On 3 July 2024, the Government of the Hong Kong Special Administrative Region announced that Immigration Department (“HKID”) had approved the first batch of visa applications under the New Capital Investment Entrant Scheme (“CIES”).
The announcement provided some “key numbers” of the CIES from 1 Match 2024 to 30 June 2024, including that 339 CIES applications had been received with 3 having been approved on the basis that the required HKD30 million investments have already been made and 88 being approved “in principle” – i.e. applicant’s had initially been granted 180-day visitor visas during which time they are required to meet the necessary investments to obtain their two year visa.
Director of Immigration Benson Kwok said the department is actively processing other applications and he believes the new scheme will bring new vitality and opportunities to Hong Kong.
The Director-General of InvestHK, Ms Alpha Lau commented that the CIES is expected to bring a vast pool of talents to Hong Kong, attracting successful businessmen and innovative entrepreneurs, and with current application numbers an expected investment of over HK$10 billion.
The announcement also referenced the recent 1 July 2024 announcement that non-Chinese Hong Kong permanent residents will soon be eligible for a “card-type document” allowing them, for a period of 5 years, to travel to and from mainland China without the need to obtain a separate visa.
For more details on the eligibility and specific requirements regarding the CIES, please refer to our article New Capital Investment Entrant Scheme Launches in Hong Kong.
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This article is for information purposes only. Its contents do not constitute legal advice and readers should not regard this article as a substitute for detailed advice in individual instances.
