Vancouver’s Chinatown.
The implementation of the National Security Act in Hong Kong last year coupled with political problems triggered a wave of immigration by Hong Kong people, and data from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) showed that funds transferred from the Hong Kong banking system to the Canadian 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 about 1.9% deposit outflow from Hong Kong.
The Hong Kong government has been saying that there is no significant outflow of funds from Hong Kong. However, Equitable Bank, a Canadian bank, said that since the introduction of the Hong Kong National Security Act, the number of deposits from Hong Kong has surged, and it is believed that there are more small capital transfers not accounted for. The amount of deposits transferred from Hong Kong to Canada last year increased by 46% compared to 2016 and also increased by 10% compared to 2019.
The Canadian government received 8,121 visa applications from Hong Kong last year, a year-on-year increase of about 10 percent, indicating that more money may flow into Canada once the Epidemic-induced restrictions on leaving the country end, and a similar situation may occur in the United Kingdom and Australia. A Hong Kong immigration consulting firm revealed that it helped about 36 families immigrate to Canada in the past year, with each Family bringing an average of about C$1.5 million (about HK$9.26 million) to move in. Some real estate consultants said that some of the money flowing into Canada or into the real estate market, because many Hong Kong families are considering buying property in Toronto and Vancouver for their own use.
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