Why are expats leaving Hong Kong?

The expat departure wave concentrated in 2020 to 2023 and has eased since. The drivers were a combination of: prolonged and unusually strict COVID restrictions (Hong Kong reopened later than most Asian financial centres); the 2020 National Security Law and subsequent shifts in the political and legal environment; declining international school capacity as families left; the UK’s BNO visa programme, which moved roughly 150,000+ Hong Kong residents to the UK; and a relocation of regional headquarters by some multinationals to Singapore and Tokyo. The picture in 2026 is more settled: net outflows have slowed sharply, international school waitlists have re-emerged in some areas, and inbound talent schemes (TTPS, QMAS) are attracting new arrivals. Hong Kong remains an active international hub with a distinct cost profile, low-tax salary system, and tight housing market. For the full cost picture, see our Hong Kong cost of living page.