The Hong Kong Government has announced the launch of the New Capital Investment Entrant Scheme (the Scheme), with applications opening on March 1.
Originally launched in 2003, the CIES was designed to entice affluent individuals to invest in Hong Kong and obtain residency. Under the new program, eligible applicants are required to invest a minimum of HK$30 million in permissible investment assets.
Permissible assets under the CIES encompassed a range of options, including real estate and specified financial instruments such as equities and debt securities. Applicants were afforded flexibility in their investment strategies, provided the total value met the minimum requirement.
One notable advantage of the CIES was its leniency towards investment fluctuations. Unlike traditional schemes, applicants were not obligated to replenish their investments should market values dip below the prescribed threshold, offering a layer of security for participants.
Successful applicants under the Scheme have the opportunity to bring dependents, including spouses and unmarried dependent children under the age of 18, to Hong Kong. Initially, permission to stay will be granted for a period of two years. Upon the expiration of this initial period, applicants may apply for an extension of stay for three years. Subsequent extensions of stay for three years may also be sought. Following a period of continuous ordinary residence in Hong Kong of not less than seven years, applicants may apply to become permanent residents of Hong Kong in accordance with the law.
The CIES presents an opportunity for foreign investors to leverage Hong Kong's wealth management expertise, tap into regional investment prospects, and secure residency in the city.