Banks including HSBC, Standard Chartered and Citigroup have seen a spike in enquiries from Hong Kong residents about opening offshore accounts ...
Logos of HSBC and Standard Chartered banks are seen at their headquarters in Hong Kong, Sep 5, 2017. HONG KONG: Banks including HSBC, Standard Chartered and Citigroup have seen a spike in enquiries from Hong Kong residents about opening offshore accounts amid concerns stemming from China's decision to impose aHSBC and Standard Chartered have each seen a 25 to 30 per cent jump in enquiries, two of the people said.
But the rise in enquiries has been strong enough to slow banks' response times, the sources said, adding places including Singapore, Britain, Sydney and Taiwan, are popular destinations.Chan was told by HSBC she would have to wait a month just to get information about opening an offshore account. "If things get messy here I might not even be able to transfer my money out in the worst-case scenario, so it's good to diversify risks."While authorities insist the legislation will target only a small number of"troublemakers", critics say it could erode the high degree of autonomy of the former British colony., after the proposed new law prompted Britain to offer a potential refuge to the almost 3 million eligible for it.
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