Budget 2023-24: Hong Kong revamps investment scheme for residency – but amount needed will be ‘multiples’ of old HK$10 million threshold
- Capital Investment Entrant Scheme will exclude property deals, Financial Secretary Paul Chan says
- Treasury chief Christopher Hui says officials will consider which asset types are allowed under the scheme
Overseas individuals can gain residency in Hong Kong by ploughing capital into the city under a revamped investment scheme announced by the finance chief on Wednesday, although the amount required will be multiples of the old HK$10 million threshold for a similar programme suspended eight years ago.
But the Capital Investment Entrant Scheme would exclude property deals and mainland Chinese residents, according to Financial Secretary Paul Chan Mo-po, who said the programme would enrich the talent pool and attract new money to the city.
“Applicants shall make investment at a certain amount in the local asset market, excluding property. Upon approval, they may reside and pursue development in Hong Kong. Details of the scheme will be announced later,” Chan said in his budget speech.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu later explained the investment amount under the new scheme would be “multiples” of the old one.
“But apart from financial assets, will there be other asset types that are related to or beneficial to Hong Kong’s long-term development that will be included? We will certainly consider it.”
Chan said: “Regarding this scheme, who is eligible or not will be the same as the last one. The last scheme did not include mainlanders. Therefore, it will not include them this time.”