(Source: EB5info.com by USAdvisors.org August 3, 2010)
When asked how the Chinese government feels about the USCIS EB5 investment visa program, EB5 service provider Brian Su's response is simple and to the point: They don't like it.
Although it's true that the Chinese State Council made a statement last month proclaiming the government's respect for a "citizen's choice for immigration," Su notes, China's recent request that all high-level officials and Communist Party leaders register their family members living overseas belies the fact that it's not completely comfortable with such emigration – in particular with foreign government incentives like the EB5 visa program.
"There's a new term in Chinese," Su explains. A "naked official" refers to a high-ranking party member living in mainland China whose wife, children, and personal assets all reside abroad. This official is said to be "naked" because he has nothing of great value left in the country other than himself. Last month's call for these officials to register their family members underscores the government's concern that wealth is leaving the country.
The rise of high-ranking individuals with this status is just one factor that has the government worried, however. In July, the Guangdong Provincial Exit and Entry Administration issued a warning about the EB5 investment visa program stating that the projects are risky and advising migration brokers and potential investors to exercise caution when considering the large volume of EB5 visa regional center projects and investment immigration initiatives now being marketed.
This statement comes in response to growing EB5 regional center marketing efforts in the country, particularly in the Pearl River Delta Region where EB5 visa project promotion is widespread and frequent. According to Su, too many regional center projects are being marketed, and the government is "sending a message" that "[Regional centers] have to disclose all necessary information to their clients."
As for whether such a warning will discourage potential investors from investigating the EB5 visa program, Su isn't worried.
"People are still interested," he says. "I don't think there will be any significant impact on the interest." But for regional centers "following the rules," he adds, "it's bad news."
Bad news or not, more EB5 visas were issued to Chinese immigrant investors than to those from any other country in 2009, and it's unlikely the government's fear of wealth leaving the country will put a large damper on regional center marketing efforts or Chinese interest in investment immigration any time soon.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment