Hong Kongers Fleeing to UK Leave $3.8 Billion Trapped Behind
The city’s most recent security law is prompting thousands to leave, but their retirement savings are caught in a geopolitical battle.
BN(O) passports give people born before Hong Kong was handed back to China in 1997 and their families the right to move to the UK and a pathway to full British citizenship.
Photographer: Paul Yeung/BloombergAs China tightens its control over Hong Kong, a wave of residents are permanently relocating to the UK and leaving their retirement money trapped behind in the Asian financial hub.
Normally, anyone leaving Hong Kong on a long-term basis is entitled access to savings they have accrued in Hong Kong’s compulsory pension system, the Mandatory Provident Fund. But Hong Kongers who emigrate using a British National (Overseas) passport can’t use that to withdraw their money before the retirement age of 65, the Mandatory Provident Fund Schemes Authority said.