High-net-worth individuals eyeing residency in Hong Kong through investment can now streamline their applications with the launch of an online submission platform, InvestHK announced on Monday in a bid to efficiently manage the rising number of applications.
Since the launch of the New Capital Investment Entrant Scheme on March 1, InvestHK – a Hong Kong government department responsible for attracting direct investment from outside of the city – has received over 5,000 inquiries and more than 500 applications as of Friday.
READ MORE: HK to mull policy links between attracting family offices and investment
Notably, 448 applications have passed the vetting process, with applicants holding net assets of not less than HK$30 million ($3.85 million) in the past two years. Forty-seven applications have fulfilled the investment requirements, which means that the applicants have made an investment of HK$30 million in Hong Kong within the six-month timeframe. The government expects an investment amount of more than HK$15 billion to be brought into the city.
“The increasing New CIES application figures reflect strong confidence from high-net-worth individuals in Hong Kong,” said Alpha Lau Hai-suen, director-general of Investment Promotion.
ALSO READ: InvestHK: 322 companies set up shop in HK in first half of 2024
According to InvestHK, it will continue to accept paper applications for Net Asset Assessment or Assessment on Investment Requirements from applicants until Oct 15.
Applicants are required to engage a certified public accountant – as defined in the Accounting and Financial Reporting Council Ordinance – at their own cost before submitting online application forms. Fulfillment documents issued by the accountant will help demonstrate that the applicant meets the relevant requirements under the scheme.
Lau encouraged applicants to use the online platform to save time spent on filling out paper application forms, and to enjoy smoother and more efficient application services.
“The scheme attracts successful businessmen and innovative entrepreneurs, and enhances the strengths of Hong Kong’s asset and wealth management industry,” Lau added.
READ MORE: HK’s capital investment scheme attracts 339 applications in four months
Under the program, applicants must hold net assets of at least HK$30 million, and invest a minimum of HK$30 million in eligible assets. Ninety percent of the investment should be deployed to permissible financial assets and non-residential real estate, such as equities and debt securities, while the remaining HK$3 million should go into an investment portfolio to support innovation and technology as well as other key industries.
The scheme provides another way for deep-pocketed people to apply for permanent residency in Hong Kong. Successful candidates can bring their dependents to the city and are typically granted an initial stay of no more than two years. They may apply to extend their stay after the two-year period.
