China Submits over 80 Percent of U.S. Investment Visa Applications
According to recent findings by real estate firm Savills Studley, over 80 per cent of EB-5 investment visa applications are made up of Mainland Chinese applicants.
The firm claims that this particular trend is significantly increasing demand for commercial property, with many looking for office space to conduct their businesses.
The EB-5 investment visa program has so far provided a welcome injection of billions of dollars into the US economy.
Why Are EB-5 Visas so Popular with the Chinese?
It could be because many see the investment visa as an easy way to buy US citizenship and escape the current anti-corruption drive in China. The investment visa allows non-citizens to invest a minimum of $500,000 into a US business – a great way to eventually become US citizens.
EB-5 Visa Quota Reached Early
For the second year in a row, the annual quota of EB-5 investment visas has already been reached, with no more spaces available for Chinese applicants after May 1.
Only last year, an incredible 90 per cent of EB-5 investor visas were issued to Chinese nationals – quite a different story from the 13 per cent that were issued in 2004.
Property in High Demand
However, it’s not just commercial property which is being driven up by the wave of Chinese immigrants – residential property is also on the rise, due to the fact that so many Chinese EB-5 visa applicants choose to make a living for themselves collecting rent in less costly areas of the US, such as North Carolina and Texas.
Houston based property agent Gladys Wang said of the current property situation: “Some of them don’t speak English and cannot find a job, so they buy four or five houses to generate rental income here, where housing prices are cheaper but can still give them a 6 to 7 percent yield.”
She continued: “This is the third wave of immigrants; they’re the upper-middle class and no longer the most wealthy ones from China.”
Following Australia’s Example
Chinese investor visa applications also continue to flood Australia’s immigration system, with Australian property high on the list of attractive investments for wealthy Chinese immigrants.
Last year’s launch of the anti-graft campaign has accelerated property investments from China even more.
Do You Want to Find out More About the EB-5 Investment Visa?
The waiting time for an EB-5 visa is currently anything from two to three years, with 13,000 pending applications, which is why you should get your application in as soon as possible. For more information, and professional immigration advice, contact us today. Our experienced staff has helped thousands of individuals and families ,and we can help you, too!
Contact us today for more information about EB-5 investment visa, or fill out our free immigration assessment to get started right away.
About Michael Niren
Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the Associate Member of the American Bar Association. Read more
The content and comments of this blog are not legal advise and and may not be accurate or complete. If you require legal advice, contact a licensed legal practitioner directly. If you post on this blog, you assume full responsibility for disclosing your identity to the public and VisaPlace nor its affiliates are not responsible for protecting your privacy nor your identity concerning your participation in our blog and you assume any risks in participating.