Wealthy clients turn to HSBC, Manulife, Bank of China amid heightened interest in Hong Kong’s cash-for-residency scheme
- Financial firms flooded with inquiries after government started accepting applications under the revamped investment migration programme
- Applicants need to invest at least US$3.8 million in stocks, bonds, investment-linked insurance policies or commercial property to qualify for residency
Hong Kong’s leading banking and finance firms are being bombarded with inquiries related to a cash-for-residency scheme since its launch on March 1.
HSBC, Bank of China (Hong Kong) (BOCHK), Manulife and Everbright Securities International are among those that have seen heightened interest in products from prospective clients under the revamped Capital Investment Entrant Scheme (CIES).
InvestHK, which is responsible for assessing whether the applications fulfil the financial requirements under the scheme, said it had received more than 100 enquiries from different channels, of which nearly 70 per cent were from professional service providers.
The scheme has garnered considerable interest, with the department receiving applications on the first day, said Alpha Lau, the director general of InvestHK, who did not reveal the exact number.
“It shows that high-net-worth individuals … are interested in the diverse investment channels the city has to offer and wish to settle in Hong Kong with their families.”