Hong Kongers fleeing to Britain leave $5.1b trapped behind
Emigration has been top of mind for many residents after Hong Kong’s government in March passed Article 23, a domestic security law.
For those moving to the UK, not being able to access their pension money has palpable financial impacts. “With Article 23, there will be more people trying to leave Hong Kong, more people trying to get early withdrawals to build their new lives, and more denials,” said Ms Megan Khoo, research and policy adviser at British-based activist group Hong Kong Watch, which estimates that people who emigrated to the UK using the BN passport have been denied access to more than US$3.8 billion in retirement savings since 2021.
Democracy advocates have long feared that the law would restrict basic freedoms, and protests against it flared across the city from 2019 until Beijing imposed a national security law in 2020 that wiped out many activist groups. For some, that time marked a turning point and spurred them to hatch an escape plan.
The 33-year-old, who works in technology, has pension money in accounts with both HSBC and Manulife, but both have denied her access to the cash, which totals about £2,500. Having those funds will ease her stress over paying rent and maybe even enable her to get a dog, she said.
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