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Hong Kong Permanent Retirement Outflows Hit Seven-Year High

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Still, the outflows could have been higher since Hong Kong has blocked many of its citizens who have left from collecting their funds by withdrawing the recognition of BNO passports as valid official documents. The retirement fund has told account providers that these passports can’t be used to prove departure from Hong Kong, a pre-requisite for early access to funds. Trustees, which include major institutions like HSBC Holdings Plc, Manulife Financial Corp., AIA and Sun Life Financial Inc., now aren’t allowed to release the money to those who’ve relocated on the passports.