For some wealthy Chinese, securing a foreign passport is becoming the ultimate trade-off: giving up their Chinese citizenship.
Wealth advisors say a growing number of affluent Chinese are considering renouncing their nationality as Beijing intensifies scrutiny of offshore wealth, with concerns over taxes, geopolitical uncertainty and greater international mobility driving their interest in alternative passports.
China does not recognize dual nationality, meaning Chinese nationals seeking to acquire foreign citizenship must renounce their passports.
"We have had some clients who are willing to give up their Chinese citizenship to hold multiple passports," said Armand Arton, CEO of immigration migration consultancy Arton Capital, who added that the choice of passports depends on their lifestyle and business needs.
Meanwhile, Ryan Lin, director at Singapore-based legal firm Bayfront Law, said he has seen an increase in wealthy Chinese considering renouncing their nationality since July.