For those who have an eye on the broader international stage, London and the South East continue to defy critics with the growth of house prices.
There has been speculation as to whether foreign investors would still wish to buy in England, particularly after the very public divorce with Europe and the ongoing pandemic. Whilst all the troubles around the world are beamed into our consciousness via 24-hour news outlets and the internet, we cannot help but notice the challenges for those who are living in Hong Kong due to recent political upheavals.
What is noteworthy here, is the UK government’s decision to allow those who qualify for the British National Overseas (BNO) status, a valid route to eventually settle and live here, for those who would like to leave Hong Kong to start a new life in the UK.
Those from Hong Kong tend to be highly attuned to modern living, a discerning consumer who is not only economically active, but also sophisticated and extremely knowledgeable about the western world.
Many will begin to look at the UK property market with great interest. Whilst London is a natural draw (owing to the city living that Hong Kongers are used to), it is increasingly the towns and villages on the outskirts with links to the city and communities that are becoming attractive as a target destination. There is a great reputation for excellent schools, healthy economic activity and plenty of character, fresh air and green spaces – all creating stir and excitement.
As people in Hong Kong start to plan in earnest for their future, those coming to England may purchase an investment property with a view to eventually move here. It is very easy to see why it would be popular.
As a Cantonese speaking solicitor, I encounter and help many clients who are in this situation. I have a good knowledge of the cultural differences, different styles of property ownership and the reasons behind why someone would make the difficult decision to leave their home. I am in a unique position to provide essential guidance to clients who have decided to proceed and put them at ease.
Apart from the normal stamp duty, there would usually be an additional property tax of 3% to pay along with the new non-residents tax of 2% (coming in April). Nevertheless, people do appreciate that there are plenty of opportunities for good value investments.
For those with an eye on the future, this could be a smart move.
For more information and to find out how we can help you, please contact us on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.