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Bankers leaving Hong Kong face grim job markets and higher taxes

Bloomberg
Bloomberg7/28/2020 03:10 PM GMT+08  • 5 min read
Bankers leaving Hong Kong face grim job markets and higher taxes
As China strengthens its hold on Hong Kong with a new security law, residents considering an escape are coming to grips with the sacrifices they’ll face.
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After several years weighing the pros and cons of leaving Hong Kong, Ms Lee is taking the plunge and moving to Canada. Though she has no job lined up, faces higher taxes and will have to endure harsh winters for the first time, she’s willing to risk it.

“Am I worried about my job prospects in Canada? Of course I’m worried,” said the compliance officer at a major global financial firm who asked that her first name not be used. “The economy isn’t great and firms are freezing headcount. I can say this is probably the worst time to migrate.”

As China strengthens its hold on Hong Kong with a new security law, residents considering an escape are coming to grips with the sacrifices they’ll face. With the global economy enmeshed in the worst recession in almost a century, jobs are hard to find and countries are tightening borders. Hard-earned skills, languages and contacts that helped them thrive in the Asian finance hub won’t all travel. And preferred destinations like Canada, Australia and the U.K. impose taxes that are three times higher.

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