Security officials have been urged to impose restrictions on the proposed migration scheme for overseas investors to make sure they bring economic benefits to Hong Kong and not just money for speculation or fixed deposits.
Critics say the investors' migration scheme unveiled on Tuesday was too lax, with the Government planning no restrictions on investment options.
Security officials are considering offering permanent residency in seven years to foreigners who invest at least $6.5 million in Hong Kong.
The money would have to be invested in areas such as property, stock markets or investment funds. Applicants would not have to start a business to qualify. But the scheme would not for the moment extend to mainlanders because of immigration and foreign currency controls across the border.
While the investment of $6.5 million has been criticised as too high for Hong Kong, Eugene Chow King, an immigration lawyer and principal of Chow King and Associate, said the issue was not so much the price tag.
'What's the big deal if they put their money as fixed deposits in banks?' he said.