LATAM: A great choice for Chinese citizens looking to make the move overseas
With Latin America presenting itself as a hub for new industry in the globalising world, the innovation taking place on the continent is not going unnoticed around other parts of the globe. It has to be said, the pandemic is changing our perceptions on the way the world should operate and highlighting the necessity for companies in all sectors of society to take it upon themselves to play their part in preventing further spread of COVID-19. Cross-border activity has been greatly reduced in the past year, exhibiting a need to secure flows of people and goods in order to restore what once was. China, the second largest economy in the world, has been increasing its links with Latin America over the last few years, in terms of immigration as well as trade routes, making residency opportunities in the region for Chinese citizens increasingly attractive.
For Chinese citizens, travel to places such as Europe and the United States involves a necessity to obtain specific visas, however, Chilean residency comes with the promise of free travel to 174 territories and countries, immediately highlighting the presence of potential in Latin America for Chinese citizens. Not only is the visa-free travel made possible with Chilean residency, but there are also numerous tax benefits that are not found in other parts of the world, making Chinese businesses increasingly consider making the move overseas in order to make the most of the benefits on offer. If this has you interested, you may be wondering how to obtain the residency, and in short, investment is the answer. US$75,000 would be sufficient in the capital and smaller amounts for surrounding regions, meaning the minimum investment for businesses wanting to migrate really is not that high, making it extremely accessible.
Another option for Chinese residents in Latin America is Paraguay. The nation that witnessed the smallest economic decrease in 2020, signifying strength and opportunity for those wishing to gain residency through investment. There is a program called SUACE (The Spanish acronym for the Unified System of Opening and Closing Companies) in which investment is not a form of buying residency. In other words, the US$70,000 minimum investment is not money offered in return for residency, but rather a foundation for a 10-year goal in which the establishment of a shop or other service can be achieved. It has been referred to as an ‘Entrepreneur Immigration Scheme’ as despite the description as an investment residency, it does not work this way, meaning Chinese entrepreneurs looking to make the move can establish a company have an alternative option to Chile, further increasing the appeal of the continent.
So, with these two options having been presented to you, if you are a Chinese citizen looking to make the move to Latin America, they could be worthwhile looking into further. If you would like more information, contact us today. At Creimerman we are an experienced team of global citizens and we would love to help you bring yourself and your business to the continent,