Hong Kong moved $43.6 billion Canadian dollars through electronic transfers last year

According to Canadian financial authorities, Hong Kong talent money seems to be less optimistic about the future. China’s oppression of Hong Kong’s freedom triggered a wave of migration of Hong Kong people, and data from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) showed that funds transferred from Hong Kong’s banking system to Canada’s banking system via electronic funds transfer (EFT) reached C$43.6 billion (about HK$269 billion) last year, a record high since 2012, equivalent to nearly 2 percent of Hong Kong’s deposits being removed.

Canadian authorities since 2012 in response to anti-money laundering policies, requiring records of all remittances worth more than 10,000 Canadian dollars (about 62,000 Hong Kong dollars). the amount of deposits transferred from Hong Kong to Canada in 2020, an increase of 10% compared to 2019, compared to 2016, an increase of 46%, 43.6 billion Canadian dollars is also equivalent to 1.9% of the total deposits in the Hong Kong banking system.

The Hong Kong government has previously said there has been no significant capital outflow, but Equitable Bank, based in Toronto, Canada, said the deposit figures from Hong Kong have surged since China pushed through a Hong Kong version of the National Security Law in June last year. As the authorities only counted more than 10,000 Canadian dollars in capital transfers, it is estimated that there are more small capital transfers that are not counted, and some transactions through virtual currencies are not counted.

Equitable Bank also pointed out that the bank’s average total balance of accounts registered with Hong Kong telephone numbers, from June last year to the current month, there has been a 30% increase, while the increase in non-Hong Kong telephone accounts is only about 4%, indicating that Hong Kong accounts have a large inflow of funds.

Canada in the last century before the transfer of sovereignty over Hong Kong, has been a popular immigration destination for Hong Kong people, many immigrants to Canada, Hong Kong people aspire to the local democracy and freedom, Education is more perfect, some people will also sell their property before immigration.

Anlex Hao Medaka immigration CEO Luo Li Guang said he believes that Hong Kong immigrants can drive the Canadian economy, and last year so far to assist 36 immigrant Canadian families, each Family with an average of about 1.5 million Canadian dollars (about 9.26 million Hong Kong dollars) to move to. Another consultant’s lawyer Harvey (Jean-Francois Harvey) said he has dealt with the more affluent immigrant cases in Hong Kong since the middle of last year increased by five times, the client will at least with 1 million Canadian dollars (about 6.17 million Hong Kong dollars) immigrants, the most up to 10 million Canadian dollars (about 61.71 million Hong Kong dollars) or more.

The Canadian government received 8,121 visa applications from Hong Kong last year, a year-on-year increase of about 10 percent. Reuters revealed that it had interviewed a number of professionals who immigrated to Canada, describing the resources transferred to Canada will be a lot. As the Epidemic hinders international trade, it is expected that when the epidemic is over, the amount will be greater than now, the United Kingdom and Australia may also have a similar situation. Bank of America estimated in January that Hong Kong will have HK$280 billion of capital flowing out of the country this year due to immigration, and it is estimated that a lot of the money will be put into the real estate market.

Reuters described Canada as a “second Home” for many Hong Kong people who immigrated in 1997, although many have since returned, Canadian citizens in Hong Kong still amount to 300,000, the largest overseas group in Canada. The British government also estimates that 320,000 Hong Kong people may go there in the next five years on special BNO visas.

Canada’s Department of Refugees and Citizenship Dicino (Marco Mendicino) announced last year that Canada will relax the work visa application for Hong Kong youths to encourage Hong Kong university students and professionals who have graduated in recent years to move to Canada.