Editorial | Hong Kong has to ensure the talent it attracts stays
- Top Talent Pass Scheme drew nearly 46,500 successful applicants in the past financial year, and they must be encouraged to put down roots so local people can also benefit
Hong Kong’s scramble to draw top talent worldwide has paid off this past financial year. Nearly 2,000 professionals earning annual salaries of a least HK$10 million (US$1.3 million) successfully applied to move to the city under a government scheme.
There is optimism about the influx widening overall job opportunities, but authorities must focus on ensuring new arrivals stay, and that local people benefit.
The Security Bureau told lawmakers that 46,497 applications were approved under the Top Talent Pass Scheme in the 2023-24 financial year.
One category of recruits had to earn at least HK$2.5 million over the past 12 months. Targeting such high earners is based on expectations that they will bring business and investment to their adopted home.
Authorities introduced the Top Talent Pass Scheme in December 2022, promising successful applicants two-year visas, which can be extended only if holders remain employed or business owners here.
Graduates from the world’s top universities must have been working for three of the past five years.