Hongkongers Eye New Horizons: Discover the Top Destinations

The City Shrinks: A Shifting Future for Hongkongers

Observing the shifting landscape in Hong Kong, and together with our Investment Visa advisors, we have prepared this article in order to explore the underlying reasons driving Hongkongers to seek new horizons away from their hometown, and to highlight why destinations like the Caribbean islands, and European countries such as Portugal, and Greece are emerging as the top alternatives for those looking to start anew.

Hong Kong's shrinking population is not something new. This trend has gained traction in recent years, especially after the 2020 pandemic. According to the information released by the Census and Statistics Department of Hong Kong, on August 15, 2024, the city population at mid-2024 was estimated to be around 7,531,800. This marks a slight increase of 0.1% from the end of 2023 but a decrease of 0.1% compared to mid-2023.

The report clearly states that between mid-2023 and mid-2024, the city’s population naturally decreased by 18,100 people, with 34,400 births and 52,400 deaths, showing negative population development. However, this was partially offset by a net inflow of 13,800 new residents, mainly due to 44,000 One-way Permit holders moving to Hong Kong. Though the good news on influx is a reality, the net outflow of 30,200 other residents leaving the region brings the region growth to a negative, marking a –0.1 total growth in the last year.

The Hong Kong government takes credit for the population increase, by creating initiatives aimed at attracting young talents and importing labor, which led to a significant inflow of people from the mainland and other parts of the world in the first half of 2024. However, the population growth balance is still currently in the negative, despite the government efforts to bring new residents. Several factors, still to be presented in this article, have resulted in a slight population decline from 2023 to 2024, a trend that has been noticed for some years now.

Why Are Hongkongers Leaving their Hometown?

Political Uncertainty and Erosion of Freedoms

In case you did not know, Hong Kong is not totally under Chinese political rule. In fact, the Hong Kong district holds the status of Special Administrative Region (SAR), undergoing the "One Country, Two Systems" political framework established in 1997. Consequently, Hong Kong has a high degree of autonomy from mainland China, allowing it to maintain its own legal, economic, and administrative systems until 2047. This arrangement was designed to preserve the city's capitalist economy and way of life while reuniting it with communist China.

However, in recent years, many Hongkongers feel that this autonomy has been steadily decayed by the introduction of the National Security Law in 2020, in the middle of the pandemic. For instance, the new law has raised concerns about the erosion of civil liberties, freedom of speech, and judicial independence. This perceived shift away from the promised autonomy has intensified political uncertainty and prompted a significant number of residents to consider relocating to countries that offer better political and economic stability and personal freedom.

For many specialists, the implementation of the National Security Law marked a turning point for many Hongkongers and raised concerns about the erosion of the "one country, two systems" principle.

Urban Pressures and High Cost of Living

Hong Kong consistently ranks among the most expensive cities globally, with sky-high property prices and a steep cost of living. In 2023, the average property price per square foot in urban areas exceeded HKD 20,000 (approximately USD $2,500), making it one of the least affordable housing markets in the world. Feeling pressured, young professionals and families are finding it increasingly difficult to afford housing or even think about having children, which fuels frustration and a growing desire to seek a more balanced lifestyle elsewhere.

The city's dense population, with approximately 6,800 people per square kilometer (17,612 people per square mile), also contributes to urban pressures such as overcrowding and high pollution levels – as for a comparison, the density of a city like Berlin, in Germany, is 4,214 people per square kilometer, as the 2022 data reveals. Hong Kong’s fast-paced, and often stressful lifestyle is another important reason for the city population decreasing, as it affects the quality of life for many residents. Limited access to nature and open spaces increases these issues, as urban areas are densely built with few green spaces. While about 40% of Hong Kong's land is designated as national parks and nature reserves, these areas are not always easily accessible to all residents. For high-net-worth individuals, the combination of these factors has made living in Hong Kong less attractive, prompting some to consider relocating to cities with a better quality of life and lower living costs.

Traditional Destinations for Hongkongers

Historically, countries like the United Kingdom, Canada, and Australia have been the go-to destinations for Hongkongers seeking to emigrate, but recent policies, such as the UK's Brexit, the end of the non-dom regime, or the end of Australia’s Golden Visa program, have made these countries less accessible options.

These traditional destinations come with their own set of challenges, including high costs of living, competitive job markets, and lengthy immigration processes. As a result, many Hongkongers are exploring alternative destinations that offer a smoother transition and better investment opportunities.

The Rise of CBI and RBI Programs: New Doors Opening

Countries offering Citizenship by Investment (CBI) and Residency by Investment (RBI) initiatives have seen increased interest from Hongkongers, as these programs provide a legal and often quicker pathway to residency or citizenship in exchange for a significant investment.

These programs are particularly attractive because they often require no physical presence in the host country and normally grant the investor resident or citizen status, giving all the legal protection to its applicant. By creating less bureaucracy and offering additional benefits such as visa-free travel, tax advantages, and opportunities for business expansion, the Golden Visa program raises as one of the best opportunities for those seeking a new life.

Top Destinations Offering CBI and RBI Programs

Europe: Ancient Beauty Meets Modern Opportunity

Portugal

Portugal's Golden Visa program for years has been the most popular RBI program in Europe, with the fast and easiest way to gain an EU citizenship, attracting investors with its favorable terms and the country’s high quality of life.

Benefits:

• Flexible Investment Options: By Investing in one or more selected funds, you can obtain the Portuguese residency through the Golden Visa program. These investments are overseen by a financial services and management company that is responsible for effectively directing the capital, and the entire process is fully regulated by the Bank of Portugal. The primary sectors for these investments include private equity or venture capital in the Portuguese manufacturing industry, mid-sized and premium hospitality assets, as well as assets in the sports and media sectors. 

• Pathway to Citizenship: Eligibility for citizenship after 5 years without the need to reside permanently in Portugal. 

• Lifestyle Advantages: Mild climate, rich culture, low pollution, and access to beautiful coastlines. 

• Strategic Location: Access to the European markets and travel within the Schengen Area.

Greece 

Greece's Golden Visa program provides residency in exchange for investments starting at €250,000 in real estate, making it one of the most affordable options in Europe.

Benefits:

• Low Investment Threshold: Attractive for those looking for European residency without a hefty price tag. 

• Quality of Life: Mediterranean climate, healthy cuisine, and abundant natural beauty. 

• Cultural Richness: A deep historical heritage and a vibrant contemporary culture.

Malta 

Malta offers both a pathway to Residency and Citizenship, although its Citizenship for Exceptional Services Regulations requires a more substantial investment of €750,000 in real estate.

Benefits:

• English-Speaking Environment: English is an official language, easing the transition. 

• Robust Economy: Strong sectors in finance, technology, and maritime industries. 

• EU Citizenship: Access to live and work in any EU country.

Türkiye 

Türkiye's CBI program has gained traction due to its relatively low investment requirement of $400,000 in real estate.

Benefits:

• Strategic Location: Straddling Europe and Asia, offering unique business opportunities. 

• Cultural Diversity: A rich blend of Eastern and Western traditions. 

• Fast Processing: Citizenship can be obtained within 6 months.

Caribbean Islands: A Tropical Haven with Global Access 

Dominica

Known as the "Nature Isle of the Caribbean," Dominica offers one of the most affordable and straightforward CBI programs. For an investment starting at $200,000, applicants can obtain citizenship within a few months.

Benefits:

• Visa-Free Travel: Access to over 130 countries, including the UK and the Schengen Area. 

• Tax Advantages: No wealth, gift, inheritance, foreign income, or capital gains tax. 

• Quality of Life: Pristine natural environments, low pollution, and a relaxed lifestyle

St. Kitts and Nevis 

St. Kitts and Nevis pioneered the CBI concept in 1984 and remains a popular choice for investors.

Benefits:

• Fast Processing: Accelerated application process available. 

• Investment Options: Real estate investments starting from $400,000. 

• Global Mobility: Visa-free access to over 150 countries.

Why CBI and RBI Destinations Are the Best Options 

It is not so difficult to understand why CBI and RBI programs are increasingly attracting Hongkongers worldwide, considering what the investor will receive back is the freedom they overall want. These programs always have transparent legal systems and the countries they represent offers favorable political environment, with security for those concerned about uncertainty at home. 

Quality of life improvements also drive relocation considerations when an investor is seeking a CBI or RBI program. Good living conditions in European countries, or greater access to nature, beaches, mountains, and rural landscapes in the Caribbean Islands, promote a healthier lifestyle for investors seeking those programs. When thinking about having the right to live in a country that offers reduced pollution levels, a common well-being a stark contrast to Hong Kong's densely populated urban environment, it is no difficult decision.

Still, for those yet not convinced about the benefits of RBI and CBI programs, the economic incentives are the turning point, as it is very appealing for potential migrants. Countries in the Caribbean often offer good tax regimes and business-friendly environments for investors and entrepreneurs looking for expansion and financial growth opportunities. By gaining residency or citizenship, Hongkongers will gain access to new markets, an attractive option for those looking to build wealth.

Expert Guidance Makes the Difference: Ask Us How

If after reading this article you are considering making the move, let us tell you right now that by partnering with experienced professionals, your process will be considerably easier and straightforward. Investment Visa’s team has a proven track record of assisting Southeast Asian residents, including Hongkongers, in finding new homes through CBI and RBI programs. With a 100% success rate in Golden Visa and CBI applications, our professionals are definitely the best choice for your relocation plan.

From the tropical beaches of the Caribbean islands to the historic charm of European nations like Portugal and Greece, we are offering more than just a new place to live, we are providing you with a gateway to enhance your quality of life, give your stability, and generate opportunities for personal and professional growth. 

Investment Visa understands that every client's situation is unique. Our experts provide personalized solutions tailored to your specific needs and goals, guiding you through each step, from selecting the most suitable program and handling legal documentation to facilitating a smooth transition into your new country.

By choosing Investment Visa as your partner, you are not just getting a service provider; you are gaining a committed ally dedicated to making your relocation journey as seamless and rewarding as possible.