Hong Kong authorities have relaxed the requirements for calculating assets in its revamped investment immigration scheme.
Hong Kong has relaxed measures to fulfill the net asset requirement (NAR) in its Capital Investment Entrant Scheme (CIES), according to a government statement.
Applicants will now only need to demonstrate net asset or net equity with a market value of HK$30 million ($3.9 million) in the six months preceding their application, compared to the previous duration of two years. NAR can also include assets jointly owned by the applicant’s family members and investments through a family-owned investment holding vehicle (FIHV) or a family-owned special purpose entity under an FIHV.
«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,» said Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury.
Expected Inflows
According to the government, the CIES has attracted over 800 applications in the first 10 months since the scheme was launched with expectations of more than HK$24 billion in new investments brought into Hong Kong.
«The number of applications for the New CIES in the first 10 months has exceeded the number of applications received for the same period under the previous Capital Investment Entrant Scheme, which was launched in 2003. This reflects the strong confidence of investors in Hong Kong,» noted Alpha Lau, Director-General of Investment Promotion.
