Hong Kong launches new scheme to attract foreign investors
Hong Kong has introduced a new scheme to attract foreign investors who are willing to invest long-term in the city.
The Capital Investment Entrant Scheme (CIES) aims to boost Hong Kong’s economy and enhance its competitiveness as an international financial center.
Key Takeaways
- Hong Kong’s new Capital Investment Entrant Scheme (CIES) aims to attract foreign investors with at least HK$30 million in permissible investment assets to enhance the city’s economy and competitiveness as an international financial center.
- The CIES allows investors to apply for permanent residency in Hong Kong by composing the HK$30 million into permissible financial assets, non-residential real estate, and a new CIES Investment Portfolio, with the opportunity to bring their dependents to stay in Hong Kong.
- The scheme reflects the government’s commitment to strengthening asset and wealth management business, financial services, and related professional services, and is expected to attract high-net-worth individuals seeking a stable and secure environment for investment and living in Hong Kong.
The CIES allows foreign nationals with at least HK$30 million in permissible investment assets to apply for permanent residency in Hong Kong. The permissible assets include equities, debt securities, certificates of deposits, subordinated debts, and eligible collective investment schemes.
The HK$30 million will be composed into a minimum of HK$27 million in permissible financial assets and non-residential real estate and HK$3 million into a new CIES Investment Portfolio.
The CIES will allow investors to bring their dependents (spouses and unmarried dependent children under 18).
Applicants will have to demonstrate to the Director of Immigration (Dol) that they are capable of supporting themselves and their family’s accommodation and expenses without relying on any return on the Permissible investment assets, employment, self-employment, office, and business.
HK will grant initial permission for the investors’ families to stay for two years; after expiration, the dependents can apply for an extension of 3 years. After a minimum period of 7 years, they can apply to become Hong Kong permanent residents.
Christopher Hui, Secretary for Financial Services and the Treasury, stated that the early launch of the new process shows the Government’s commitment to strengthening the development of asset and wealth management business, financial services, and related professional services, as well as driving high-quality development in Hong Kong.
The CIES is expected to attract high-net-worth individuals looking for a stable and secure environment to invest and live in. The CIES will start accepting applications from April 1, 2024.
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