The Hong Kong Golden Visa Scheme

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The Hong Kong Golden Visa Scheme

The Hong Kong Golden Visa Scheme

Hong Kong Government has opened a New Capital Investment Entrant Scheme (CIES Scheme) was launched by HK Government on March 1, 2024, aims to attract asset owners to settle in the city and attract high-net-worth investment opportunities through wealth allocation and management.

Eligibility

An Applicant must fall into one of the following categories covered by the Scheme:

  • foreign nationals
  • Chinese nationals who have obtained permanent resident status in a foreign country;
  • Macao Special Administrative Region residents; and
  • Chinese residents of Taiwan;

an Applicant must demonstrate that he has no adverse immigration record and meets normal immigration and security requirements. Only an individuals and NOT, for example, a corporation or trust is eligible for approval under the Scheme), and the singular includes the plural and vice versa. Ineligible – Nationals of Afghanistan, Cuba, and Democratic People’s Republic of Korea are excluded. The list of excluded countries/regions will be reviewed by the Security Bureau/ImmD from time to time. Stateless persons who have obtained permanent resident status in a foreign country with proven re-entry facilities will be eligible under the Scheme. Net assets – An Applicant must apply for a Net Asset Assessment: the Applicant should demonstrate to the satisfaction of DGIP that he has Net assets or Net equity to which he is absolutely beneficially entitled with a Market value of not less than HK$30 million Net (or equivalent in foreign currencies) throughout the two years preceding the date he lodged his application for Net Asset Assessment of the Scheme;

Minimum Investment

The requirements for the Applicant/Entrant to make investment of a minimum of HK$30 million (approx US$ 4 million) in the Permissible investment assets.

  1. Equities – shares of companies that are listed on the Stock Exchange of Hong Kong (“SEHK”) and traded in Hong Kong Dollars (“HKD”) or Renminbi (“RMB”);
  2. Debt Securities – Debt securities denominated in HKD or RMB, including fixed or floating rate instruments and convertible bonds fully guaranteed by government. listed on the SEHK and traded in HKD or RMB (including debt instruments issued in Hong Kong by the Ministry of Finance of the People’s Republic of China and local people’s governments at any level in the Mainland);
  3. Certificates of deposits – certificates of deposits denominated in HKD or RMB issued by authorised institutions as defined in the Banking Ordinance (Cap. 155 of the Laws of Hong Kong) with a remaining term to maturity of not less than 12 months at the time of acquisition by the Applicant/Entrant, subject to a cap of 10% (i.e. HK$3 million) of the minimum investment threshold.
  4. Subordinated debt – Subordinated debt denominated in HKD or RMB issued by authorised institutions in compliance with Schedules 4B and 4C of the Banking (Capital) Rules (Cap. 155L of the Laws of Hong Kong);
  5. Eligible collective investment schemes also possible
  6. Real Estate – Non-residential real estate, whether commercial and/or industrial (including pre-completion properties covering offices, commercial premises, retail premises and factories and excluding land and multi-purpose real estate partly for residential purposes) in Hong Kong, subject to a cap of HK$10 million.

Visa Conditions

Applicant who is granted Approval-in-Principle from DoI will be issued with a visa/entry permit for entering and remaining in Hong Kong on visitor status for not more than 180 days. Afterwards, upon obtaining of Formal Approval, under normal circumstances, the Applicant/Entrant and his dependants, where any, will be granted permission to stay for not more than 24 months on time limitation only, subject to the condition that the Applicant/Entrant continues to satisfy the requirements of the Scheme throughout this period. Further extensions for not more than three years will normally be granted on the same conditions and on the same basis upon subsequent successful applications for extension of stay.

CEIS Office

The New CIES Office under Invest Hong Kong is responsible for assessing the financial assets and investment of the Scheme Applicants/Entrants as well as monitoring their continuous compliance of the Investment Requirements and Portfolio Maintenance Requirements, while Immigration Department is responsible for assessing applications for visa/entry permit, extension of stay and unconditional stay pursuant to the Scheme.

Dependants

Under the New CIES, an Applicant may be allowed to bring in his/her dependants (i.e. spouse and unmarried dependent children under 18 years of age). He/she is allowed to work, be an office-holder or self-employed, or join in a business in Hong Kong. An Applicant and his/her dependants, upon a period of continuous ordinary residence in Hong Kong of not less than seven years, may apply for becoming Hong Kong permanent residents in accordance with the law. If the Applicant’s application for Verification of Eligibility for Permanent Identity Card is approved, he/she will be free to dispose of the Permissible investment assets invested under the New CIES subject to the terms and conditions of the underlying investments.

How To Apply

Below are the steps involved in filing the application.

  1. Net Asset Assessment Before an Applicant submits an Entry Application to Director of Immigration, he is required to first approach New CIES Office for verifying whether he has fulfilled the Net Asset Requirement. Upon New CIES Office’s verification that the Applicant has fulfilled the Net Asset Requirement, New CIES Office will issue a relevant certifying proof to the Applicant and notify Director of Immigration of the result.
  2. Entry Application –  Approval-in-Principle  The Applicant is then required to submit an Entry Application to Director of Immigration within the validity period of the certifying proof. If Approval-in-Principle is given after assessment from the immigration perspectives, Director of Immigration will grant a visa/entry permit to the Applicant for entering Hong Kong on visitor status for not more than 180 days for making the committed investment within the period.
  3. Assessment on Investment Requirements Upon the Applicant’s completion of making the committed investment within the specified investment timeframe, an Applicant is required to approach New CIES Office for verifying whether he has fulfilled the Investment Requirements. Upon New CIES Office’s verification that the Applicant has fulfilled the Investment Requirements, New CIES Office will issue a relevant certifying proof to the Applicant and notify Director of Immigration of the result.
  4. Entry Application – Formal Approval  The Applicant is then required to submit the certifying proof within its validity period to Director of Immigration, who will in turn resume his assessment on the Applicant’s Entry Application. Upon satisfaction from immigration perspectives, Director of Immigration will grant Formal Approval of the Entry Application. Permission to stay will normally be granted to the Applicant/Entrant and his dependants, where any, for not more than 24 months on time limitation only, subject to the condition that the Applicant/Entrant continues to satisfy the requirements of the Scheme throughout this period.
  5. Assessment on Portfolio Maintenance Requirements Upon expiry of the initial 24-month period, before an Entrant submits an application for extension of stay to Director of Immigration, he is required to first approach New CIES Office not earlier than 3 months before expiry of his limit of stay for verifying his continuous compliance with the Portfolio Maintenance Requirements. Upon New CIES Office’s verification that the Entrant has fulfilled the Portfolio Maintenance Requirements, New CIES Office will issue a relevant certifying proof to the Entrant and notify Director of Immigration of the result.
  6. Extension of Stay The Entrant and his dependants, where any, are required to submit an application for extension of stay to Director of Immigration before expiry of their limit of stay, notwithstanding the relevant certifying proof may have not yet been secured from New CIES Office. Depending on whether the Entrant subsequently submits the certifying proof, Director of Immigration will make decision on the application for extension of stay. Upon satisfaction of Director of Immigration from immigration perspectives that the Entrant and his dependants, where any, still meet the eligibility criteria under the Scheme, extension of stay for not more than three years will normally be granted to the Entrant and his dependants, where any. Further applications for extension of stay for not more than three years should follow the same application procedures.
  7. Permanent Residence An Entrant and his dependants, where any, who upon a period of continuous ordinary residence in Hong Kong of not less than seven years and subject to any other relevant requirements under the Immigration Ordinance (Cap. 115 of the Laws of Hong Kong), may apply to Director of Immigration for becoming Hong Kong permanent residents in accordance with the law.
  8. Unconditional Stay If the Entrant is unable to fulfill the continuous ordinary residence requirement while continuously satisfying the Portfolio Maintenance Requirements under the Scheme for not less than seven years, the Entrant and his dependants, where any, may apply to Director of Immigration for unconditional stay (which permits entry and stay in Hong Kong without being subject to any conditions or limit of stay) following the end of the seventh year.

Hong Kong SAR Passport

Entrants of Chinese nationality who are permanent residents holding valid permanent identity cards may apply for Hong Kong Special Administrative Region passports.