Rich Hongkongers ‘snap up UK golden visas at unheard-of pace’
- Political instability in Hong Kong and Brexit-battered UK currency cited as factors for rise in applications
Rich Hongkongers are pouring cash into UK “golden visas” to ensure a bolt-hole for themselves and their families amid growing political unrest in Hong Kong, immigration lawyers and property investment companies said.
The Brexit-battered pound, which makes the “passport” fee of £2 million (US$2.4 million) less expensive when converted from some other currencies, was also driving a surge in applications from Hong Kong and mainland China.
Hongkongers accounted for 10 per cent of all applications for the UK’s “Tier One” investor visa in the second quarter of 2019, twice as many as the first quarter. That number could rise when the next set of figures are released late November.
Mainland Chinese were still the biggest applicant group at 45 per cent.
Under UK rules, a foreign investor can obtain this type of visa for themselves and their dependents by investing £2 million in British companies. The visa gives selected foreigners the right to stay in the UK for three years and four months, with the option to extend for another two years. After that, they can remain and apply for a UK passport as a citizen a year later.
“Hong Kong Chinese are snapping up golden visas at an unheard-of pace,” said Georg Chmiel, Executive Chairman of the Chinese property group Juawei.