- Australia said Tuesday that a new visa program aimed at the wealthy
the "significant investor" initiative — has received overwhelming response,
with Chinese nationals accounting for over 90% of the 545 applications.
In Australia, wealthy Chinese don't even need to prove their investment creates jobs
Immigration attorneys said most of the applicants are investing in financial markets or bonds
The first successful applicant last year was a 36-year-old toy manufacturer with a young family, who bought state government bonds
- Australia is just the latest country to announce a windfall from wealthy Chinese.
The U.S., U.K., Spain, Portugal, the Caymans and Gambia have all gotten into pay-for-visa programs for wealthy Chinese.
- More than 80% of the applicants In the US program, known as the EB-5, are from China.
Even though EB-5 has been dogged by scandal, fraud and questions about job creation, demand continues to surge.
Under the program, a foreigner who invests at least $500,000 in a qualified US business is entitled to a green card, provided the investment puts at least 10 Americans to work.
- Attorneys said those leaving China are looking for;
a better quality of life: good schools, luxury housing, clean air, a strong legal system and public security, and a stable political situation