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Why wealthy Chinese are giving up US green cards


By Patrick   Follow   Sat, 23 Mar 2013, 7:47am PDT   786 views   11 comments
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http://live.wsj.com/video/why-wealthy-chinese-are-giving-up-us-green-cards/6C2DF60C-128C-4BFF-B2A4-4CEE7F136DF7.html?mod=patrick.net

An American passport can be a costly accessory-with U.S. citizenship come U.S. taxes. The WSJ's Wei Gu explains why some wealthy Chinese are instead taking advantage of offers to become citizens of cash-strapped European countries and wealthy Asian cities.

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David9   Sat, 23 Mar 2013, 7:51am PDT   Share   Quote   Permalink   Like (2)   Dislike     Comment 1

Gosh, well, I thought all those nice, wealthy, Chinese were up there in Bay Area setting the Real Estate market on Fire.

Patrick   Sat, 23 Mar 2013, 7:52am PDT   Share   Quote   Permalink   Like   Dislike     Comment 2

Yup, that's why it's an interesting article.

Rin   Sat, 23 Mar 2013, 9:37am PDT   Share   Quote   Permalink   Like   Dislike     Comment 3

They're new to the table. The first billionaire investor to do that was John Templeton. He gave his US citizenship, after getting his 2nd passport from the UK and settled down in the Bahamas, thus paying no UK taxes as an ex-pat. He then visited family at home, as a British tourist in America. What a way to have your cake.

lostand confused   Sat, 23 Mar 2013, 10:02am PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 4

The US treatment of expats is barbaric.

curious2   Sat, 23 Mar 2013, 7:47pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 5

"New tax to fund Obamacare could leave American expats...owing Uncle Sam"

bob2356   Sun, 24 Mar 2013, 1:13am PDT   Share   Quote   Permalink   Like   Dislike     Comment 6

David9 says

Gosh, well, I thought all those nice, wealthy, Chinese were up there in Bay Area setting the Real Estate market on Fire.

Always a bay area wet dream. There are 10,000 investment visa's available every year. Somewhere between 1/3 and 1/2 get used. No one with serious money is going to go to the US and be subject to US taxes.

fedwatcher   Mon, 25 Mar 2013, 6:38pm PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 7

The video ignores the main reason these people do not want a U.S. Green Card or U.S. Passport which is that the U.S. is one of the few countries that taxes your worldwide income.

With most passports you will be taxed only on the income you receive in the country of the passport, but with a U.S. Passport you are taxed on all your income no matter where it is earned.

Even as the U.S. has made it easier to get a visa toward citizenship, Canadian passports are valued more.

JodyChunder   Mon, 25 Mar 2013, 9:01pm PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 8

David9 says

Gosh, well, I thought all those nice, wealthy, Chinese were up there in Bay Area setting the Real Estate market on Fire.

uh huh huh huh.

bob2356   Mon, 25 Mar 2013, 11:38pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 9

fedwatcher says

With most passports you will be taxed only on the income you receive in the country of the passport, but with a U.S. Passport you are taxed on all your income no matter where it is earned.

Most countries today tax on world wide income, but only while you are residing in the country. The US is the only country other than Eritrea that taxes you while non resident. Here is the list. http://en.wikipedia.org/wiki/International_taxation

David9   Tue, 26 Mar 2013, 1:55am PDT   Share   Quote   Permalink   Like   Dislike     Comment 10

bob2356 says

No one with serious money is going to go to the US and be subject to US taxes.

IMO, frankly, it's not as sexy or the party town atmosphere that draws tourists and wealthy expats to other hot spots around the globe, too many to mention.

bob2356   Fri, 29 Mar 2013, 5:46pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 11

SFace says

EB-5 - investment VISA has never been more robust. Talking to someone from Barclay's, the EB-5 are near maxed out.

http://blog.lucidtext.com/category/eb-5-statistics/

I don't consider 6000 apps with 3600 accepted out of 10k in the latest available year maxed out. EB-5 was a new program in 2006, there were 400 apps the whole year. Actually is was a totally rewritten program. The original eb-5 went back to 1990 but was so hard to use that no one bothered with it. Congress totally rewrote EB-5 in 2005. I don't have a clue why anyone at Barclay's would be dealing with eb-5's to start with (and I seriously doubt they do) but I don't think I'll banking with Barclay's if that's their understanding of the numbers.

SFace says

EB1-EB-2 EB-3, EB-4 VISA are always maxed out to quot

I've never heard of a quota on eb1/eb2. Citizens and immigration website doesn't list any quota. Immigrant law and Terra.com websites says there isn't any. http://www.immigralaw.com/english/immigrationquotas.html, http://immigration.terra.com/visa_trader_e1.html. Where did you get this from?

EB-3 is Australians only. Average 2-3k visa's a year on a quota of 15k. That's maxed out? EB-3 isn't really an investment visa anyway. It's a special H1-B for Australians only that was part of the Australia free trade agreement. EB-4 is for religious workers for christ sakes, not investors. Where are you getting your information?

Why the fuck would anyone spend 3m for their kids to go to university in the US? No one in China has ever heard of a student visa? I doubt that. Last time I checked F-1 visas weren't even charged for.

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