According to data from the Immigration Service, this year 2,969 Chinese citizens have applied for the EB-5 Visa, also known as the “green-card-for-money” program, and 934 were approved.

Under the program, foreign investors must finance commercial projects in the US by investing either $500,000 or $1 million and create at least 10 full-time jobs. The investors have to undergo a background check, identify the source of their wealth and create and sustain 10 full-time jobs. The investors and their families can get citizenship after five years if they fulfill the requirements.

The Chinese have become far and away the biggest users and beneficiaries, representing more than three quarters of the total number of applicants and approvals.

It’s also a huge increase from previous years. In 2007, only 270 Chinese citizens applied and only 161 were approved, accounting for only about a third of the totals.

The news follows a report last week from Bank of China and wealth researcher Hurun Report which showed that more than half of China’s millionaires are either considering emigrating or have already started the paper work to do so.

The survey found that the most common reason cited by respondents for emigrating was their children’s education, followed by a desire for better medical treatment and the fear of pollution in China.

The top destination among those emigrating was the US, accounting for 40 per cent, followed by Canada with 37 per cent, Singapore with 14 per cent and Europe with 11 per cent, the survey showed.