In our spotlight on APAC series, we round up the latest developments from across Asia Pacific. In this post we capture some notable points about the recently introduced investment scheme in Hong Kong.
The Hong Kong Government has launched the New Capital Investment Entrant Scheme (“New CIES”), a program designed to attract individuals, create more investment opportunities, and strengthen Hong Kong’s role as a global financial hub.
Effective from March 1, 2024, the New CIES allows eligible individuals, including foreign nationals and Chinese nationals with foreign permanent residency, to secure residency in Hong Kong through investments via financial assets. The Scheme operates independently of the former CIES that was suspended in 2023.
Eligibility Requirements
To be eligible to make an application under the New CIES, an applicant must be a person who satisfies the following criteria: –
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18 years of age and above
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Nationality/Residence
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- Foreign nationals (other than nationals of Afghanistan, Cuba and North Korea);
- Chinese nationals who have obtained permanent resident status in a foreign country.
- Macao Special Administrative Region residents; or
- Chinese residents of Taiwan.
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Net Asset Requirements:
Absolute beneficial entitlement to net assets with a market value of not less than HK$30 million throughout the two years preceding the date of lodgement of application for net asset assessment.
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Investment in Permissible Investment Assets:
Investment of not less than HK$30 million net in Permissible Investment Assets after 1 March 2024.
Portfolio Maintenance Requirements
The applicant must comply with the portfolio maintenance requirements set out in the Rules, including: –
- The Permissible Financial Assets must be deposited into an account operated by an eligible financial intermediary.
- The applicant may maintain a maximum of three accounts, each with a different category of financial intermediary set out above.
- The account for holding the Permissible Financial Assets must be under the applicant’s name.
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No Adverse Record:
No adverse immigration record and meets normal immigration and security requirements.
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Financial Support:
Capable of supporting and accommodating him/her self and dependants, if any, on his/her own without any return on the Permissible Investment Assets, employment, self-employment, business or public assistance in Hong Kong.
Application Procedures
Below is the step-to-step process of applying the new CIES:
- Undergo first stage verification on Net Asset Requirement – To meet the minimum amount of HK $30 million
- Grant of Approval in Principle
- Issuance of visa/entry permit – Period granted not more than 180 days in Hong Kong to make investments.
- Undergo second stage of verification on Investment Requirement – To meet the minimum amount of HK $30 million
- Obtain formal approval for application for permanent residency stay in Hong Kong – Maximum period granted is an initial period of 2 years with 3 years subsequent visas up to the qualifying period of 7 years for permanent residence.
If the applicant has fulfilled the portfolio maintenance requirement for seven consecutive years but failed the seven-year ordinary residency requirement, the applicant may still apply for unconditional stay in Hong Kong.
This initiative can elevate Hong Kong’s asset and wealth management industries as high net worth individuals bring capital to the city. The Hong Kong Government is hopeful that the introduction of the scheme in 2024 will bolster the growth of Hong Kong’s economy.
Should you require any further information on these updates or for assistance in planning your global immigration needs, please contact [email protected] or [email protected].
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