After its suspension eight years ago, Hong Kong is reviving investment-based residency as part of its bid to attract wealthy families into the city.
Foreign individuals who invest a minimum of HK$30 million ($3.8 million) in certain assets in Hong Kong will be eligible for permanent residency after seven years, according to a statement by the local government revealing details for the city’s Capital Investment Entrant Scheme (CIES).
The investment requirement includes HK$27 million in non-residential real estate, equities and other financial assets. It also includes HK$3 million in a portfolio managed by the government-backed Hong Kong Investment Corporation that includes investments in areas such as fintech, artificial intelligence, biotechnology and high-end manufacturing.
Successful applicants can bring their dependants who, together, can stay in Hong Kong for two years. Thereafter, they can apply for extensions of no more than three years. Upon continuously staying for seven years, they can apply for permanent residency.
Family Office Ambitions
According to Secretary for Financial Services and the Treasury Christopher Hui, the new CIES has been identified as one of eight policy measures to promote family office growth in Hong Kong. The other measures cover areas like tax concessions, art storage, philanthropy and more.
«The new CIES would help strengthen the development of the asset and wealth management, financial and related professional service sectors in Hong Kong, and bring more business opportunities and high-quality job prospects to all segments of the industry's service chain,» Hui said.
The new investment migration program has been revived after officially being suspended eight years ago due to a shift in priority from attracting capital to attracting talent at the time. The new CIES is expected to launch and begin accepting applications in mid-2024.
