Introduction
The New Hong Kong Capital Investment Entrant Scheme (CIES) offers an exclusive route to permanent residency for high-net-worth individuals, including mainland Chinese nationals with permanent residency from another country. Relaunched in 2024 as the New CIES, this program allows qualified applicants to secure Hong Kong investment visas by making a minimum investment of HK$30 million (approximately 3.82 million USD) in approved assets, without requiring an active business operation or local employment.
Designed to attract investments from high-net-worth individuals, the New Hong Kong CIES 2025 provides access to one of Asia’s most diverse and developed economies. Investors can take advantage of a low-tax regime, business friendly environment, world-class infrastructure, and a high standard of living.
What is the Hong Kong CIES?
The New Hong Kong Capital Investment Entrant Scheme (CIES) offers high-net-worth individuals a direct pathway to obtaining residency through passive investment.
Unlike the Hong Kong entrepreneur visa, which requires the visa holder to operate a business and create jobs locally, the CIES is entirely investment driven. Approved applicants and their dependent family members (spouse and unmarried children under 18) can live in Hong Kong with full access to the local healthcare, education, and infrastructure.
Investment Requirement: HK$30 Million
To qualify, applicants must invest a minimum of HK$30 million (approximately 3.82 million USD) into qualifying investment programs, also known as permissible investment assets.
The applicant must also be able to show that they have personally owned net assets worth at least HK$30 million (or the same amount in other currencies) for at least six months before applying for the Net Asset Assessment. If they jointly own assets with family members, only the portion they fully own will be considered.
Another important consideration is the New CIES portfolio maintenance requirement. To remain eligible for the program, investors must submit a Fulfillment Report issued by a practising Certified Public Accountant (CPA) after the first anniversary of their Formal Approval, and again on each anniversary thereafter. This report acts as official proof that the investment portfolio has been properly maintained as required by the program’s regulations.
Hong Kong permanent residence through investment
After receiving approval for their application, applicants can apply for a 180-day visa to enter Hong Kong and complete the required investment. Once the investment is made and the supporting documents have been provided to prove the investment requirements have been made, formal approval will be awarded and the applicant will receive a 2-year residence.
If the portfolio remains eligible, the extension of stay can be extended twice (for up to 3 years for each extension). After seven years of continuous residence, and their portfolio remaining eligible the applicant and their dependents may apply for PR in Hong Kong.
New Hong Kong CIES Requirements 2025 (Updated)
In 2024, Hong Kong introduced updated CIES requirements for investors looking to apply for the Capital Investment Entrant Scheme. The New Hong Kong CIES eligibility criteria now includes revised minimum net asset thresholds, accepted investment options, and the necessary documentation for a successful application.
View the Program Details: Hong Kong Capital Investment Entrant Scheme
Financial Requirements
In order for an investor to be eligible for the New Hong Kong Capital Investment Entrant Scheme (CIES), applicants must be able to meet the strict financial eligibility criteria. This criteria is used to make sure that the applicant has enough personal assets to be able to make the required investment.
The first step in satisfying the financial requirements is for the applicant to prove they have net assets of at least HK$30 million. These assets must be personally held and free of encumbrance, for a period of no less than six months prior to applying for the Net Asset Assessment.
Jointly held assets with family members may be counted, however, only the portion held by the applicant will be considered. The applicant must also be able to demonstrate full beneficial entitlement to their share. Please note, jointly-owned Net assets or Net equity with other non-family persons (e.g. business partners) will not be accepted.
The applicant will be required to provide a Permissible Investment Assets Statement proving that they can satisfy the financial asset requirements. The Permissible Investment Assets Statement must be issued by a practicing Certified Public Accountant.
Secondly, the applicant must commit to investing a minimum of HK$30 million in CIES permissible investment assets, such as stocks, bonds, funds, or eligible non-residential property.
The applicant will again be required to provide a Fulfillment Report proving that they have made the required investment. The Fulfillment Report must be issued by a practicing Certified Public Accountant.
Personal Eligibility Criteria
To be eligible for the New Hong Kong CIES program, applicants must be at least 18 years old and fall into one of the following categories:
- Foreign nationals
- Chinese nationals with permanent residency in a foreign country
- Residents of the Macao Special Administrative Region
- Chinese nationals who are residents of Taiwan
Please note that citizens of Afghanistan, Cuba, and the Democratic People’s Republic of Korea are not eligible to apply.
Applicants must have a clean immigration history and meet standard immigration and security requirements.
Investment Timeline Requirements
The first step on the investment process begins with submitting an entry application along with supporting documents to prove the applicant meets the Net Asset Requirement. If the application is successful, an Approval-in-Principle will be issued, allowing the applicant to enter Hong Kong on a 180-day visitor visa to complete the required investment. The investment must be completed within this 180 day period.
Once the investment is made, the applicant is required to submit a Fulfillment Report issued by a practising CPA to confirm that the Investment Requirements have been met.
After the initial investment has been completed, applicants are subject to ongoing compliance requirements. After the first anniversary of receiving Formal Approval, and on each anniversary thereafter, the applicant must submit a new Portfolio Maintenance Report (certified by a practising CPA), to confirm that the qualifying investment has been maintained throughout the residency period.
New Hong Kong CIES Investment Options 2025
The New Hong Kong CIES investment scheme allows investors to choose from a range of CIES eligible assets, offering investors an element of flexibility. CIES Permissible Investment Assets include:
Equity Investments
Under the New CIES, applicants may invest in equity securities listed on the Hong Kong Stock Exchange (SEHK). These investments must be traded in either Hong Kong Dollars (HKD) or Renminbi (RMB).
Ownership interests in private limited partnership funds are also permitted under the New CIES scheme; however, the total investment amount must not exceed HK$10 million.
Real Estate Investment (Updated 2025)
While real estate remains a permissible asset class under the New CIES, investments are now limited and subject to updated caps. Applicants may invest:
- At least HK$50 million in one residential property or;
- Up to HK$10 million in non-residential property.
The updated 2025 policy now encourages investors to focus on financial market-based investments rather than real estate. Real estate is best used as a supporting investment, rather than the component of the CIES portfolio.
Investing in Securities
Investors may also invest in certificates of deposit and debt securities. These options are generally lower-risk and offer fixed income returns.
Certificates of Deposit
Certificates of deposit must be denominated in HKD or RMB and issued by authorised institutions.. The total investment amount is capped at HK$3 million.
Each certificate must have a remaining maturity of at least 12 months at the time of investment.
Debt Securities
Eligible debt security investments must either be listed on the Stock Exchange of Hong Kong (SEHK) and traded in HKD or RMB, or be denominated in HKD or RMB. This includes fixed-rate or floating-rate instruments, as well as convertible bonds issued or fully guaranteed by government entities or companies listed on the SEHK
Applicants may also choose to invest in corporate debt securities. Eligible investments must be made in either HKD or RMB and issued by authorised institutions
Collective Investment Schemes
The New CIES permits investment in Securities and Futures Commission (SFC) authorized investment schemes, including SFC authorized funds, real estate investment trusts (REITs), Investment-linked Assurance Schemes, and open-ended fund companies (both public and private).
Investments in private open-ended fund companies and private limited partnership funds are subject to a combined cap of HK$10 million (approximately USD 1.28 million).
Please note that investors may diversify their capital across different asset classes within the above categories; however, the total investment amount must not be less than HK$27 million (approximately USD 3.45 million).
Mandatory Government Portfolio
As part of the updated program requirements, every applicant must invest HK$3 million (approximately USD 382,000) into a Designated Government Investment Portfolio. This mandatory requirement ensures a public benefit element is included within each application.
Managed by the Hong Kong Investment Corporation, the capital must be held for the entire investment maintenance period, and its structure is predetermined, meaning applicants have no control over how the funds are allocated within the portfolio.
Holding Mechanisms for Permissible Investments
All New CIES investments must be held either in the applicant’s name or through a wholly-owned Hong Kong-incorporated holding company. If using a holding company, it must be a special purpose vehicle with no other business activities and must meet local substance requirements, such as maintaining a physical office and incurring at least HK$2 million (approximately USD 254,000) in annual local operating expenses.
New Hong Kong CIES Application Process 2025
Applying for the New Hong Kong Capital Investment Entrant Scheme (CIES) involves completing a multi-step process, which will confirm the financial eligibility of each applicant. The New Hong Kong CIES application process involves completing the following:
Step 1: Net Asset Assessment
The first step is to complete the Net Asset Assessment, which confirms the applicant’s financial eligibility. The applicant must submit a certified Net Assets Statement (prepared by a certified CPA), along with supporting documents such as recent bank statements, asset valuation reports, and proof of permanent residency (if applicable).
These documents must show that the applicant has held at least HK$30 million (approximately USD 3.82 million) in net assets for a continuous six-month period before the application.
Step 2: Approval in Principle
If everything is in order with the Net Asset Assessment, the applicant will be granted an Approval-in-Principle, which permits them to apply for a 180-day visa to enter Hong Kong and complete their investment.
Step 3: Making the Investment
Once in Hong Kong, the applicant has 180 days to complete the committed investment. Investments must be made in approved permissible investments, and all assets must be placed into an account either in the applicant’s personal name or through a wholly owned Hong Kong-incorporated holding company. If a holding company is used, it must meet local substance requirements, including maintaining a registered office and incurring HK$2 million (approx. USD 254,000) in annual local operating expenses.
After the investment has been made, a Fulfillment Report issued by a practising CPA must be submitted to confirm that the applicant has complied with the CIES investment conditions. Upon final approval, the applicant will receive a 2 year residence visa.
Step 4: Ongoing Compliance and Extending the Residence Visa
To maintain residency, the applicant must continue to hold and manage the investment portfolio in accordance with the program’s requirements.
A Portfolio Maintenance Fulfillment Report, certified by a practising CPA, must be submitted after the first anniversary of the Formal Approval and annually thereafter. This report acts as proof that the qualifying investment has been properly maintained.
The initial 2 year residence visa can be extended for three additional years (per extension), as long as the portfolio satisfies the CIES requirements.
After completing seven years of continuous ordinary residence and portfolio maintenance, the applicant and their eligible dependents may apply for permanent residency in Hong Kong.
How can Harvey Law Group Help?
We begin by assessing your individual profile to determine the most appropriate strategy for obtaining residency through the New Hong Kong Capital Investment Entrant Scheme (CIES).
Whether you’re looking to invest in eligible financial assets, non-residential real estate, or SFC authorized collective investment schemes, our team provides end-to-end support throughout the entire process.
From selecting approved investment options and preparing supporting documentation to submitting your application, we ensure that your investment meets all regulatory requirements under the New Hong Kong CIES and offers the most efficient pathway to long-term residency and eventual permanent resident status.
New Hong Kong CIES Processing Time & Costs
The New Hong Kong CIES application process is divided into three stages, the first stage involves a Net Asset Assessment. For this stage, the applicant must demonstrate ownership of at least HK$30 million (approximately USD 3.82 million) in net assets. These assets must be held for at least six months prior to the application and be in their own name. This assessment typically takes 1 to 2 months, depending on the completeness of documentation and verification requirements.
Once the applicant receives approval, they can proceed to the second stage: applying for a 180-day entry visa to travel to Hong Kong and complete the required investment. This stage generally takes 3 to 4 months.
After receiving the final approval, the applicant can apply for a 2-year investment visa to reside in Hong Kong under the Hong Kong investment visa scheme. This allows the applicant, and eligible dependents, to live, work, and access services such as healthcare in Hong Kong.
The processing time for issuing the residence visa is typically around 1 month.
New Hong Kong CIES Family Benefits
The New Hong Kong Capital Investment Entrant Scheme (CIES) also offers a residency pathway for eligible family members of the main applicant in Hong Kong.
Eligible Dependents
Under the New Hong Kong CIES, investors may sponsor the following dependents:
- a spouse or legally recognized partner, including same-sex or opposite-sex partners in a civil partnership, civil union, or marriage. The relationship must be officially recognized under the laws of the country in which it was entered and;
- unmarried children under the age of 18.
All dependent applications must include legal documentation to support the relationship, such as marriage or partnership certificates and birth certificates for children. These relationships must be legally valid and officially registered in their country of origin.
Family Visa Rights
Dependents under the New CIES will be granted an extension of stay that matches with the main applicant’s visa, with extensions possible as long as eligibility conditions continue to be met. This includes maintaining the relationship and ensuring the sponsor remains eligible under the New CIES program.
Once approved, spouses and partners are permitted to work without needing a separate employment visa. Children are permitted to enroll in Hong Kong’s education system, including international schools and local public institutions.
Dependents also benefit from access to Hong Kong’s world-class public and private healthcare systems.
New Hong Kong CIES vs Other Hong Kong Visas
The New CIES vs Entrepreneur Visa
The New Capital Investment Entrant Scheme (CIES) and the Entrepreneur Visa under Hong Kong’s General Employment Policy offer two different options for residency.
The biggest difference between the two options are the investment requirements. The New CIES requires a minimum investment of HK$30 million (approximately USD 3.82 million) in permissible financial assets.
On the other hand, the Entrepreneur Visa does not require a fixed investment amount, but requires the applicant to invest capital into a new or existing Hong Kong based business that is expected to contribute to the local economy.
To qualify for the Entrepreneur Visa, applicants must prove their ability to make a substantial economic contribution to Hong Kong. Key considerations include a detailed three-year business plan, projected turnover, sufficient financial resources, local job creation, and, where applicable, the introduction of new technology or skills.
Another difference is that the New CIES is a passive investment route, where the applicants are not required to run or participate in a business. Investors are only required to maintain a compliant investment portfolio. Whereas, the Entrepreneur Visa requires the applicant to establish or join a company in Hong Kong and take on a managerial role.
Receiving approval for the New CIES is relatively straightforward. Approval is mainly based on making and maintaining the correct investments. In contrast, the Entrepreneur Visa requires a much more comprehensive application process. Authorities consider the credibility of the business proposal, the applicant’s professional background, and the likelihood of the business making a meaningful contribution to the Hong Kong economy. As a result, approval rates for the Entrepreneur Visa tend to be lower.
The New CIES vs Quality Migrant Admission Scheme (QMAS)
The QMAS is designed for highly skilled or talented individuals who wish to settle in Hong Kong without securing a job offer in advance. Applicants are assessed using a points-based system that considers factors such as age, education, professional experience, language ability, and family background. Applicants must meet a minimum score and compete for a place under an annual quota.
Under the New CIES, if an applicant meets the financial requirements, they qualify for residency. This makes the New CIES process easier and accessible for high-net-worth individuals who may not score well on traditional points-based systems but can meet the investment criteria.
In terms of the application process, QMAS involves multiple stages, including eligibility screening, points evaluation, and panel selection. The overall timeline can range from 9 to 12 months. The New CIES involves a three-step process and typically completed in 6 to 9 months, assuming timely documentation and compliance.
New Hong Kong CIES FAQs
Can mainland Chinese apply for New Hong Kong CIES?
Yes, it is possible for Chinese nationals to apply for the New CIES program, however, they must have obtained Permanent Residency in a foreign country first.
What happens if I don’t complete the investment within 180 days?
If the investment under the New Capital Investment Entrant Scheme (CIES) is not made within 180 days from the date of Approval-in-Principle, the application may be refused or considered withdrawn by the Hong Kong Immigration Department.
If the 180-day period has been missed, the applicant will need to resubmit a new entry application from the beginning and all the required documents, including a new net asset assessment, would need to be provided again.
Can I change my investment portfolio after approval?
Applicants may change their investment portfolio under the New Hong Kong CIES, provided the entire proceeds from the sale are reinvested at market value, in line with the scheme’s ring-fencing principle. All switches must comply with Scheme Rule 8.2, and applicants must notify the New CIES Office in writing within seven working days of both the sale and purchase. Supporting documents reflecting the updated investment composition must also be submitted.
Do I need to live in Hong Kong with a New CIES visa?
Applicants do not need to live full-time in Hong Kong to maintain their status under the New Capital Investment Entrant Scheme (CIES), but if the applicant wishes to obtain permanent residency, they must meet the “continuous ordinary residence” requirement. This requires the applicant to actually reside in Hong Kong for at least seven years. Simply holding the visa and making the required investment will not qualify for permanent residency status.
Can my adult children be included as dependents?
It is not possible for adult children to be included as dependents under the new Hong Kong Capital Investment Entrant Scheme (CIES). Only your spouse (or legally recognized partner) and unmarried dependent children under the age of 18 are eligible to be included as dependents.
