The popularity of the U.K.'s investor visa scheme is growing among Hongkongers and mainland Chinese seeking an alternative residence and safe haven.
The U.K. is seeing a surge in applications among Hongkongers for its Tier 1 investor visas, which are granted to foreigners and their dependents with a £2 million ($2.45 million) investment in British companies.
“Hong Kong Chinese are snapping up golden visas at an unheard-of pace,» Georg Chmiel, executive chairman of Chinese property group Juawei said, the «South China Morning Post» reported.
Political unrest in Hong Kong and a weak pound are driving the rise in applications, according to immigration lawyers and property investment companies that spoke to the newspaper.
Applications for Tier 1 U.K. visas among Hongkongers doubled in the second quarter of 2019, accounting for 10 percent of the total, and could still rise further. However, mainland Chinese still form the largest group of applicants, at 45 percent.
Safe Haven
Known as a «golden visa,» it gives selected foreigners the right to stay in the U.K. for 40 months, with the option to extend for another 24 months. After a year, visa holders can apply for a U.K. passport, and for citizenship one year later.
«SCMP» previously reported that Portugal's investor immigrant program was «swamped» by inquiries from Hongkongers. Portugal is attractive for its Mediterranean climate, low cost of living, and access to the European Union's Schengen area. The visa program is also more affordable – individuals qualify if they purchase at least 350,000 euros ($386,000) worth of property.
On Wednesday, Hong Kong Chief Executive Carrie Lam said she would formally withdraw the extradition bill and set up an inquiry into the cause of the protests that have rocked the special administrative region for several months.
