Hong Kong is nearing 'peak exodus,' as residents look for an out amid pandemic restrictions and China's crackdown. Here are 5 places benefiting from Hong Kong's loss.

Hong Kong is now in its fifth wave of the COVID-19 pandemic. The city-state's 7.5 million residents are facing weeks-long quarantines and mass testing, with some children being quarantined away from their families if they test positive.

Even before the pandemic, many Hong Kong residents were leaving due to China's increasing oversight on the territory. The two combined factors have created an exodus out of the city-state: Hong Kong saw a net outflow of 65,295 and 66,334 residents in February and March respectively, per an analysis of official immigration data by the Hong Kong Free Press. This was in contrast to a net inflow over the same period in 2021, the media outlet added.

"We believe that March/April will probably see 'peak exodus,' with expats moved either back to their own countries or to Singapore in a collective loss of patience at anti-pandemic measures," real-estate consultancy Savills wrote in a report last week, citing "exceptionally strict" pandemic measures in Hong Kong as a push factor.

In late March, Hong Kong chief executive Carrie Lam called the city's brain drain "unarguable" — although she said it may not be a sign of emigration since the those departing may return in the future.

In recent years, countries including Australia and Canada have implemented aggressive immigration policies to attract talent in sectors like fintech and artificial intelligence. These have helped lure talent out of Hong Kong amid the city's changing political landscape, immigration specialist John Hu told Insider.

Here's where Hong Kong residents are heading.

Australia has long been a popular choice for Hong Kongers seeking to migrate, attracting one-third of those who left the city in 2018.

After Beijing passed the national security law in June 2020, Australia implemented initiatives to help fast-track permanent residency for Hong Kongers, Hu told Insider.

Australia granted 1,849 permanent residency visas to Hong Kong passport holders from July to November 2020 — a 26% increase over the previous five months from February to June, according to Australia's SBS News, which obtained the data under the Freedom of Information Act.

Australia is also aggressively courting talents in selected sectors including fintech, data science, and robotics through its Global Talent Visa Program.

To be eligible for the visa, candidates must be "able to attract a salary that meets the high income threshold" of A$158,500 ($118,000) a year, according to the Australian Department of Home Affairs.

Hu said the Global Talent Visa is particularly attractive to specialist talents because those eligible don't even need to have a job to apply for it.

"Most of my clients get permanent residency within six to nine months, so it's a fast-track PR program that attracts very high talents," said Hu, who is the founder of John Hu Migration Consulting.

Hong Kong migration to Canada has soared to levels not seen since 1998, the South China Morning Post reported, citing data from Immigration, Refugees and Citizenship Canada.

In 2021, more than 22,500 Hongkongers received Canadian permanent residency, work permits, or study permits — a 256% surge from 2019, per the SCMP.

Canada is offering open work permits to Hong Kongers who have graduated from post-secondary education within five years of their application.

"You don't need even need a local employment or employer sponsor," Hu told Insider. "You get what we call an open work permit, and then you can fly to Canada and find your work."

The Canadian government launched the program in 2021 in the wake of Hong Kong's newly implemented national security law, saying it was "committed to taking action and standing up for the people of Hong Kong."

Rival financial hub Singapore has become a top destination for expats who want to get away from Hong Kong's strict restrictions, but stay in the same region and time zone. Banks like SocGen, Citigroup, and JPMorgan Chase have moved bankers out of their Hong Kong offices to Singapore, Bloomberg reported in March.

"Some Hong Kong expatriates are moving to Singapore because they don't like the Covid restrictions," said Nicholas Mak, head of research and consultancy at ERA Realty Network.

But Mak also said that while Singapore is an attractive option for people leaving Hong Kong, it's not as popular a destination as Australia, Canada, UK, or Taiwan.

Hu, the immigration specialist, also said Singapore isn't at the top of the destination list for Hong Kongers because it requires foreigners to have an employment visa for long-term stays.

In 2021, in response to China's implementation of the national security law in Hong Kong, the UK launched a program that grants Hong Kongers holding a special British passport a pathway to citizenship.

Applicants need to hold the British National (Overseas) status (BNO) that was offered to Hong Kongers before the city's 1997 handover to China. As of October 2020, there were about 2.9 million BNO status-holders — and another 2.3 million dependents — eligible to move to the UK, according to the UK government.

Under the visa program, BNO status-holders can apply for the BNO visa with their immediate family members. They can apply to stay in the UK permanently after five years and can then apply for citizenship after one more year.

In its first year, 103,900 people applied for a British National (Overseas) visa, according to statistics from the UK government. This was lower than the 123,000 to 153,700 arrivals it had expected for the first year of the program.

Taiwan is not a top destination for finance and corporate professionals from Hong Kong, but the island is experiencing an influx of residents from the financial hub.

Some 11,173 Hong Kongers received permits last year to live in Taiwan — 3% higher than a year earlier and the highest in 31 years, according to data from Taiwan's National Immigration Agency.

It's a niche market, said Hu, as many who head to the independently governed island are those who want to continue their work in journalism, politics, or culture in a Chinese-language environment.

"If you prefer the Chinese community, the similarity in Chinese culture, then probably you'll select Taiwan, but it'll be more appealing to certain sectors of the community," Hu told Insider.