But some critics remain sceptical whether the economy will benefit greatly from the Capital Investment Entrant Scheme given that the plan cannot be extended to mainland residents. They also say the minimum investment amount is too high.

Applicants must invest $6.5 million into property or financial assets, or a combination of both. The money must remain invested for seven years before the applicants and their families can apply for right of abode.

Applicants will also be subject to security vetting and those who have committed serious criminal offences will not be accepted.

Entrants will not be allowed to cash in any capital appreciation of their qualifying portfolio. If the value of the portfolio falls below the original $6.5 million, no topping up is required. But regular reporting to the government on the composition and value of the portfolio is required.

The scheme applies to foreign nationals, residents of Macau and Taiwan, Chinese nationals who have obtained permanent resident status overseas and stateless people who have obtained permanent resident status in a foreign country with proven re-entry facilities.

Successful applicants will be allowed to bring in their spouses and unmarried dependant children aged under 18. After seven years of continuous ordinary residence in Hong Kong, they may apply for the right of abode.

Deputy Secretary for Security Michael Wong Wai-lun said the new capital brought in by investors would boost the economy and consumption.

Mr Wong said the government had received numerous inquiries from people in Southeast Asia, the United States, Canada and Australia since the scheme was unveiled a few months ago. Mr Wong defended the $6.5 million investment requirement, which has been criticised as too high.

'In Britain, you need to invest GBP750,000 (HK$9.69 million). In Singapore, you need S$1.5 million (HK$6.7 million). There are places where the amount required is lower, such as Australia and Canada. We find it hard to have a perfect amount,' he said.

Mr Wong said the government would review the scheme after 12 to 18 months, including whether there was a need to adjust the minimum investment amount.

William Kuo, head of Baker McKenzie's executive transfer and immigration group, said the company had received more than 100 inquiries about the scheme in the past few months, especially from India and Pakistan. He believed the new scheme would be able to attract 200 to 300 applicants each year.

But Edwin Lai Lun-cheung, associate professor of City University's Department of Economics and Finance, doubted the scheme would greatly boost the economy or resolve unemployment problems given its failure to include mainland residents and limitations in the allowed investment tools.

Society of Hong Kong Real Estate Agents president Alex Tang Yee-man expects the scheme to have only little impact on the property market. He said the investment amount should be lowered to $3 million.

THE RULES

Applicants must invest $6.5 million in property or financial assets, or a combination of both.

The money must remain invested for seven years.

Regular reporting is required on the composition and value of the investment portfolio.

Investors are not allowed to cash in any capital appreciation of the portfolio. If the value falls below $6.5 million, no topping up is required.

Successful applicants will be allowed to bring in their spouses and unmarried dependent children aged under 18.