occur, which side can assure Chinese applicants to get their $500,000 back on time? The domestic agency, or foreign investment organization?"
Qi said in most contracts signed by investors and immigration agencies, there was no specific provision to prevent investors from being exposed to heavy losses.
"If unforeseen things happen, we do not know who will shoulder the responsibility from the contracts. Besides, there is no federal law in United States to protect Chinese immigration investors," Qi said.
"It is irresponsible for immigration agencies to fervently promote those programs," Qi pointed out.
