In the decade through 2013, more than 76,000 Chinese millionaires
emigrated or acquired citizenship of another country amid global expansion by the nation’s
companies.
In the two years to the end of January, the Chinese accounted for more than 90
percent of applications for the country’s significant investor
visa, representing 1,384
people.
According to broker Knight Frank LLP, which cited data compiled by law firm Fragomen LLP, Australia was among the most popular destinations. They also make the most applications for high-net-worth visas in the U.K. and the U.S.
“Ultimately, there is a desire from wealthy Chinese to relocate,” said Liam Bailey, head of research at Knight Frank. Some work for a business “that’s trying to become a global player so they need a footprint in London, New York and L.A., and having staff relocate is quite a positive,” he said.
According to the report, more than 300 Chinese investors applied for the U.K.’s Tier
1 visa, which requires a 2 million-pound ($3 million) investment
in British assets, in the first nine months of last year.
The country occupying the second place in millionaire-export is India, with 43,400 emigrating or getting overseas citizenship during the decade, according to the report. Russia was fifth at 14,000.
More than 114,000 of the world’s millionaires moved to the U.K. in the period, making it the most popular destination. Singapore ranked second with 45,000 and the U.S. was third with 42,400.
At the same time, Switzerland has become less appealing to the “mobile wealthy” due to its increased banking transparency; and some millionaires who had moved there are now relocating to Singapore, the U.K. and the United Arab Emirates.
“There is a small but growing number of potential buyers who will find it increasingly difficult to access foreign property markets” because of new regulations and increased tax data sharing between governments, the report said quoted by Bloomberg.
