A U.S. immigration consultancy has seen accelerated demand from Hong Kong’s ultra-wealthy families to seek «comfort and safety» amid a persistently escalating political conflict.
According to New York-based Edward Mermelstein, his consultancy firm received four inquiries in the past two weeks seeking to invest between $10 million – the minimum ticket size – to $100 million.
«Hong Kong residents were typically just investors and had no interest in becoming U.S. residents. But today, the conversations are definitely about relocating families and businesses,» he said in a «South China Morning Post» report.
Mermelstein’s underlined that some of his Hong Kong clients were first-generation mainland Chinese immigrants seeking stability but are now keen to distance themselves from China to protect their wealth and families. Ironically, Mermelstein’s 25-year career in U.S. immigration began with a focus on Soviet Union clients.
«There is a clear demand from the Hong Kong clients that they want to prevent the social unrest from disrupting their lifestyles, and they want to recreate comfort and safety for their families.»
More HNWI Outflow Expected
«Given there is no sign that things are improving, I expect there will be a continued rise of interest from Hong Kong’s high-net-worth individuals (HNWI) regarding relocating to the U.S.,» Mermelstein said.
«We have handled a considerable amount of business with clients from mainland China in the past five to 10 years. But I have never seen interest from Hong Kong picking up so quickly,» he said.
The Asia Banker Club, which deals in alternative investment services for bankers, claims to have received 35 inquiries about emigration from Hong Kong in recent weeks, triple the usual amount, and execs inquires to accelerate in the coming months.
