New capital investment scheme opens for applications
The government’s new Capital Investment Entrant Scheme began accepting applications on Friday, with a new dedicated website highlighting the scheme’s eligibility criteria and application procedures. Applications will be vetted by Invest Hong Kong, which is responsible for assessing whether applicants fulfil the financial requirements under the scheme, and the Immigration Department, which will assess the applications for visa/entry permit and extension of stay. Applicants will need to invest a minimum of HK$30 million in total on the city’s tech and innovation sectors and they will be allowed to bring their dependents to Hong Kong. The Secretary for Financial Services and the Treasury Christopher Hui said briefing sessions have been conducted for financial intermediaries, members of the Network of Family Office Service Providers and international business associations since the announcement of the scheme in December. "These sessions have garnered considerable interest from high-net-worth individuals worldwide, including those from the Middle East, Southeast Asia and beyond," Hui said. He said the launch of the scheme demonstrated the government’s commitment to strengthening the development of asset and wealth management businesses, financial services and related professional services. The Director-General of Investment Promotion Alpha Lau said the attractiveness of the scheme will be further enhanced as the government continues to roll out measures to further raise Hong Kong's competitiveness as an asset and wealth management hub. "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," Lau said.