The New Capital Investment Entrant Scheme - Invest in Hong Kong, migrate to prosperity

Since the launch of the New Capital Investment Entrant Scheme (the new CIES) on 1 March, Invest Hong Kong (InvestHK) has recorded over 140 applications and more than 2,500 enquiries as of early May. This reflects the strong confidence from high-net-worth individuals in Hong Kong.

In brief

• The Hong Kong Special Administrative Regions (SAR) Government announced details of the new CIES on 19 December 2023 and has started to accept applications since 1 March 2024.
• The new CIES is one of the eight policy measures introduced by the Hong Kong SAR Government to develop Hong Kong’s vibrant ecosystem for global family offices and asset owners.
• Eligible applicants should make investments of at least HK$30 million in permissible assets in Hong Kong and will be permitted to enter and stay in Hong Kong.

Eligible assets

Under the new CIES, the applicant must invest a minimum of HK$27 million in permissible financial assets and non-residential real estate (subject to a cap of HK$10 million). HK$3 million is required to be invested into a new CIES investment portfolio (which is being set up and managed by the Hong Kong Investment Corporation Limited to make investments in the innovation and technology sector and strategic industries with Hong Kong nexus).

The permissible financial assets include equities, debt securities, certificates of deposits (subject to a cap of HK$3 million), subordinated debt, eligible collective investment schemes and limited partnership funds. Specific requirements will need to satisfy for different assets (e.g., shares being listed on the Stock Exchange of Hong Kong and traded in Hong Kong Dollars or Renminbi).

Application procedures

Throughout the application procedure, the new CIES office under the InvestHK will be responsible for assessing whether the applications fulfil the net asset and investment requirements, while the Immigration Department will be responsible for assessing the applications for visa or entry permits and extensions of stay.

The applicant must engage a Certified Public Accountant (Practicing) in Hong Kong to issue asset verification reports and provide relevant supporting materials to the Net Asset Assessment and Assessment on Investment.

After the formal approval, the new CIES office would make verification for continuous compliance with the portfolio maintenance requirements throughout the scheme. Submission of a Fulfillment of Portfolio Maintenance Requirements to be prepared by a Certified Public Accountant (Practicing) in Hong Kong to the new CIES office is required after the first anniversary of the grant of formal approval and each subsequent anniversary. 

Why EY

Throughout the application journey, EY can provide comprehensive support on assurance, immigration, tax, strategy, transaction and valuation matters. You can download our CIES flyer for further reference of our work scope.

EY Private works with 75% of the world’s top family enterprises and are well placed to support families in defining their values and purpose to preserve cohesion through successive generations. We bring together different service lines across the globe that share a passion for supporting the ambitions of entrepreneurs, private businesses and owners with tax services that help enable growth and transformation and to enhance your financial wellness.