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In Brief
On 11 March 2003, the Executive Council in Hong Kong endorsed "The Capital Investment Entrant Scheme" (the "Scheme") to facilitate the entry for residence by "Capital Investment Entrants". The SAR Government has accepted applications for the Scheme since late October 2003.
Under the Scheme, foreign investors who meets certain criteria and who have the financial means (see below for investment requirements) to invest in Hong Kong may apply to stay in Hong Kong together with their dependants, if any. After seven years' of continuous stay in Hong Kong, these capital-investment entrants (together with their dependants) may apply to become permanent residents of Hong Kong.
Investment requirements
Under the Scheme, the foreign investor is required to invest at least HK$6.5 million (the "Capital") in permissible investment assets.
Permissible investment assets include investments in real estate in Hong Kong and specified financial assets including Hong Kong equities, Hong Kong dollar debt securities, Hong Kong dollar certificate of deposits, subordinated debts denominated in Hong Kong dollars and approved unit trusts and mutual funds under the Eligible Collective Investment Scheme.
An applicant who has made investments in permissible investments assets not less than HK$6.5 million within six months before submission of his application is considered to have satisfied one of the criteria. However, investments made in Hong Kong dollar certificate deposits prior to application date do not meet the requirements.
In order to ensure that the entrant does not reduce the capital commitment in Hong Kong during the period he is permitted to stay in Hong Kong under the Scheme, portfolio maintenance and "ring-fencing" requirements will be imposed. In addition, regular reporting to the appropriate government authorities will also be required.
Persons eligible for the scheme
The Scheme will apply to the following persons:
- all foreign nationals (except those who are excluded by the Director of Immigration from time to time);
- Macao Special Administrative Region residents;
- Chinese nationals who have obtained permanent-resident status in a foreign country;
- stateless persons who have obtained permanent-resident status in a foreign country with proven re-entry facilities; and
- Taiwan residents.
provided that they are aged 18 or above when lodging an application and have no adverse immigration record and meet normal immigration and security requirements.
Dependants taking up employment in Hong Kong
Starting from 15 May 2006, the dependants of capital investment entrants admitted into Hong Kong are no longer required to obtain prior permission before taking up employment in Hong Kong.
We, at PricewaterhouseCoopers, can assist you in the application process and meeting the requirements for this Scheme.
About PricewaterhouseCoopers' Personal Financial Services
PricewaterhouseCoopers has a dedicated team of tax professionals who focus on delivering objective and integrated family wealth planning services to help high net worth individuals and families, owners/operators of closely held business and key executives to develop and implement comprehensive wealth plans and strategies.
If you require any additional information or have any questions regarding our personal financial services, please seek further advice from our Personal Financial Services professionals. |
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