Sharp Increase this Year in Wealthy South Koreans Immigrating to the U.S. Due to High Domestic Taxes

Just another example of what happens when tax rates get too high, the tax payers begin to leave:

Wealthy Koreans are migrating in increasing numbers to other countries because of the unstable economy and high tax rates at home. 

Countries like the United States and Singapore are especially popular as immigration destinations because of their stable economies, lower tax rates and good education.

A wide range of people, from families with children to people in their 70s, were paying close attention to a seminar on investor immigration visas for the United States at the JW Marriott in Seocho District, southern Seoul, on June 15.

The attendees had their eyes on the Immigrant Investor Program, where people would invest around $500,000 to create jobs in the United States and receive an EB-5 visa in return. To qualify for the visa, people will need to make an investment in a commercial enterprise in the United States and plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.

The U.S. Citizenship and Immigration Services administer the EB-5 Program. When issued an EB-5 visa through the program, entrepreneurs, their spouses as well as unmarried children under 21 are eligible to apply for a green card, which grants them permanent residence in the United States.

The number of Koreans issued an EB-5 visa in 2018 was 531, according to the U.S. Department of State. That is an increase of 336 people compared to 2017. Korea is in fourth place, following China, Vietnam and India, by the number of people receiving visas through the Immigrant Investor Program.

Joong Ang Ilbo

You can read more at the link, but this is what legal immigration looks like that Americans should support.