Yesterday, Hong Kong** announced the details of the "New Capital Investment Entrant Scheme", marking the relaunch of the "investment immigration" policy. The program aims to be officially launched and accept applications by the middle of next year. According to the regulations, the applicant needs to invest at least HK$30 millionIn the Qualifying Investment Category, $3 million must be invested in the specified portfolio** to support the development of I&T and key industries, etc.
Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, estimates that the newcomer scheme could bring $120 billion in new money to Hong Kong. Behind this figure is Hong Kong's expectation and confidence in attracting more investors to Hong Kong. Through this plan, Hong Kong will not only be able to attract more capital inflows, but also promote the development of the local economy and the upgrading of industries.
The launch of the new scheme undoubtedly provides a new opportunity for those who are interested in investing in Hong Kong. It is also an important opportunity for Hong Kong to further strengthen its position as an international financial centre.
Under the New Capital Investment Entrant Scheme, dependants can be brought to Hong Kong, including spouses and minor unmarried dependent children.
Under the new scheme, applicants must maintain a net worth of not less than $30 million (or its equivalent in foreign currency) in the two years preceding the application. The permitted investment assets include **, debt**, certificates of deposit, subordinated debts, qualifying collective investment schemes, limited partnerships** and non-residential real estate, totalling $27 million. Among them, non-residential real estate covers commercial or industrial land in Hong Kong, with an investment ceiling of HK$10 million.
Investors are also required to invest at least HK$3 million in the new Capital Investment Entrant Scheme Portfolio. The portfolio will be established and managed by Hong Kong Investment Management*** and aims to invest in Hong Kong-related companies or projects to support the development of Hong Kong's innovation and technology industry and other key industries.
This plan not only highlights the applicant's asset strength, but also highlights the importance it attaches to the future development of Hong Kong's economy. Through the investment portfolio, it will attract more capital inflows and promote the diversification of Hong Kong's economy.
Investments must be made in new portfolios to support I&T
The asset threshold is calculated from the date of launch and acceptance of the Scheme, and an applicant may remain in Hong Kong as a visitor for 180 days and make a committed investment after receiving approval-in-principle from the Immigration Department. Applicants are required to deposit their financial assets in designated accounts with qualified financial intermediaries, including banks, SFC-licensed corporations licensed for regulated activities, or insurance companies carrying on linked long-term business. The applicant can switch investments or financial intermediaries, and can also withdraw cash dividends, interest income or rental income. If the market value of the investment is below the minimum threshold, the applicant will not be required to fill the gap.
Eligible applicants for the new Scheme include foreign nationals aged 18 or above, Chinese nationals who have obtained foreign permanent resident status, Macao residents and Chinese residents of Taiwan. These applicants may bring their dependants with them, including their spouse and minor unmarried dependent children. Once formally approved, the applicant can stay in Hong Kong for up to two years, after which he or she can apply for an extension of stay for three years, forming a "2+3+3" model. In the 7th year, the applicant can apply to become a permanent resident of Hong Kong.
Spouse and children are allowed to accompany them for a stay of two years
Mr Hui said that the new scheme offers a wide range of investment products and a wide range of investment products, which he believes will attract investors to Hong Kong. He further pointed out that although there is no hard target for the new scheme, it is expected to bring $120 billion in new funding to Hong Kong with about 4,000 applications per year, based on the number of applicants in the past. He believes that the new scheme will help strengthen Hong Kong's development advantages in asset and wealth management, finance and related professional fields, and bring more business opportunities and high-quality employment opportunities to all sectors of the industry.
Mr Hui (second from right) said that the new scheme is confident that it will attract investors to Hong Kong because of its competitive investment threshold and wider choice of investment products compared with other similar economies.
Wong Chun-suk, a member of the Legislative Council of Hong Kong's accountancy sector, said that the new scheme is an important step in adapting to the global situation of "competing for capital, enterprises and talents", and believes that it can strike a balance between attracting capital to Hong Kong, promoting the development of innovation and technology, and avoiding abuse. He said that the new scheme allows applicants to invest in non-residential real estate, which will allow applicants to diversify their investments and avoid significantly affecting the demand for residential properties. Applicants are required to invest at least $3 million in the development of I&T and other key industries, which is believed to bring more quality employment opportunities to Hong Kong, which is complementary to the government's policy of "competing for enterprises and talents". He also hoped that the requirements could be relaxed in the next stage to allow applicants to invest in the name of a holding private company.
Associate Professor of the Department of Accounting, Economics and Finance at Baptist University, Mr Mak Chui-choi, pointed out that the new scheme is highly inclusive of investment categories and can flexibly adapt to the interests and risk tolerance of different applicants. He ** said that this scheme will be more popular with Chinese or Chinese with foreign permanent resident status, and facilitate their development in the mainland; For foreigners who are interested in applying for this scheme, it is often because they already have business ties with the mainland or are looking forward to establishing business ties with the mainland.
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