HONG KONG: The Hong Kong Special Administrative Region government unveiled the comprehensive framework of the forthcoming Capital Investment Entrant Scheme (CIES) on Tuesday, with plans to officially launch and commence accepting applications by mid-2024.

According to China Daily, the CIES seeks to strengthen Hong Kong’s asset and wealth management, financial and professional services sectors while bringing high-quality jobs, said Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury.

The scheme will accept applicants 18 and above, including foreign nationals and Chinese nationals abroad. Applicants must invest HK$30 million in designated assets, including HK$27 million in equities, bonds and funds and HK$3 million in a new CIES tech investment portfolio.

The portfolio will be managed by the Hong Kong Investment Corporation to support innovation, technology and strategic industries in Hong Kong, Hui explained. He said the tech focus aligns with Hong Kong’s goal to become an innovation
hub.

While the minimum investment is higher than the previous scheme, Hui said the CIES compares well to similar programmes elsewhere. “We are confident this scheme will be attractive,” he added.

Successful applicants can bring dependents to Hong Kong for renewable two-year stays. After seven continuous years, they can apply for permanent residency.
Source: Emirates News Agency