Hong Kong Residence by Investment

The New Capital Investment Entrant Scheme (New CIES) is Hong Kong’s residence-by-investment programme, relaunched in March 2024 by InvestHK and the Immigration Department of the Hong Kong Special Administrative Region. The scheme enables qualifying foreign nationals to obtain a Hong Kong entry visa by investing a minimum of HKD 30 million in eligible financial assets and non-residential real estate, including a mandatory HKD 3 million contribution to a new Innovation and Technology (I&T) Investment Fund managed by the Hong Kong government. The programme replaces the original Capital Investment Entrant Scheme which was suspended in 2015.

Eligible assets include equities listed on the Hong Kong Stock Exchange, bonds (including government and corporate bonds), certificates of deposit, subordinated debt issued by authorised institutions, eligible collective investment schemes (funds), and limited partnership funds registered in Hong Kong. Non-residential real estate in Hong Kong — such as commercial or industrial property — also qualifies as part of the HKD 27 million portfolio. Residential property is explicitly excluded. The HKD 3 million Innovation and Technology Fund contribution is a separate mandatory component. All investments must be held through authorised financial institutions in Hong Kong.

No. Residential property is explicitly excluded from the list of eligible investments under the New CIES. This is a deliberate policy decision by the Hong Kong government to ensure that the programme channels capital into productive financial assets and the innovation economy rather than the residential property market. Applicants may purchase residential property for personal use, but this investment will not count toward the HKD 30 million qualifying threshold. Non-residential property (commercial or industrial) may be included as part of the eligible portfolio.

The New CIES is open to foreign nationals holding a valid passport from any country except Mainland China. Applicants from Macau, Taiwan, and stateless persons with permanent residence in a foreign country may also be eligible under specific conditions. The applicant must demonstrate net assets of at least HKD 30 million throughout the two years preceding the application. There is no age restriction beyond the requirement that the main applicant must be at least 18 years old. The programme is designed for high-net-worth individuals seeking to establish a base in Asia’s premier financial centre.

Every New CIES applicant must contribute HKD 3 million to the Innovation and Technology (I&T) Investment Fund, a new government-managed vehicle established alongside the programme’s relaunch. This contribution is mandatory and forms part of the total HKD 30 million investment. The fund is designed to channel investor capital into Hong Kong’s innovation and technology ecosystem, supporting the government’s strategic objective of developing Hong Kong as an international innovation hub. The contribution is a one-time commitment and is managed by the government on behalf of investors.

Applicants must maintain their qualifying investment portfolio throughout the duration of their residence in Hong Kong. The initial entry visa is granted for two years, followed by renewals on a 2+3 year cycle. At each renewal stage, the Immigration Department verifies that the HKD 30 million investment remains deployed in eligible assets. Portfolio rebalancing is permitted — investors may switch between eligible asset classes — but the total value must remain at or above the HKD 30 million threshold. Failure to maintain the investment may result in non-renewal of the visa.

Yes. After seven years of ordinary residence in Hong Kong, New CIES visa holders may apply for the right of abode — Hong Kong’s permanent residence status. Permanent residents enjoy the right to live, work, and vote in Hong Kong without restriction, and may apply for a Hong Kong SAR passport, which provides visa-free or visa-on-arrival access to over 170 countries. The seven-year requirement is calculated from the date of first entry under the New CIES visa. “Ordinary residence” requires that Hong Kong serves as the applicant’s centre of life during this period.

Hong Kong operates a territorial tax system, meaning only income sourced in Hong Kong is subject to tax. The maximum salary tax rate is 17%, and the corporate profits tax rate is 16.5% (with a reduced rate of 8.25% on the first HKD 2 million of profits). There is no capital gains tax, no withholding tax on dividends, no VAT or sales tax, and no estate duty. Offshore income — including investment gains, dividends, and interest earned outside Hong Kong — is generally not taxable. This territorial system makes Hong Kong exceptionally attractive for internationally mobile investors with diversified global income streams.

Yes. The main applicant’s spouse and unmarried dependent children under 18 may be included as dependants under the New CIES application. Dependants receive their own visas granting the right to live and study in Hong Kong. Dependant spouses may also work in Hong Kong. After seven years of ordinary residence, dependants may independently apply for permanent residence. Hong Kong offers excellent international schools, a world-class healthcare system, and a safe, cosmopolitan environment for families.

The standard processing timeframe for a New CIES application is approximately four to six months from submission to approval in principle. This includes the Immigration Department’s review of the application, verification of net assets and source of wealth, and background checks. Once approved in principle, the applicant must deploy the full HKD 30 million investment within six months of arrival in Hong Kong. Engaging experienced advisors, preparing comprehensive documentation, and structuring the investment portfolio in advance can help ensure the process proceeds without delays.