China Is Blocking Fleeing Hong Kongers From Getting Their Retirement Money

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As tens of thousands flee Hong Kong for a new life in the U.K., they’re confronting the risk that they will be forced to leave behind their retirement savings as China intensifies its crackdown on the city’s freedoms.

Scores are being denied access to money in the Mandatory Provident Fund because of the cascading impact of Beijing’s decision in January to withdraw recognition of British National Overseas passports as valid official documents.

The U.K. government anticipates more than 300,000 residents will use the passport to leave Hong Kong, putting billions of dollars at risk of being trapped. About 30,000 visa applications under the so-called BN(O) passports were made in the first quarter of 2021 alone.

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