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Hong Kong has introduced the new Capital Investment Entrant Scheme which opened for applicants on March 1.
To qualify, an applicant needs to invest at least HK$30 million in permissible assets. Successful applicants can bring dependents (including spouse and unmarried children under 18) to Hong Kong and typically receive permission to stay for two years. After this initial period, they can apply for a three-year extension and subsequently request further extensions. After residing continuously in Hong Kong for at least seven years, they can apply for permanent residency as per Hong Kong law.
Following the announcement of the revised "Capital Investment Entrant Scheme" by Financial Secretary Paul Chan in the government's "Budget" in February 2023, Hong Kong Immigration Limited has fielded over 1,600 inquiries regarding the scheme by December's end. This indicates significant public interest in the Capital Investment Entrant Scheme (CIES).
Wu, the person in charge of Hong Kong Immigration Limited, said: "The government has not yet publicly detailed the content of the plan and eligibility requirements, but summarizing the experience of successful investment immigration applications in the past, the completeness and accuracy of asset proof are the keys to successful approval."
Invest Hong Kong is responsible for assessing whether the applications fulfill the financial requirements under the Scheme, and the Immigration Department is responsible for assessing the applications for visa/entry permit and extension of stay, etc.
The Secretary for Financial Services and the Treasury, Christopher Hui, said, "Following the announcement of the Scheme details in December 2023, a multitude of briefing sessions have been conducted for financial
intermediaries, members of the Network of Family Office Service Providers and international business associations. These sessions have garnered considerable interest from high-net-worth individuals worldwide, including those from the Middle East, Southeast Asia and beyond. An early launch of the Scheme demonstrates the Government’s commitment to strengthening the development of asset and wealth management business, financial services and related professional services, as well as driving the high-quality development in Hong Kong."
The Director-General of Investment Promotion, Alpha Lau, said, "The Scheme will solidify Hong Kong's position as a hub for talent and capital, and elevate Hong Kong’s status as an international financial centre.”
