HKEX on February 2, 2024. Photo: Kyle Lam/HKFP. Credit: KYLE_LAM.Y.K
Under the current scheme, applicants must demonstrate ownership of net assets or net equity with a market value of not less than HK$30 million for two years prior to their application. According to Tuesday’s announcement, that period will be shortened to six months.
Assets or equity jointly owned by an applicant’s family members can also be considered for calculating net worth after the requirements are relaxed.
Existing arrangements stipulate that verified applicants must invest at least HK$30 million in permissible assets in the city before they can apply for a two-year Hong Kong visa.
That requirement will also be relaxed to allow investments “made through an eligible private company wholly owned by an applicant.”
The new measures will take effect on March 1.
Secretary for Financial Services and the Treasury Christopher Hui meets the press on October 26, 2023. Photo: Kyle Lam/HKFP.
Christopher Hui, the secretary for financial services and the treasury, said on Tuesday that the new measures would bring more investors to the city.
“We believe these measures will encourage more investors to join the scheme and can create synergy with the tax concession regime for family offices, thereby promoting the development of family office businesses in Hong Kong,” Hui said in a statement.
Over 800 applications
Hong Kong launched the New Capital Investment Entrant Scheme last March to allow foreign nationals – and residents of Taiwan, Macau and mainland China that have obtained permanent resident status in a foreign country – with verified capital and investment to be granted a two-year visa of Hong Kong.
People speak to employees at the Immigration Department’s headquarters in Tseung Kwan O, Hong Kong, on June 11, 2024. Photo: Kyle Lam/HKFP.
As of December, the government said it had received over 800 applications under the scheme.
Of those, the net asset or equity of 733 had been assessed to fulfil existing requirements, and 240 had invested HK$30 million.
