China's Outflow Crackdown Spurs Hong Kong Account Fears, Driving Demand for 2nd Passports
Updated
Updated · Bloomberg · Jun 23
China's Outflow Crackdown Spurs Hong Kong Account Fears, Driving Demand for 2nd Passports
3 articles · Updated · Bloomberg · Jun 23
Summary
Urgent calls to Hong Kong tax adviser Patrick Yip surged after Beijing rolled out sweeping curbs last month, with mainland clients asking whether their bank accounts in the city could be affected.
Those clients fear the measures are only an opening move and that tighter policy or tougher enforcement on cross-border capital flows could follow.
Demand has already shifted from account questions to contingency planning, with many clients asking about a second tax residence and even second passports.
The anxiety underscores how China's push to stem offshore capital flight is rippling into Hong Kong, a key destination for money leaving the mainland.