Hong Kong, Australia

Hong Kong, Australia

Australia sees rush of Hong Kong millionaires amid unrest

Australia sees rush of Hong Kong millionaires amid unrest

22.8.2019

Australia sees rush of Hong Kong millionaires amid unrest

SYDNEY: Australia is seeing an increase in interest in its millionaires-only visa programme from wealthy Hong Kong residents, who are eyeing a ...

READ: Our coverage of the Hong Kong protests The interest has coincided with the"beginning of the current unrest in Hong Kong", the department said, referring to a A$5 million (US$3.4 million) Significant Investor Visa (SIV) programme that provides direct residency to applicants. Bill Fuggle, a Sydney-based partner at law firm Baker & McKenzie, said there had been a rise in applicants for the SIV programme. Advertisement Advertisement "What I am hearing from my clients is there definitely has been an uptick in the number of SIV applications from Hong Kong," Fuggle said. "Anybody who can make an alternate plan is trying to do so." Protests in the former British colony erupted in early June over a now-suspended bill that would have allowed criminal suspects to be extradited to mainland China for trial. The unrest has been fuelled by broader worries about what many say has been an erosion of freedoms guaranteed under the"one country, two systems" formula put in place when Hong Kong returned to China in 1997. READ: 'Hong Kong has no future like this': Singaporeans living in Hong Kong share their concerns about escalating protests Australia's New South Wales treasury department confirmed that the immigration team's letter was sent out to migration agents on Monday but declined to provide any further details, saying only that the increase was off a small base. In the letter, the department assured agents it was committed to providing"appropriate support" to help them discuss migration options with their clients. The SIV programme used to be hugely popular with people from China, though recent strict investment requirements have somewhat dented its appeal. The SIV now requires at least 40 per cent of the A$5 million to be invested in small-cap and venture capital (VC) funds while direct real estate investment is barred. "Money is also moving out but Australia is probably not your first choice to park wealth ... it's a high tax jurisdiction. I suspect we'll get more people than money here," Baker & McKenzie's Fuggle said. Data on applications received or visas granted in recent months was not available as Australia publishes these figures only annually. According to the latest data, China accounted for 87 per cent of the 2,022 SIV visas granted between November 2012 and June 2018 while Hong Kong stood a distant second at just 3.2 per cent. READ: Elderly in Hong Kong looking to China for affordable care in retirement Juwai.com, China's largest international property website, had seen"some increase" in demand for Sydney property by Hong Kong buyers since the unrest began, Executive Chairman Georg Chmiel told Reuters in an email. "Purchasing real estate is not the first step in coming to this country. More important is to obtain legal residency," Chmiel said. "Over the next two to five years, there could be a substantial impact on the property market as these individuals look to settle down and purchase, but for now, it is too early for that." Source: Reuters/ga Read more: CNA

Australia sees rush of Hong Kong millionaires amid unrest[SYDNEY] Australia is seeing an increase in interest in its millionaires-only visa programme from wealthy Hong Kong residents who are eyeing a safety net amid political turmoil in the Chinese-ruled territory, migration lawyers told Reuters. Read more at The Business Times.

Australia sees rush of Hong Kong millionaires amid unrestSYDNEY (REUTERS) - Australia is seeing an increase in interest in its millionaires-only visa programme from wealthy Hong Kong residents who are eyeing a safety net amid political turmoil in the Chinese-ruled territory, migration lawyers told Reuters.. Read more at straitstimes.com.

Indonesia returns containers of waste to France, Hong KongIndonesia has returned seven shipping containers of illegally imported waste to France and Hong Kong , an official said Tuesday, marking the latest ...

China's warning to global CEOs: Toe the party line on Hong Kong HONG KONG (BLOOMBERG) - As anti-government protests in Hong Kong intensified this month, KPMG issued a directive to its employees in the city: Don't speak on behalf of the company in public. It went on to say that the firm supports China's policy for governing Hong Kong .. Read more at straitstimes.com.

In Hong Kong, some feel violent protests are a legitimate form of political action HONG KONG (REUTERS) - Pun sees himself as a peaceful, middle-class Hong Kong student. Yet since the beginning of June, he has been building barricades and throwing bricks at police, risking his own liberty to fight, as he sees it, for the city's freedoms.. Read more at straitstimes.com.

Beijing says holding UK's Hong Kong consulate employeeAn employee of Britain's consulate in Hong Kong who went missing earlier this month is being held in China, Beijing confirmed Wednesday. The incident comes as relations between Britain and China have become strained over what Beijing calls London's 'interference' in pro-democracy protests



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