Posted on 03/23/2013 8:55:14 PM PDT by cunning_fish
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.
(Excerpt) Read more at live.wsj.com ...
Interesting. Still, about 3/4 of home sales in very expensive parts of Californicate are to Chinese immigrants (per top realtor there)- so they haven’t all decided to move to Kenya. Not yet, anyway.
Well, there are over billion of them and over 100 million are rih, even by US standard. For that reason 3/4 of sales in one given place makes no trend at all.
Agreed.
My house was bought by a Chinese couple and they paid cash!
Yes. many of them buy for cash. (They include a lot of communist party apparchniks/”slave” labor factory managers and the like. Once upon a time, the PRC forbade their leavi or taking any money out. That’s changed for the present- new strategy at work).
100 million Chinese are rich by US standards?
You been here 4 hour! You pay taxes!!!
no taxes, no washee
China is not that it used to be. ‘Slave laborers’ in industry makes 6-9 thousand dollars annually. In terms of purchase power parity it is 30,000+ in US. There are still millions of peasants living for a dollar a day, but there are huge number upper middle class people making 100,000+. Probably more than in US.
No puzzle to it - the Chinese have already had their dose of communism.
Been there, done that.
No thanks, Obama.
Maybe it depends on what you call rich.
In 2007, there were a reported 391,000 million-dollar-plus households in China, and 0.8% of households had $100K+ in assets (though of course that includes their retirement, as they don’t have our form of safety net):
http://www.china-mike.com/facts-about-china/facts-rich-poor-inequality
But it sure is growing fast.
So if you are Chinese, and have a Green Card, congrats, you are now a “US Person”, and may even find that the non-US financial institutions you have had accounts with for many years will eject you because they don’t want to jeopardize their standing as a US Qualified Intermediary and thus to have institutional access to US correspondent banks and securities markets.
On a personal and annual basis, don’t forget the $10,000 fine for failure to file Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts”. Then there is the new IRS Form 8938, “Statement of Specified Foreign Financial Assets”.
Land of the (used to be) Free strikes another blow (for/to) liberty! Thank you Senator Schumer!
Their safety net consists of their male children, family, and Party connections.
Rural Chinese can never, by law, have any of the access to public service facilities or the perks of the city born, and are religated to what we consider low wage jobs - if they can find one. Not finding a job means starving or returning shamefully to the place of origin where they will live badly and never find a wife.
Yes, a big city/country, connected/not connected split.
But the vast majority of those ‘princes and princesses’ are not rich by American standards.
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