Report Indicates Wealthy Chinese To Emigrate To US
Kevin E. Packman is a Partner in our Miami office.
Many foreigners crave United States citizenship even though it comes with corresponding obligations and responsibilities (i.e., think about tax compliance). CBS News previously wrote about pregnant women from foreign countries coming to the United States to give birth. 60 Minutes devoted a segment on this phenomenon, and now it appears as though it is not just pregnant women who seek US citizenship for their unborn children (see CBS story here.)
Hurun, a wealth research firm that focuses on China, issued its newest report on January 16, 2014 (see here.) The report, which was the subject of a CNBC story on January 17, 2014, is noteworthy for the fact that it indicates Chinese millionaires are planning to leave China and their favorite destination is the United States (see link to CNBC here.)
The report indicates that 64 percent of the Chinese millionaires plan to leave China, and 1/3 of the super rich, those with at least $16 million, have already emigrated. CNBC cites unnamed analysts for the proposition that many of the Chinese are emigrating to protect illicit profits, specifically, those that may have been earned through...
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