Mainland Chinese account for over 80 percent of people awaiting visas that bestow U.S. citizenship in return for investment, showed findings by real estate services firm Savills Studley, who said the trend is pushing up demand for commercial property.
A rising number of Chinese are applying for EB-5 visas, where non-citizens put at least $500,000 into a business in the United States, as they seek to park their wealth offshore - in part to escape the impact of an anti-corruption drive at home.
Australia has a similar scheme for those investing over $4 million, with 90 percent of applicants from China. Australian property has long been popular among Chinese but investment has accelerated since the start of the anti-graft campaign last year.
In the U.S., Savills Studley said over 6,400 people are on the waiting list for an EB-5 visa, and that it expects this year's allotment for Chinese applicants to be reached by September, compared with late August last year...Chinese account for over 80 percent of U.S. investment visa applications
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