US Issues EB-5 Visa to 6,900 Chinese Nationals in 2013
Marcel Woo | | Mar 27, 2014 06:05 AM EDT |
Latest data compiled by the United States government showed that around 6,900 Chinese nationals received the investor immigrant visa, or the EB-5, from the US government last year.
The EB-5 is a program of the US government that provides green cards to any foreigner who is willing to invest at least US$500,000 and generate 10 jobs in America.
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The program has been attracting Chinese nationals who are eager to immigrate to the US to escape China's pollution and to have a better quality of life, experts said.
Last year, more than 80 percent of the investor immigrant visas granted by the US government were issued to Chinese nationals. That translates to nearly 6,900.
In 2004, only 16 of such visas were granted to Chinese applicants, government data showed.
Growing Number of Chinese Applicants
Annually, the US allocates 10,000 visas under the EB-5 program. The visas include the investor, the investor's spouse and children.
While the US welcomes Chinese investors applying for the program, experts said the US government might run out of permits because the number of Chinese applicants is expected to surpass 10,000 in the coming years.
According to Bernard Wolfsdorf, the founder of Wolfsdorf Immigration Law Group, China's demand for the EB-5 visa is getting so big that there will soon be a visa waiting line.
"The investor immigrant visa program has literally taken off to the point that almost everyone in China is inquiring if they'd be qualified to get an EB-5 visa," Wolfsdorf said in an interview with CNNMoney.
Canada Scrapped Millionaire Visa Program
In February, Canada has scrapped its millionaire visa program after it was overwhelmed by an influx of applications from mainland China millionaires.
The program allowed wealthy Chinese to move into Canada since 1986 but application to the program was halted in 2012 and was finally scrapped in February.
Experts are worried that the US EB-5 program could follow the fate of Canada's millionaire visa program with the growing number of Chinese nationals who want to go to the US using the investor immigrant visa.
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