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The new CIES will accept applications from eligible persons aged 18 or above, including foreign nationals, Chinese nationals who have obtained permanent resident status in a foreign country, Macao SAR residents and Chinese residents of Taiwan.
To further enrich the talent pool and attract new capital to Hong Kong, the HKSAR government has set out in the 2023-24 Budget to introduce a new Capital Investment Entrant Scheme (CIES). Aiming to officially launch the new CIES and invite applications in mid-2024, Christopher Hui (pictured above, second right), the Secretary for Financial Services and the Treasury, announced the details of the new CIES at a press briefing on 19 December 2023.
Eligibility
According to Hui, the new CIES will accept applications from eligible persons aged 18 or above, including:
- foreign nationals,
- Chinese nationals who have obtained permanent resident status in a foreign country,
- Macao Special Administrative Region residents, and
- Chinese residents of Taiwan.
An applicant must demonstrate that he/she has net assets of not less than HK$30mn to which he/she is absolutely beneficially entitled throughout the two years preceding the application, and make an investment of a minimum of HK$30mn in the permissible investment assets, including
- investing a minimum of HK$27mn in the permissible financial assets and non-residential real estate, and
- placing HK$3mn into a new CIES Investment Portfolio.
The Portfolio will be set up and managed by the Hong Kong Investment Corporation Limited to make investments in companies/projects with a Hong Kong nexus, to support the development of innovation and technology industries and other strategic industries that are beneficial to the long-term development of Hong Kong's economy.
Period of stay
A successful applicant may bring his/her dependents (including spouse and unmarried dependent children aged under 18 years) to Hong Kong. Permission to stay will normally be granted to the applicant and his/her dependents for not more than two years.
Upon the expiry of the two-year period, they may apply for an extension of stay for not more than three years, and may subsequently apply for further extensions of stay for not more than three years upon the expiry of each three-year period. Upon a period of continuous ordinary residence in Hong Kong of not less than seven years, they may apply to become Hong Kong permanent residents in accordance with the law.
If an applicant is unable to fulfil the continuous ordinary residence requirement, while continuously satisfying the financial requirements under the new CIES for not less than seven years, he/she may apply for an unconditional stay in Hong Kong. If the application is approved, the applicant will be free to dispose of the invested assets.
Under the new CIES, Invest Hong Kong will be responsible for assessing whether the applications fulfil the net asset and investment requirements, and the Immigration Department will be responsible for assessing the applications for visa/entry permits, extensions of stay, etc.
Suspension mechanism of stamp duty
In addition, as announced in "The Chief Executive's 2023 Policy Address", a mechanism will be introduced for suspension of payment of 'Buyer's Stamp Duty' and 'New Residential Stamp Duty' for incoming talent's acquisition of residential property in Hong Kong (Suspension Mechanism). The Government will make legislative amendments to the Suspension Mechanism to cover the successful applicants under the new CIES.
Hui said: "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."
Photo / HKSAR Government Press Releases
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