Visa-free immigration for British National Overseas passport holders in the semi-autonomous region of Hong Kong was granted by the UK government on 31st January 2021.
This opened up immigration opportunities for nearly three million Hong Kong citizens to relocate to the United Kingdom.
Visas for up to five years can be granted for work and study. With eligible British National Overseas passport holders able to apply for settled residential status thereafter.
This has opened up new business opportunities for Hong Kong businesses to move and invest in the UK market.
For British National Overseas passport holders looking to invest and move to the UK, there are a few things to consider.
Transfer your money
Ensure your money isn’t tied up in Hong Kong when you arrive in the UK by setting up a money transfer as soon as possible.
The HKD-GBP exchange rate can fluctuate, so it’s important to lock in rates that benefit you. Once you’ve secured a good rate, confirm your transfer and enjoy your money in the UK.
Make a property plan
Decide what to do with your property in Hong Kong while you are living in the UK.
If you only intend on staying in Britain for a relatively short period of time, renting your Hong Kong home might be practical.
If you are planning to settle in the UK, selling your property could give you an added financial boost to buy a home in the UK.
Brush up on tax law
Running your business from the UK instead of Hong Kong will mean you have to abide by a separate set of tax laws.
Ensure you are up to date on UK tax law and get the right legal support to help you and your business make the transition.
Invest in insurance coverage
There are many aspects of an international move that could need insurance coverage.
Insure all your belongings in transit to cover against breakages etc. You might also consider private health and dental insurance.
When you arrive, you might need comprehensive property and car insurance too.
Move your business operations
If you run your own business in Hong Kong and plan on moving operations to the UK when you immigrate.
To ensure a seamless transition, you will need to take the necessary steps to transfer your business overseas.
With the right legal and business support, the transition can be made a lot easier than trying to manage the move by yourself.
Whether you are moving the UK for business, study or personal reasons, take the steps above and enjoy an easier move and enjoyable start to your new life in the UK.