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Hong Kong’s new cash for residency scheme receives 251 applications by end of May

  • Government says if all cash for residency applicants approved, Hong Kong stands to get cash injection of more than HK$7.5 billion

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A street in Bissau, the capital of Guinea-Bissau in West Africa, which provided 100 of the 251 Hong Kong cash for residency applications. Photo: Handout

Hong Kong’s revised cash-for-residency scheme has received 251 applications and 43 of them have been given in-principle approval, the city’s financial services and treasury chief has revealed.

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More than 75 per of the applicants were from Guinea-Bissau in West Africa and Vanuatu in the southwestern Pacific.

There were 100 applications from Guinea-Bissau and 92 from Vanuatu.

Christopher Hui Ching-yu told legislators more than HK$7.5 billion (US$960 million) would be injected into the Hong Kong economy if all the applications won full approval.

“We are confident that the new scheme is attractive to investors who desire to invest and build their future in Hong Kong,” Hui said.

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He added the city was also confident the changed programme, launched about four months ago, would “bring capital that will help enhance Hong Kong’s position as an international asset and wealth management hub”.

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