As protests intensify, where are rich Hongkongers investing in property to get a foreign passport?
At least 20 nations that offer citizenship or residency through property investment are growing increasingly popular among city’s residents looking for a ‘Plan B’
The degree to which Hong Kong residents may or may not be considering leaving the Hong Kong Special Administrative Region is being widely discussed and debated. For those contemplating a life overseas – or even hedging their bets for the future – calling another nation home can be a simple matter of property investment.
Homes in the so-called golden visa countries are becoming increasingly popular among Hongkongers looking for a ‘Plan B’. They can invest now, enjoy the rental returns and have the option of moving there at some time in the future
At least 20 jurisdictions now offer citizenship or residency by investment, but requirements vary, as do the levels of investment spend.
John Hu, founder and principal consultant of John Hu Migration Consulting, says it is not simply a matter of buying a property and then getting a passport.
Most countries – apart from Cyprus and Bulgaria – have a language test for citizenship applicants, Hu says. Some specify a waiting time before applying, or require foreign owners who are seeking citizenship to live in their home for a certain time.
“For example, with [the Republic of] Ireland you only have to stay there at least one day a year to retain your residence status,” Hu says.
“The United Kingdom requires residency for 50 per cent of the first five years before you may apply for settlement, while in the United States, you have to live there for a total of five years before citizenship application, and should not leave the country for more than six months to retain your residence status.”
Applicants are not normally looking for a Spanish passport, but want the comfort of possibly living in an European Union country, having the ability to travel visa-free within Europe and to educate their children in Europe
Nevertheless, homes in these so-called golden visa countries are becoming increasingly popular among Hongkongers looking for a “Plan B”, Hu says