Hong Kong BNO passport holders snap up UK properties

Hong Kong BNO passport holders snap up UK properties

Hong Kong BNO passport holders snap up UK properties

There is anecdotal evidence that Hong Kong buyers are investing in British property ahead of eventually settling in the UK.

Following recent changes to the law, as many as three million Hong Kong residents could be offered the chance to settle in the UK and apply for citizenship, Boris Johnson announced last month.

The British Prime Minister said Hong Kong’s freedoms were being violated by a new security law and has handed a lifeline to those affected in the form of a “route” out of the former UK colony and in to UK citizenship.

There are around 350,000 UK passport holders, and 2.6 million others eligible, will be able to come to the UK for five years.

And after a further year, they will be able to apply for citizenship.

British National Overseas (BNO) Passport holders in Hong Kong were granted special status in the 1980s but currently have restricted rights and are only entitled to visa-free access to the UK for six months.

BNO passports were granted to all Hong Kong citizens born before the Chinese handover in 1997. Whilst the second-class passports allowed the holder some protection from the UK foreign service, they did not give the right to live or work in Britain.

But under new government’s plans, all British Overseas Nationals and their dependants will be given right to remain in the UK, including the right to work and study, for five years. After five years, they will be able to apply for settled status or Indefinite Leave to Remain. After a further year, they could apply for full UK citizenship.

Other countries, such as Australia and Canada, are wooing wealthy HK residents with offers of permanent residence. It is rare to the red carpet being rolled out for refugees, but these are not penniless migrants.

HK residents are highly educated, entrepreneurial and enjoy some of the highest standards of living in the world. What they lack is the rights and freedom we enjoy in the west.

There is a shortage of housing stock in England and the Chancellor’s stamp duty holiday has helped fuel a mini-boom. Despite coronavirus and mass unemployment, prices are actually rising in many parts of the country.

One potential drawback for the UK is Brexit, which may affect some migrant’s decision to settle here. However, if only 10% of the three million eligible HK residents choose to live in Britain that will mean 300,000 property buyers and renters looking for a place to live in the UK.

It remains to be seen whether or not today’s citizens will choose to settle and invest in the UK when other countries, such as Cyprus offer a guaranteed route to citizenship in the European Union.

The Cypriot immigration policy and legal framework now enable Non-EU applicants to obtain Cypriot citizenship on an expedited basis – fast.

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

If you would like to know more about the Cyprus golden visa programme visit: http://eugoldenvisaprogramme.com

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