Opinion | Hong Kong’s new investment visa scheme could be a double-edged sword
- If the Capital Investment Entrant Scheme appeals to a broad mix of people from around the world, it will help strengthen our credentials as an international city
- The drawbacks of such schemes, however, include wealth inequality, corruption risks, national security concerns and ethical considerations
Applicants must have net assets of at least HK$30 million (US$3.8 million), of which they have been the sole beneficiary for at least two years before applying. Foreigners, Chinese nationals who have obtained permanent resident status in a foreign country, and residents of Macau and Taiwan are eligible to apply if they are aged 18 or above.
They must make a minimum investment of HK$30 million in the city. HK$27 million would have to be invested in financial assets excluding residential property, and HK$3 million in a new CIES investment portfolio.
Successful applicants have the option of bringing their dependents, including their spouse and unmarried children under the age of 18, to Hong Kong. They can stay for a maximum of two years, after which they can apply for an extension for up to three years, which can be repeated on the expiry of each extension.
Provided the applicant and their dependents maintain continuous ordinary residence in Hong Kong for at least seven years, they can apply to become permanent residents, after which they are free to dispose of their invested assets. Applicants who are not able to meet the continuous ordinary residence requirement can apply for unconditional stay if they have met the financial requirements for at least seven years.
The main attraction of investment visa schemes is that successful applicants can obtain residency or citizenship in a country where they can enjoy a high standard of living, with the option of working or studying, and access good healthcare.
