Investment scheme to become a permanent resident of Hong Kong is open now

Know the Hong Kong New Capital Investment Entrant Scheme’s application procedures, eligibility criteria and permissible investments. (Image: The New York Times)

Wealthy individuals across the world can now apply to become permanent residents of Hong Kong. Hong Kong has re-introduced the Capital Investment Entrant Scheme in the country. The New Capital Investment Entrant Scheme aims to attract wealthy foreigners to settle in the city and explore its diverse investment opportunities through wealth allocation and management.

The introduction of the New Capital Investment Entrant Scheme was announced in the 2023-24 budget. Hong Kong launched Capital Investment Entrant Scheme in 2003 which has been suspended since January 15, 2015.

The New Capital Investment Entrant Scheme (CIES) opened for application on March 1. Hong Kong New Capital Investment Entrant Scheme requires a minimum investment of $HK 30 million in permissible investment assets such as assets such as stocks, funds, and bonds but excluding real estate. The applicant has to demonstrate that he has $HK 30 million or equivalent foreign currency throughout the two years preceding the date of issuance of the Fulfillment document for application for Net Asset Assessment of the Scheme. Once approved, they can reside and pursue development in Hong Kong.

A successful applicant may bring dependents (including spouse and unmarried dependent children aged under 18) to Hong Kong. The permission to stay will normally be granted to them for two years. Upon expiry of the two years, they may apply for an extension of stay for three years, and may subsequently apply for further extensions of stay for three years. They may, upon a period of continuous ordinary residence in Hong Kong of not less than seven years, apply to become Hong Kong permanent residents in accordance with the law.

Invest Hong Kong announced that the New Capital Investment Entrant Scheme has seen good response since its launch on March 1, recording double-digit applications and over 1 600 enquiries. The inquiries were mainly about application procedures, eligibility criteria and permissible investment assets. The New Capital Investment Entrant Scheme Office under Invest Hong Kong is responsible for assessing the financial assets and investment of the Scheme Applicants as well as monitoring their continuous compliance of the Investment Requirements and Portfolio Maintenance Requirements.

Before an Applicant submits an Entry Application to the Director of Immigration, he is required to first approach New CIES Office to verify whether he has fulfilled the Net Asset Requirement. Upon the New CIES Office’s verification that the Applicant has fulfilled the Net Asset Requirement, the New CIES Office will issue a relevant certifying proof to the Applicant and notify the Director of Immigration of the result. The immigration department is responsible for assessing applications for visa entry permit, extension of stay and unconditional stay under the Scheme.