On Wednesday, the British government outlined the details of a programme offering visas to Hong Kong-resident holders of British National (Overseas) citizenship. 

Roughly 3 million Hong Kongers hold this status, before the area was handed over to China on July 1, 1997.

The UK Home Office also said that applicants will be entitled to bring dependants with them who did not hold BN(O) citizenship. 

Applicants will be eligible to applications for either one five-year visa or two 30-month visas, before qualifying to look for indefinite leave to remain in the UK after five years. Applicants will be eligible for full time UK citizenship after six years. 

For several Hong Kong property owners, the territory’s sky-high prices could help facilitate the move to the UK. 

According to CBRE’s Global Living 2020 report, the average price of property in Hong Kong hiked to $1.25 million this year, making it the world’s most expensive market and twice as pricey as London, where the average price of property currently stands at $624,225. 

Vincente Lee, a property owner from Hong Kong, has long awaited the UK government to disclose details regarding a plan to grant almost 3 million Hong Kongers such as himself, the ability to obtain citizenship. 

The 47-year-old Hong Kong native is now grateful for his city’s sky-high prices. Mr Lee has calculated that selling his 800 sq ft property in a Hong Kong suburb, 45 minutes from the financial hub, would grant him enough money to purchase up to three semi-detached houses in Kent, England – a target destination for Mr Lee, the Financial Times reports. 

“With the money I’ll have left from selling my property in Hong Kong and buying a semi-detached house in Kent, I will still have a few million Hong Kong dollars, so could buy another apartment as an investment,” said Mr Lee.

Purchasing British property is already commonplace among Hong Kong investors, with the UK property market ranking as the number one overseas investment market, according to Mei Wong, head of international sales at Knight Frank. 

Britain has become a hotspot for Hong Kong investors due to the historical link between the two territories, as well as the UK’s top schools and universities and a weak pound, Wong said.

She added that interest in the UK property market is now higher than it was six months ago, noting a surge of roughly 15-20% in inquiries from potential buyers.