HSBC Private Bank in the UK has launched a new service providing immigration services for high net worth clients seeking to gain permanent r...

HSBC Private Bank in the UK has launched a new service providing immigration services for high net worth clients seeking to gain permanent resident status in the UK. The bank will provide clients specialist lawyers and immigration experts to ensure compliance with UK immigration criteria. “We have been working with the UK immigration authorities on this initiative for some time and believe we have developed an excellent service for our clients,” Eric Major, director of HSBC’s immigration investor programmes, told WealthBriefing. The service provides the necessary banking, lending and investment services to make the £1 million ($1.7 million) UK investment that is required by the UK government. Mr Major said there has been increasing demand for the service and between 30 to 50 individuals are expected to use the service within the next year. “We are seeing increasing demand – obviously the UK’s preferential tax treatment for resident/non-domiciles helps in this respect.” A team of five experts have been employed and Mr Major is looking to add another specialist in this area before the end of the year. Demand for the service is coming from all over the world, said Mr Major, although China and Russia are the countries were demand appears to be strongest. “We expect the demand out of China to be enormous in the next few years, and HSBC is well placed to service this demand.” The service was originally initiated by HSBC Capital (Canada) in 1986 to attract high net worth investors to Canada, where it has been a huge success, according to Mr Major.