Published at: 12/04/2020 12:00 pm
China will launch its first residency by investment and high-skilled professionals' immigration program soon, after the public consultation (closed on 27 March).
The draft of the new immigration law eased the requirements for foreign investors who wish to become residents in China. The objective of the applicants is the hold the "Chinese Green card" of the permanent residents. According to the draft, if the investors reside for at least three years in China and have a stable income, combined with high-skills, these applicants can become permanent residents of China.
The foreign citizen must have an investment (made more than three years ago) of at least ten million RMB in China.
The applicant must pay his or her taxes.
The company is recommended by provincial-level governments.
Requirements for the high-skilled applicants
The applicant should have a degree from a well-known university.
The applicant must have four years of work experience in China and his or her annual wage income must be at least six times the average city salaries of the last year.
The Chinese government is looking to introduce an option for talents who have urgently needed skills. They can be academicians, researcher senior managers of high-tech enterprises or experts recommended by permanent residents of China. Another exciting option is that according to Article 12, foreign citizens who have "internationally recognised achievements" may apply as well.
The official public security body and place of the application is the Exit-Entry Administration Bureau.
The time frame of the applications depends on the category. The decision about the approval or disapproval should happen within six months. However, for spouses, the process can take 10 to 20 months and nine months for the employed professionals. Still, the processing time can be different in each region or city.