The instability of businesses in Hong Kong due to the recent stern Covid-19 restrictions has sparked the idea in expatriates’ minds to immigrate to another country. Our local immigration consultancies have received more enquiries concerning relocation from Hong Kong to Singapore.
OCSC Global, an Immigration Agency in Singapore also observed an increase in the number of enquiries regarding relocation from Hong Kong to Singapore recently. Company Director, Philip Ng Lin Ai, stated that the two main factors that led to this exodus of expatriates are the worsening Covid-19 situation and the political uncertainties in Hong Kong. The majority of these expatriates are Europeans, Indians, and Americans.
According to data acquired from Hong Kong Immigration Department, after the Extradition Law Amendment Bill crisis back in 2019, Hong Kong has recorded a net population outflow of 252,100 from the end of 2019 to the end of 2021.
Another report stated that the number of U.S. companies setting up regional headquarters in Hong Kong has fallen to an all-time low in the past 18 years, from 282 in June 2020 to 254 in June 2021. Regional headquarters in Japan have also seen a decrease from 226 to 210 within the same timeframe.
Article and image credit to Zaobao Singapore.