The number of wealthy Chinese trying to apply for an American green card has shot up 1,000 per cent, as China's millionaires seek better eduction, better medical treatment and less pollution.

The number of wealthy Chinese trying to apply for an American green card
has shot up 1,000 per cent, according to figures from the US immigration office
quoted by the Wall Street Journal.

According to data from the Immigration Service, this year 2,969 Chinese citizens
have applied for the EB-5 Visa, also known as the “green-card-for-money”
program, and 934 were approved.

Under the program, foreign investors must finance commercial projects in
the US by investing either $500,000 or $1 million and create at least 10
full-time jobs. The investors have to undergo a background check, identify the
source of their wealth and create and sustain 10 full-time jobs. The investors
and their families can get citizenship after five years if they fulfill the
requirements.

The Chinese have become far and away the biggest users and beneficiaries,
representing more than three quarters of the total number of applicants and
approvals.

It’s also a huge increase from previous years. In 2007, only 270 Chinese
citizens applied and only 161 were approved, accounting for only about a third
of the totals.

The news follows a report last week from Bank of China and wealth researcher Hurun Report which showed that more
than half of China’s millionaires are either considering emigrating or have
already started the paper work to do so.

The survey found that the most common reason cited by respondents for
emigrating was their children’s education, followed by a desire for better
medical treatment and the fear of pollution in China.

The top destination among those emigrating was the US, accounting for 40
per cent, followed by Canada with 37 per cent, Singapore with 14 per cent and
Europe with 11 per cent, the survey showed.