Posted by Leonard Steinberg on October 19th, 2013

KNIGHT FRANK recently ranked the most tax-friendly cities in the world to evaluate their quality of life (and cost)….New York did not make the list! We are reminded of our super-high real estate taxes every time a foreign buyer asks about monthly carrying costs when buying in New York. Fortunately, many around the globe still see the US as a safe haven.

Over the past few years, America’s investor visa programme, EB-5, has seen a surge in interest from Chinese applicants, as the country’s wealthy look to settle abroad or secure foreign citizenship. The program, which grants a green card to any foreigner who invests at least $500,000 in a business that creates 10 jobs in the US, received 2,408 Chinese applications in 2011, compared with 772 in 2010, and 63 in 2006. This has helped make China one of the fastest-growing sources of international buyers for US real estate, especially in New York.