Before returning to China, when the islanders who wanted to go to Britain started looking to buy property, the citizens of Hong Kong, which was connected to the British Crown, benefited from the pound sterling’s devaluation to its lowest level against the US dollar. According to a report on the Nikkei Asia website today, Tuesday, they are in Britain and are making use of the falling value of the pound sterling to gain residency there before applying for citizenship.
According to the article, Hong Kong residents are calling real estate agents frequently throughout the day to ask to buy property for them in Britain, taking advantage of the British pound’s collapse to its lowest levels ever versus the dollar.
The London real estate market is driven by buyers, and sales have surged as a result of the special visa programme that allows millions of people to live permanently in Britain.
At $1. 0327 last week, the pound’s value against the dollar was at an all-time low.
Since the Covid-19 virus has isolated the city for more than two years, Hong Kong has experienced a major exodus of locals and foreigners. As a result, the city’s population has decreased from 7. 5 million in mid-2020 to 7. 29 million as of the end of June.
The British National Overseas Visa Program, which has given more than 151,000 Hong Kong residents a chance to live in Britain since its introduction at the beginning of last year, is advantageous to residents of Hong Kong.
About 2. 9 million people who resided in Hong Kong during British control, along with their families, may be eligible to enter the country on a national visa for up to five years with the goal of eventually becoming British citizens.
Hong Kong residents can travel easily now that China’s government has abolished the requirement for enforced quarantine, and many are interested in investing properties or sending their kids to British schools.
Dickie Wong, a specialist at Kingston Securities, was quoted in the article as saying: “The weak pound is an obvious opportunity. If you intend to immigrate, relocate to England with your kids, or send your kids to study abroad, it is quite helpful.
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According to Widia Listaloho, director of British real estate consultancy Benham & Reeves in Hong Kong, “the weak pound is bringing many new participants to the market.”
Hong Kong residents are being compelled by the falling value of the pound to purchase property in Britain in exchange for citizenship.
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