TNAG-2644-FCO40-3837-Emigration-from-Hong-Kong-overseas-rights-to-abode-and-passp-1992 — Page 7

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26 November 1992

NP Carter Esq SED

FCO

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THE CONVENT,

GIBRALTAR.

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Dear Ning

GIBRALTAR: HONG KONG IMMIGRANTS

Gibraltar after an

(See correspondence

1. You will recall that we corresponded a year ago about Gibraltar's hopes to attract a few wealthy individuals to invest in Gibraltar by holding out the prospect at least of a nationality status linked to appropriate period

period of residence. resting with Walmsley's Home Office letter to you of ? April 1992.) The idea was that the Gibraltar economy would be greatly assisted by such a development. But the Home office were not able to agree the flexibility Gibraltar desired.

2.

The attached letter from the FDS describing a Hong Kong based investment proposal of £4-5 million shows that the Gibraltar economy is being adversely affected by the policy on this issue being pursued by the Home Office. You are aware of the increasingly bad unemployment and economic situation in Gibraltar. There is clearly scope for this situation to be alleviated to some extent by attracting investment from high net worth individuals or in this case from consortia of business people

from Hong Kong.

Gibraltar's economy is small; it would not need very many of such people to invest to make a significant contribution to Gibaltar's balance sheet. But such investment is being lost and therefore conceivably HMG's financial liability for Gibraltar is being increased as the economy continues to slide. And let's face it, if this group of businessmen and others who make such enquiries about Gibraltar are given no encouragement, they will simply go somewhere else benefitting neither Hong Kong nor Gibraltar.

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