Hong Kong Residents Moving To The U.K.

23rd October 2021

The government estimates that up to 322,000 will eventually take up the offer over the next five years. In the first half of the year, according to the Home Office, 64,900 BNOs applied for the visa. It's expected that between 123,000 and 153,000 Hong Kongers will arrive in Britain this year.

There are 2.9 million BNO holders and 2.3 million dependents eligible for the scheme, which gives them the right to live, work and study in the U.K. for five years, after which they can then apply for citizenship. The government estimates that up to 322,000 will eventually take up the offer over the next five years.

Most Hong Kong migrants want to rent for six to 12 months before buying, he says. But when they do buy, they tend to not only buy a residence for themselves, but one or two rental properties as investments.

That kind of spending will likely continue, given that the exodus from Hong Kong, which began last year and intensified this January, mainly comprises highly educated, cash-flush professionals. The government estimates they could provide a net gain to the U.K.'s coffers of between £2.4 billion ($3.34 billion) to £2.9 billion ($4 billion).

Read the article