THE LONG-AWAITED ANNOUNCEMENT
The Capital Investment Entrant Scheme (“CIES”) is a new residence-by-investment program enabling eligible applicants to obtain residency in Hong Kong by investing HKD 30 million or more in a range of permissible assets. Since its launch, the CIES has already received over 1000 inquiries and applications. In this article, we will provide you with an overview of CIES ranging from its criteria to offerings so that you can better understand why it is so highly regarded among applicants.
WHY SHOULD YOU APPLY FOR PERMANENT RESIDENCY IN HONG KONG?
- Competitive Tax System: Appealed by its simple tax system and generous allowances, many foreign investors have found Hong Kong an excellent place to establish their businesses.
- The Heart of Asia: Hong Kong undoubtedly enjoys an ideal location that enables individuals and companies to tap into an array of opportunities in the Asia-Pacific region.
- International Community: Hong Kong is a hub of commerce and has an expat-friendly environment.
- Rich Cultural Heritage: Thanks to Hong Kong’s cultural charm and mesmerizing cityscape, more foreigners are choosing to settle in this cosmopolitan city.
WHO CAN APPLY FOR CIES?
The CIES accepts applications from foreign nationals, Chinese nationals who are permanent residents in a foreign country, Chinese residents of Taiwan, or Macao residents. However, the CIES does not apply to nationals of Afghanistan, Cuba, and the Democratic People’s Republic of Korea. Eligible applicants should also be aged 18 or above, free from any adverse immigration history, and they must demonstrate a net asset value of not less than HK$30 million throughout the two years preceding the application. Successful applicants may bring their dependant family members to Hong Kong, including spouses and unmarried dependent children under 18 years old.
WHAT ARE THE INVESTMENT REQUIREMENTS UNDER CIES?
The applicant will need to invest a minimum of HKD 27 million in the permissible asset class(es) and place HKD 3 million into a new CIES Investment Portfolio overseen by the Hong Kong Investment Corporation Limited. The main goal of this Portfolio is to invest in companies or projects supporting the long-term development of Hong Kong’s economy.
PERMANENT RESIDENCY IN HONG KONG APPLICATION PROCESS
The applicant shall first go through a personal net worth assessment. Upon passing the assessment, the applicant can apply for a 180-day visa to Hong Kong to make the committed investment. Having fulfilled the investment requirements, one can apply for a 2-year visa to reside in Hong Kong.
Upon the expiry of the authorized stay period and if the investment conditions are met, the applicant may apply for an extension of stay for not more than three years. Another 3-year long permission of stay may be granted on the same basis. After not less than seven years of continuous ordinary residence, the applicant and his dependents may apply to become Hong Kong permanent residents.
HOW TO KICKSTART MY IMMIGRATION JOURNEY TO HONG KONG?
The preparation of an immigration application can be complex. If the application package is not carefully prepared, this may lead to potential processing delays. The best way to avoid setbacks is to engage an immigration lawyer who can help you navigate the application process smoothly and efficiently.
If you are interested in learning more about the residency in Hong Kong under CIES, please contact your local HLG office here for more details. Our lawyers would be delighted to discuss further with you.
Founded in 1992, Harvey Law Group (HLG) is a leading multinational law firm with offices across Asia, North and South America, Europe, and Africa to cater to your specific needs for immigration and beyond.
INTERESTED IN LEARNING MORE ABOUT THE CIES ?
If you are interested in learning more about the residency in Hong Kong with the CIES scheme, please contact your local HLG office here for more details. Our lawyers would be delighted to conduct a free preliminary assessment and consider if you are eligible to apply for the Capital Investment Entrant Scheme.
Founded in 1992, Harvey Law Group (HLG) is a leading multinational law firm with offices across Asia, North and South America, Europe, and Africa to cater to your specific needs for immigration and beyond.
