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Chinese lured by golden visas'

Nowhere is Chinese demand greater than in the US.

When the sister of President Donald Trump’s son-in-law Jared Kushner promoted investment in her family’s new skyscraper from a Beijing hotel ballroom stage earlier this month, she was pitching a controversial American visa programme that’s proven irresistible to tens of thousands of Chinese.

More than 1,00,000 Chinese have poured at least $24 billion in the last decade into “golden visa” programmes across the world that offer residence in exchange for investment.

Nowhere is Chinese demand greater than in the US, which has taken in at least $7.7 billion and issued more than 40,000 visas to Chinese investors and their families in the past decade.

The Chinese investors flocking to these programmes are people like Jenny Liu, a doctoral student in the coastal city of Nanjing, who sold her apartment two years ago and moved in with her parents.

She used the money from the sale to invest $5,00,000 in a hotel project in the US. If the project creates enough jobs in two years, she’ll get a prized “green card” and a pathway for a less stressful education for her 9-year-old son.The market leader is the US’ EB-5 programme.

But Portugal has drawn $1.7 billion over four years from Chinese investors willing to buy property to support its faltering real estate market. Spain and Greece offer similar programs.Chinese have bought the most visas in all three countries.

Countries in demand
$2,50,000
The minimum price of citizenship in Antigua & Barbuda.

$3,80,000 The minimum value of real estate investors must purchase in Portugal’s “golden visa” scheme.

$5,00,000 The minimum business investment in the US’ EB-5 programme.

( Source : AP )
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