Hong Kong’s New Investment Visa Scheme Attracts 47 Applicants with HK$30 Million Investments
Hong Kong has seen a surge in interest in its new investment visa scheme, with 47 applicants already making investments of HK$30 million each in the city. The scheme, launched six months ago, has received a total of 500 applications, with 448 people having their assets verified by Invest Hong Kong (InvestHK), a government department focused on foreign direct investment.
Under the investment visa scheme, applicants are required to have net assets of at least HK$30 million over the previous two years before applying. Following the verification process, 47 individuals have met this requirement and invested the required amount in permissible assets in the city, pending approval from the Immigration Department.
The New Capital Investment Entrant Scheme allows foreign nationals, as well as residents of Taiwan, Macau, and mainland China who have obtained permanent resident status in a foreign country, to be granted a two-year visa if they invest at least HK$30 million in Hong Kong. The scheme aims to attract high-net-worth individuals to contribute to the city’s economy.
Expectations and Benefits of the Scheme
InvestHK announced that given the total of 500 applications received, the scheme is expected to bring over HK$15 billion to Hong Kong. Director-General of Investment Promotion Alpha Lau expressed optimism about the scheme’s potential to boost economic growth and create new opportunities for investment in the city.
The investments made under the scheme can be in various areas, such as non-residential real estate or financial products. Successful applicants who renew their visa and reside in Hong Kong for seven years may later apply for permanent residency in the city, offering long-term benefits for investors.
Global Interest and Debate
Earlier reports indicated that a significant number of applicants hailed from Vanuatu and Guinea-Bissau, sparking speculation about the reasons behind their interest in Hong Kong’s immigration scheme. With a per capita GDP of US$775 in 2022, Guinea-Bissau faces economic challenges, while Vanuatu’s GDP per capita was US$3,231 in the same year.
The influx of applicants from these countries raised questions about the motivations behind their applications and the potential influence of Chinese nationals who have gained residency in smaller nations. The government has not released updated data on the origins of applicants under the investment visa scheme, leaving room for further analysis and discussion.
In conclusion, Hong Kong’s new investment visa scheme has attracted significant interest from high-net-worth individuals seeking to invest in the city’s economy. With 47 applicants already meeting the investment requirements, the scheme holds promise for driving economic growth and attracting foreign capital to Hong Kong. As the program continues to evolve, it will be essential to monitor its impact on the city’s economic landscape and the demographic composition of applicants.