New Capital Investment Entrant Scheme opens for application from March 1 (with photo)
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An eligible applicant must make investment of a minimum of HK$30 million in the permissible investment assets. A successful applicant may bring dependants (including spouse and unmarried dependent children aged under 18) to Hong Kong. Permission to stay will normally be granted to them for two years. Upon expiry of the two-year period, 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 is responsible for assessing whether the applications fulfill the financial requirements under the Scheme, and the Immigration Department is responsible for assessing the applications for visa/entry permit and extension of stay, etc. Details are available at the Scheme website (www.newcies.gov.hk/en/index.html)
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Following the announcement of the Scheme details in December 2023, a multitude of briefing sessions have been conducted for financial intermediaries, members of the Network of Family Office Service Providers and international business associations. These sessions have garnered considerable interest from high-net-worth individuals worldwide, including those from the Middle East, Southeast Asia and beyond. An early launch of the Scheme demonstrates the Government’s commitment to strengthening the development of asset and wealth management business, financial services and related professional services, as well as driving the high-quality development in Hong Kong."
The Director-General of Investment Promotion, Ms Alpha Lau, said, "The Scheme will solidify Hong Kong's position as a hub for talent and capital, and elevate Hong Kong’s status as an international financial centre. As the Government continues to roll out measure to further enhance Hong Kong's competitiveness as an asset and wealth management hub, the attractiveness of the Scheme will be further enhanced. We will continue to work diligently in promoting the Scheme to various business associations, international stakeholders and family offices. We will also collaborate closely with service providers and potential applicants in addressing enquiries and ensuring clarity."
Ends/Friday, March 1, 2024
Issued at HKT 9:28
Issued at HKT 9:28
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