Hong Kong Residents Moving to The United StatesHong Kong Residents Moving to The United States

In the 1990s, wealthy Chinese began moving money through Hong Kong to the British Virgin Islands (BVI). Some did so for financial or tax reasons, but others were motivated by fear that the Chinese government would seize their assets. Hong Kongers worried when, in 1997, the former British colony was returned to Chinese control. Capital flight to offshore financial centers has been common among the Chinese elite, including those residing in Hong Kong. Wealthy Chinese recognize that the rule of law and protection of private property is often lacking in mainland China. Combined with strict capital controls, limiting its citizens to withdrawing no more than $50,000 a year, holding property overseas or even acquiring second passports were view...