HONG KONG SAR –\u00a0Media OutReach<\/a>\u00a0– 10 September
\u00a0<\/p>\n \u00a0<\/p>\n A Freedom of Information request issued to
BN(O) status is a type of British
These statistics are consistent with the
The top three countries the clients plan to
The surge in the number of people renewing or
Mark Christal, Hong Kong CEO, Quilter
“Over the past two years, nearly half a
“For anyone thinking of leaving Hong
“There are planning opportunities to potentially
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HONG KONG SAR –\u00a0Media OutReach\u00a0– 10 September
2021 –\u00a0New data gathered by Quilter International shows that close to half
a million British National (Overseas) (BN(O)) passports were issued to Hong
Kong residents in 2019 and 2020. \u00a0 Quilter International’s adviser survey
indicated that UK is one of the top three countries the clients plan to …<\/p>\n","protected":false},"author":1,"featured_media":17418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17417"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=17417"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media\/17418"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=17417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=17417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=17417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n2021 –\u00a0New data gathered by Quilter International shows that close to half
\na million British National (Overseas) (BN(O)) passports were issued to Hong
\nKong residents in 2019 and 2020.<\/p>\n![](\"https:\/\/images.media-outreach.com\/Thumb\/500x0\/175385\/Quilter-UK-stock-image.jpg#image-175385\")
<\/p>\nQuilter International’s adviser survey
\nindicated that UK is one of the top three countries the clients plan to migrate
\nto.<\/h5>\n
\nHM Passport Office found that a total of 463,116 (BN(O)) passports were approved
\nfor issue compared to 68,914 in total during the three preceding years. The
\nnumber of passports peaked in autumn and winter 2020 with an average of 50,000
\nBN(O) passports issued each month.<\/p>\n
\nnationality created in 1985 that people in Hong Kong could register for before
\nthe 1997 handover to China to retain a link with the UK, but the status does
\nnot include right to live or work in the UK. On 31 January 2021, the UK government
\nhowever opened a new route for BN(O) passport holders and family members to apply
\nfor a BN(O) visa which allows the holder to live, work and study in the UK and
\nultimately provides a route to gaining full British citizenship. This has seen 64,900
\nBN(O) visas applied for during the first two quarters of this year according to
\nthe National Statistics from UK Home Office. <\/p>\n
\nresults of a recent survey Quilter International conducted which found that 75%
\nof Hong Kong financial advisers interviewed say they have received more queries
\nfrom clients related to offshore investing and relocating in the last 12
\nmonths. <\/p>\n
\nmigrate to are the UK (91.7%), Canada (50%) and Australia (41.7%). <\/p>\n
\napplying for BN(O) passports and more recently applying for BN(O) visas has resulted
\nin an increase in people seeking financial planning advice specifically related
\nto an imminent move to the UK. However, the UK uses a different tax year and
\nthe statutory residence test which can both cause issues because many are
\nunaware that financial planning should start at least one year before arriving in
\nthe UK. <\/p>\n
\nInternational says:<\/b><\/p>\n
\nmillion Hongkongers have decided to renew or apply for a BN(O) passport or more
\nrecently apply for a BN(O) visa with the hope of moving to the UK. <\/i><\/p>\n
\nKong, it is important to plan ahead especially as the UK is a vastly complex and
\nmuch higher tax jurisdiction. Careful financial planning is a must to help mitigate
\nsignificant tax liabilities that also includes wealth held across the world.
\nFor example, the UK’s highest income tax band rate is 45%, capital gains on
\nresidential property are taxed at 28% and for other chargeable assets is 20%.
\nThe UK also uses a different tax year and statutory residence test which can
\nboth cause issues unless financial planning should start at least one year before
\narriving in the UK.<\/i><\/p>\n
\nmitigate tax exposure such as holding wealth within a recognised insurance policy,
\nbut a comprehensive wealth planning process including implementation of agreed
\nplans take time and therefore it is worth starting discussions with a financial
\nadviser sooner rather than later.”<\/i><\/p>\n
\n<\/i>https:\/\/bit.ly\/3yRobFd<\/a> \u00a0for more useful information about UK tax.\u00a0<\/i> <\/p>\n<\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"