Hong Kong SAR: Further Details Released on Relaunch of Residency-by-Investment Scheme

• Eligibility. Individuals must be aged 18 or above and can be from any country, including Chinese nationals who have obtained permanent resident status in a foreign country, residents of Macau SAR and Chinese residents of Taiwan.
• Minimum assets. Individuals must show that they have held net assets of at least HK 30,000,000 for at least two years prior to submitting their application.
• Minimum investment. Additionally, individuals must make an investment of at least HK 30,000,000 in permissible investment assets, including investing a minimum of HK 27,000,000 in permissible financial assets and non-residential real estate and by placing a minimum of HK 3,000,000 into a new CIES Investment Portfolio. The Portfolio will be set up by the Hong Kong Investment Corporation Limited in order to invest in companies and projects that have some connection with Hong Kong SAR and are expected to be beneficial to its economy. Update October 22, 2024: Residential real estate investors who invest at least HK 50,000,000 are now eligible for the CIES. The total investment amount in real estate (the aggregate of all residential and non-residential properties) that counts toward fulfilling the minimum investment threshold is subject to an aggregate cap of HK 10,000,000.
• Duration of stay. Individuals will be able to reside in Hong Kong SAR for up to two years, at which time they may apply for an extension of not more than three years, which is then renewable for further three-year periods.
• Adjustment to permanent residence. Upon a period of continuous ordinary residence of at least seven years, individuals may apply to become permanent residents.
• Permanent residency. After a period of continuous ordinary residence in Hong Kong SAR of at least seven years, the applicant may apply to become a permanent resident. If the individual is unable to fulfill the continuous ordinary residence requirement while continuing to satisfy the financial requirements under the new CIES for a minimum of seven years, they can instead apply for unconditional stay in Hong Kong SAR. Upon approval of continuous stay, the individual can dispose of their invested assets, if they so choose.
• Dependents. Individuals may bring their spouse and unmarried dependent children under the age of 18.
• Adjudication. Under the new program, Invest Hong Kong will assess whether applications meet the asset and investment requirements, whereas the Immigration Department will be responsible for assessing the applications for visa/entry permits, extensions of stay, among other immigration-related items. Further details on the application process are expected to be released as the opening date for the program approaches.

The new CIES program will allow an additional opportunity for individuals to work and reside in Hong Kong SAR.

Also, the new category is expected to strengthen the development of the asset and wealth management, financial and related professional service sectors in Hong Kong SAR.

The government suspended the previous residency-by-investment scheme in 2015 to focus on attracting talent, instead of investment. The previous program had a lower investment threshold of HK 10,000,000.

The CIES program is expected to launch mid-2024. Fragomen will provide updates as they become available, nearing the launch of the program.