Investing migrants are not required to call city home
Successful applicants for the government's new investment immigration scheme will initially be given a two-year right of stay in Hong Kong - but will not have to live in the city.
Clarifying details of the scheme that were announced on Tuesday, Assistant Director of Immigration Peh Yun-lu said yesterday the Capital Investment Entrant scheme offered greater flexibility to investors as they would not be required to land in Hong Kong, as demanded by some countries' immigration policies.
Speaking on an RTHK radio programme, Mr Peh said the scheme would initially allow the successful applicants, their spouses and children aged under 18 to stay in Hong Kong for two years.
'But it would be a personal choice, whether they want to live in Hong Kong,' he said.
However, the investors must come to Hong Kong to extend their right to stay in the city after two years.
The scheme requires applicants to invest at least $6.5 million in property or financial assets. The money must remain invested for seven years before they and their families can apply for right of abode.
Eligible applicants include Macau and Taiwan residents, foreign nationals and Chinese nationals who have obtained permanent resident status overseas.
However, the scheme does not apply to mainland residents because of foreign exchange controls.
The scheme will open for applications on October 27 and vetting procedures are expected to take four to six weeks.
