A new Hong Kong scheme to attract capital and high-net-worth individuals has garnered more than 50 applications in one month, South China Morning Post reported.
InvestHK, the foreign investment agency, confirmed on Tuesday that it has received dozens of applications and over 1,600 inquiries since the debut of the New Capital Investment Entrant Scheme on March 1, with a significant portion coming from the professional services sector.
Alpha Lau Hai-suen, the Director-General of Investment Promotion, highlighted that the scheme is indicative of high-net-worth individuals’ trust in Hong Kong’s stable and diverse investment landscape.
“It shows strong confidence among high-net-worth individuals in [a] stable business environment, and the diverse investment opportunities Hong Kong has to offer,” she said.
The government aims to further enhance the city’s appeal as a leading financial hub with additional incentives. Announced by Hong Kong Chief Executive John Lee Ka-chiu, the programme seeks to attract wealthy individuals and their families with a promise of faster residency in exchange for a minimum investment of HK$30 million in stocks or assets, excluding residential properties.
This investment requirement is notably higher than previous schemes, with a substantial portion directed towards financial assets and a portion towards innovation and strategic industries, with a mandatory seven-year investment period.
The scheme involves a thorough vetting process by various government bodies, including InvestHK and the Immigration Department. It excludes residents of mainland China, unless they hold permanent residency abroad or are from Macau or Taiwan.
Despite comparisons to Singapore’s more stringent investment programme, Hong Kong officials remain confident in their scheme’s regional competitiveness.