1. Overview: The Scale of Unclaimed Assets in Hong Kong

Hong Kong has a significant and growing pool of unclaimed assets. These are assets that belong to individuals or their estates but have not been collected, either because the owner has died and no one has come forward, the owner has moved away and forgotten about the accounts, or the heirs simply do not know the assets exist.

Unclaimed assets can take many forms:

• Dormant bank accounts — accounts with no customer-initiated transactions for an extended period
• Unclaimed MPF balances — mandatory provident fund benefits that members have not withdrawn
• Uncollected tax refunds — overpaid tax that the Inland Revenue Department has been unable to return
• Unclaimed insurance payouts — matured policies or death benefits where the beneficiary has not come forward
• Forgotten securities — shares, bonds, and other investments sitting unclaimed in brokerage accounts or the Central Clearing and Settlement System (CCASS)
• Unclaimed estates — entire estates where no administrator has been appointed and no beneficiary has come forward
• Bona vacantia — estates of persons who died without any known heirs, which ultimately pass to the Hong Kong Government

2. What Happens to Unclaimed Estates

When someone dies in Hong Kong and no family member or other entitled person comes forward to administer the estate, a series of steps unfolds:

3. Bona Vacantia: Estates with No Heirs

Bona vacantia (Latin for "ownerless goods") is the legal principle under which property without an identifiable owner passes to the Crown — in Hong Kong, to the Government of the Hong Kong Special Administrative Region.

When Does Bona Vacantia Apply?

Bona vacantia applies in three main scenarios:

• Intestacy with no surviving relatives: If a person dies without a will and has no surviving spouse, children, parents, siblings, grandparents, uncles, or aunts (or their descendants), the estate passes to the Government as bona vacantia under the Intestates' Estates Ordinance (Cap. 73).
• Dissolved companies: When a company is dissolved or struck off the Companies Registry, any assets remaining in the company become bona vacantia.
• Disclaimed property: If all beneficiaries disclaim their interest in an estate, the disclaimed property becomes bona vacantia.

The Process

The Official Administrator collects the assets, pays any debts and expenses, and if no claimant comes forward within the prescribed period, transfers the balance to the General Revenue. The prescribed period is typically 5 years from the date the Official Administrator first publishes an advertisement inviting claims.

Can You Claim Bona Vacantia Property?

Yes, but there are important limitations:

• If you can prove you are a relative of the deceased and entitled to inherit under the intestacy rules, you can make a claim.
• Claims should be made as early as possible — ideally before the 5-year period expires.
• Even after the money has been transferred to General Revenue, it may be possible to apply to the Government for an ex gratia payment, though this is entirely at the Government's discretion and is not guaranteed.

4. Dormant Bank Accounts

A dormant account is a bank account that has had no customer-initiated transactions for an extended period. Different banks define "dormant" differently, but the typical threshold is 12 to 24 months of inactivity.

What Happens When an Account Goes Dormant

• The bank classifies the account as "inactive" or "dormant."
• The bank may attempt to contact the account holder (or their registered address).
• Some banks charge dormant account fees, which gradually erode the balance. These fees can range from HK$50 to HK$200 per month.
• The account holder's debit cards and online banking may be deactivated.
• The funds remain in the account — they are NOT automatically transferred to the government (unlike some jurisdictions).

Key Point: Hong Kong Has No Escheatment Law

Unlike the United States and some other jurisdictions, Hong Kong does not have an escheatment law that automatically transfers dormant bank account funds to the government after a set period. The money remains with the bank indefinitely. However, this means:

• Banks have no obligation to actively seek out account holders or their heirs.
• If dormant account fees are charged, small balances can eventually be reduced to zero.
• There is no central government database of dormant accounts.

How to Reactivate a Dormant Account

If you discover a dormant account belonging to a deceased relative:

5. HKMA Policy on Dormant Accounts

The Hong Kong Monetary Authority (HKMA) issued a circular on 18 November 2021 setting out its expectations for how banks should handle dormant accounts and unclaimed deposits.

Key Requirements

Under the HKMA circular, banks are expected to:

• Educate customers to avoid having inactive and dormant accounts
• Facilitate recovery of lost or forgotten accounts with appropriate due diligence
• Monitor dormant accounts to ensure there are no unauthorised transactions
• Update customers periodically about their dormant account status
• Authenticate identity upon reactivation of dormant accounts
• Take a risk-based and proportionate approach, considering factors such as the age of the account holder, the amount left unclaimed, and the length of dormancy

What This Means for Families

The HKMA circular was a positive step, but it is guidance, not law. In practice:

• Banks vary significantly in how they handle dormant accounts.
• Some banks are proactive about contacting account holders; others do very little.
• The circular does not mandate that banks waive dormant account fees.
• There is still no central registry or search mechanism for dormant accounts.

6. Unclaimed MPF Benefits

The Mandatory Provident Fund (MPF) system, established in 2000, has accumulated a significant pool of unclaimed benefits. Workers who changed jobs multiple times may have small MPF balances scattered across several trustees that they — and their families — have forgotten about.

When Do MPF Benefits Become "Unclaimed"?

MPF benefits are classified as unclaimed when:

• The member has reached age 65 but has not withdrawn their accrued benefits
• The member requested a withdrawal, but the payment cheque has not been presented for 6 months and the trustee cannot reach the member
• The member has died and no beneficiary has come forward to claim the benefits

How to Search for Unclaimed MPF

Option 1: MPFA ePA Platform

The MPFA's electronic Personal Account (ePA) platform allows Hong Kong Identity Card holders to check their own MPF personal accounts at any time. You can access it through the MPFA website or mobile app.

Option 2: Unclaimed Benefits Register

The MPFA maintains an Unclaimed Benefits Register that members of the public can check for free. This register shows whether a scheme member has unclaimed benefits and provides the relevant trustee's contact details.

Option 3: Contact MPFA Directly

• Phone: MPFA hotline at 2918 0102 (Monday to Friday 8:45am-7pm, Saturday 9am-1pm)
• Mail/Fax: Submit a completed enquiry form with a copy of relevant ID documents
• In person: Make an appointment to visit the MPFA office

How to Claim a Deceased Person's MPF

7. Unclaimed Tax Refunds

The Inland Revenue Department (IRD) may hold uncollected tax refunds for deceased taxpayers. These arise when the deceased overpaid their salaries tax, profits tax, or property tax.

Why Tax Refunds Go Unclaimed

• The refund cheque was sent to the deceased's last known address but no one collected it.
• The deceased was owed a refund but the final assessment was not completed before death.
• Family members did not know to file a final tax return for the deceased.
• The IRD holds refunds until a Grant of Representation is produced — if no one applies for a Grant, the refund remains uncollected.

How to Claim

• The personal representative must file a final tax return for the deceased (covering the period from the start of the tax year to the date of death).
• Any refund due will be issued to the personal representative upon production of the Grant of Representation.
• Contact the IRD Refund Section at 2594 3126 or write to: Refund Section, 3/F, Inland Revenue Centre, 5 Concorde Road, Kai Tak, Kowloon.

8. Land Registry: Unknown Property Owners

Hong Kong's Land Registry maintains records of all land and property ownership. However, when a property owner dies, the Land Registry is not automatically notified, and the property continues to be registered in the deceased's name.

How Properties Become "Lost"

• The deceased owned property that family members did not know about (e.g., an investment property, a village house lot, or inherited land).
• The deceased was a sole owner and the property was never transferred during estate administration.
• The property was co-owned under tenancy in common and the deceased's share was never dealt with.
• Old properties in the New Territories may be registered under outdated names or lot numbers that family members cannot find.

How to Search the Land Registry

What You Can Find

• Current and historical ownership information
• Mortgages and encumbrances registered against the property
• Whether a death certificate has been registered against the property (though this is not mandatory)
• Caveats and court orders affecting the property

9. Unclaimed Insurance Policies

Insurance policies are among the most commonly overlooked assets after death. The deceased may have had:

• Life insurance with a named beneficiary who does not know about the policy
• Endowment policies that have matured but not been collected
• Group life insurance through their employer
• Accident insurance bundled with credit cards or bank accounts
• Mortgage protection insurance
• Travel insurance with death benefits

Why Insurance Goes Unclaimed

Unlike bank accounts, there is no central registry of insurance policies in Hong Kong. Family members often do not know which companies the deceased held policies with, or even that the policies existed. Paper policy documents may be lost, and electronic records may be inaccessible.

How to Search

• Check the deceased's records for premium payment receipts, policy documents, or correspondence from insurers.
• Check bank statements for regular premium deductions.
• Contact the deceased's employer to ask about group life insurance.
• Write to all major insurance companies in Hong Kong with the death certificate and ask if they hold any policies on the deceased's life.

10. Unclaimed Securities and Investments

Securities and investments can also go unclaimed after death:

Common Types of Unclaimed Securities

• Shares in brokerage accounts: If the deceased held shares through a broker that the family does not know about, the shares sit unclaimed in the brokerage account.
• Physical share certificates: Older investors may hold physical certificates that family members cannot find or do not know the significance of.
• CCASS holdings: Shares held in the Central Clearing and Settlement System may not be directly associated with a named individual, making them harder to locate.
• Bonds and fixed-income securities: Government bonds (iBonds, Silver Bonds) and corporate bonds may have matured but not been redeemed.
• Unit trusts and mutual funds: Regular savings plans or lump-sum investments with fund houses.

How to Search

• Check for contract notes, dividend notices, or annual statements in the deceased's records.
• Contact the Hong Kong Securities Clearing Company (HKSCC) for CCASS enquiries.
• Check bank statements for dividend credits or regular investment deductions.
• Contact all licensed brokers systematically (AssetCadet can handle this).

11. Time Limits to Claim

Different types of unclaimed assets have different time limits. Understanding these is critical:

12. How to Search for Unclaimed Assets Yourself

If you want to conduct your own search for unclaimed assets, here is a systematic approach:

Step 1: Search the Deceased's Records

Step 2: Search Financial Institutions

Write to or visit every licensed bank in Hong Kong. There are approximately 150 licensed banks, restricted licence banks, and deposit-taking companies in Hong Kong. For each institution, you will need:

• A copy of the death certificate
• Your identification
• Proof of your relationship to the deceased (or the Grant of Representation)
• A formal letter requesting a search for any accounts held by the deceased

Step 3: Search Government and Regulatory Bodies

Step 4: Search Insurance Companies

Contact each major insurance company individually. There is no central insurance policy registry in Hong Kong. Major insurers include AIA, Manulife, Prudential, HSBC Life, Sun Life, FWD, AXA, and many others.

Step 5: Search Stockbrokers and Securities

Contact all licensed securities dealers. The Securities and Futures Commission (SFC) maintains a register of licensed intermediaries at sfc.hk.

13. Government Resources and Contacts

14. When to Get Professional Help

Searching for unclaimed assets yourself is possible, but it is time-consuming and requires systematic effort. Consider professional help when: