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Hong Kong Chief Executive announces several upcoming immigration changes
On 25 October 2023, the Chief Executive of Hong Kong announced various updates relating to the jurisdiction’s immigration policies. The Chief Executive announced the following upcoming changes in the 2023 Policy Address (i) establishment of a physical office of Hong Kong Talent Engage (HKTE) by the end of October 2023 to provide support for talent arriving in Hong Kong from outside; (ii) addition of eight institutions located in China Mainland and abroad to the list of eligible universities under the Top Talent Pass Scheme effective November 2023; (iii) implementation of the Vocational Professionals Admission Scheme on a pilot basis for two years; and (iv) resumption of the Capital Investment Entrant Scheme, which will enable investors who make qualifying investments of HKD 30 million (approx. USD 3,836,000) or above in assets in Hong Kong (e.g., stocks, funds or bonds, excluding real estate) to apply for entry and residence authorization.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.