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U.S. Bank of America, a popular destination for British immigrants, is expected to cause an outflow of 280 billion yuan this year

2021-01-14T13:04:42.624Z


Immigration abroad has once again become a topic of discussion among Hong Kong citizens from time to time, and the United Kingdom is one of the hot spots. If a large number of Hong Kong people leave Hong Kong, it will not only lead to a brain drain, but also an outflow of capital. How much capital will it cause


Financial News

Written by: Zhang Weilun

2021-01-14 20:51

Last update date: 2021-01-14 20:55

Immigration abroad has once again become a topic of discussion among Hong Kong citizens from time to time, and the United Kingdom is one of the hot spots.

If a large number of Hong Kong people leave Hong Kong, it will not only lead to a brain drain, but also an outflow of capital.

How much capital will flow out of Hong Kong?

According to the latest report issued by the Bank of America, it is expected that Hong Kong residents who choose to leave Hong Kong to go to the UK within this year will cause 280 billion yuan of funds to flow away.

After the implementation of the National Security Act at the end of June last year, the British government announced that it would grant more than 3 million BNO holders in Hong Kong to apply for residence in the UK for 5 years from January 31 this year.

After 5 years of residence, apply for a loan in the UK 1 year later, that is, obtain British citizenship in 6 years at the earliest.

According to a report issued by the British Home Office last year, it is expected that 153,000 Hong Kong people will choose to go to the UK after the relevant measures are implemented this year.

So how much money will be withdrawn from Hong Kong?

Bank of America sells a property worth 7.53 million yuan for all those who have left Hong Kong, and it is estimated that after withdrawing the MPF, it may cause a flow of 280 billion yuan.

The UK is one of the most popular places for Hong Kong people to consider immigration.

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A total of more than 320,000 people are expected to emigrate to the UK

The Home Office of the United Kingdom also predicts that a total of 321,600 Hong Kong residents will choose to immigrate to the local area within 5 years from last year. However, it is expected that the number of immigrants will continue to decrease, and the impact of the final capital outflow will gradually decrease.

Bank of America expects that a total of 588 billion yuan will flow out of Hong Kong during the five years.

Zhang Junqian, a strategist at the bank, predicts that the outflow of funds will cause the Hong Kong dollar to deviate from the strong exchange guarantee of 7.75 against the US dollar; however, in a low interest rate environment, it will not have an impact on the Hong Kong interest rate market.

Hong Kong version of the National Security Act BNO British National (Overseas) Passport Hong Kong Immigration

Source: hk1

All news articles on 2021-01-14

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