Number of NZ accounts still rising

MORE Hong Kong residents planning to migrate to Australia or New Zealand are opening up offshore bank accounts, according to ANZ Bank's chief private banking manager.

Although migration to Australia from Hong Kong had slowed over the last two years, the number of residents opening New Zealand deposit accounts was continuing to increase, said the bank's Eugenia Woo.

'To be eligible for a New Zealand migration visa under an investment category, migrants have to put NZ$750,000 (about HK$3.5 million) into a New Zealand bank account,' she said.

'It's not a lot of money to many Hong Kong investors who have put their life savings into local property, or have bought a flat locally.' It is the bank's role to help investors open deposit accounts in New Zealand or Australia, and provide letters of certification of deposit to consulates in Hong Kong.

'We put our customers' funds with our New Zealand office which issues the customer with a letter confirming funds have been received,' Ms Woo said.

'The customer needs to have this certification before being granted a visa.' While many local residents planning to migrate were 'conservative' investors and only wanted to open deposit accounts, a range of specialised offshore banking services were available, Ms Woo said.