The Government announced on December 19, 2023 the details of the new Capital Investment Entrant Scheme (CIES).

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$30 million to which he/she is absolutely beneficially entitled throughout the two years preceding the application. 

• make an investment of a minimum of HK$30 million in the permissible investment assets, including:

• investing a minimum of HK$27 million in the permissible financial assets and non-residential real estate (at Annex); and

• placing HK$3 million 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, with a view to supporting the development of innovation and technology industries and other strategic industries that are beneficial to the long-term development of Hong Kong's economy.

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 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.  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.

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.

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 for the Suspension Mechanism to cover the successful applicants under the new CIES.

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. The Government aims to officially launch the new CIES and invite applications in mid-2024.

For more information, please contact Ms. Amie Cheung at amie.cheung@lccpa.com.hk