“For the Singapore case, they have various categories of immigrant schemes for different people. And one of those is actually with a threshold of S$10 million [US$7.5 million], which is around HK$60 million,” Hui said.

“So, comparing the threshold as highlighted … and also the other parameters, we are confident that our scheme is competitive.”

Chief Executive John Lee Ka-chiu first announced the revised investment migration programme aimed at the wealthy and their families in his October policy address, but the scheme did not include those who were solely resident in mainland China.

However, Chinese nationals with permanent residence status in a foreign country, Taiwanese and residents of Macau are eligible.

Hui said the exclusion of mainland residents was in line with a previous version of the scheme, which was introduced in 2003 and halted in 2015.

Global slowdown, geopolitics biggest concerns for Hong Kong firms in year ahead

The proposal included a faster route to residency for people who invest at least HK$30 million in city stocks or other assets, excluding residential real estate – three times the requirement of a previous version.

Candidates must meet normal immigration and security requirements.

Ninety per cent of the HK$30 million must be invested in financial assets such as equities on the Hong Kong stock exchange, debt securities, cash deposits, subordinated debts, eligible collective investment schemes and limited partnership funds.

The remaining HK$3 million must be investments related to the development of the innovation and technology (I&T) sector and strategic industries.

Investments must remain in the city’s financial markets for at least seven years.

Potential investors and their dependants including spouse and children may first enter the city for up to 180 days as visitors to make initial investment arrangements, before they are formally granted an initial two-year right to stay.

After that, they will be allowed to apply for extensions at three-year periods at a time until they reach the seventh year, at which point they will be eligible for Hong Kong permanent residence.

Authorities earlier said they hoped the scheme would bring a substantial boost to the Hong Kong financial markets through fresh injections of capital.

The scheme is one of a series of measures designed to boost the city’s position as a financial hub amid increased competition from nearby jurisdictions, including Singapore.

Other incentives include tax breaks for global investments by Hong Kong-based family offices and art storage facilities at Hong Kong International Airport to encourage the wealthy to store their collections there.

Hong Kong to expand talent schemes to include Vietnam, Laos and Nepal

Singapore in March raised the threshold for its global investment citizenship programme from S$2.5 million to at least S$10 million in assets based in the city state.

The country’s Economic Development Board said the move was made with the aim of “selectively [attracting] individuals with the ability to make more economic impact for Singapore”.

The Hong Kong General Chamber of Commerce said the city’s new scheme would serve to enrich the talent pool and attract more capital.

Human resources expert Alexa Chow Yee-ping said the conditions of the Hong Kong scheme were much more favourable than Singapore’s, noting that except for pure investments, the city state also required investors to set up businesses and hire dozens of local staff.

“Setting up a business is much more complicated, and keeps out those who are only interested in investing and do not want to run a company,” she said.

Chow added that the Hong Kong scheme was likely to attract Chinese nationals abroad, or those interested in entering the mainland market and using the city as a springboard.

“I think authorities deliberately left out people who are solely Chinese residents because they wish to maintain a good mix of global applicants,” she said.

After Hong Kong’s expat exodus, talent search drives mainland Chinese influx

Legislator Doreen Kong Yuk-foon said the new scheme would be more attractive to investors than the previous version because permissible investment assets had been expanded to non-residential real estate and many were attracted to the city’s stable property market.

“Some found the scheme not very attractive in the past as we did not allow investors to buy real estate,” she said.

“Although it is not residential, I think it still has a certain appeal because our real estate is quite diverse.”

She also said Hong Kong’s appeal to global investors lay in its connection to the mainland market, an advantage over other cities.

“Those who invest in Hong Kong often want to get closer to the mainland market, which is different from investing in Singapore,” she said.