It has been reported in numerous media organisations in the last week that China is tightening its grip on Hong Kong.
The worry for many is that the situation will only get worse, and there will be more restrictions on capital leaving the territory in the future, in much the same way that getting money out of China isn’t always easy.
I have already heard reports from clients and associates that some companies are considering moving their headquarters to Macao or Singapore.
In this situation, I would expect there to be an increased demand for:
- Second residency and passport services
- Overseas portfolio services and “getting money out of Hong Kong”. Previously, many Mainland and foreign investors trusted Hong Kong like Singapore as a financial services hub in the region
- Overseas property services and more people trying to liquidate their real estate holdings at home. There is a simple reason for this: property valuations are high in Hong Kong. Therefore, part of this money could be used for obtaining second residencies or passports.
- Company incorporations outside of Hong Kong for those looking to move away from the territory.
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