On February 26, Hong Kong’s latest Budget was released, continuing the government's strong push to attract talent. The government has further optimized the "Talent Admission Scheme for Mainland Professionals" and the "General Employment Policy," allowing young non-degree professionals with technical qualifications and experience to come to Hong Kong and fill labor shortages in technical roles.
The government has also optimized the "New Capital Investment Entrant Scheme," making the application criteria more flexible and encouraging high-net-worth individuals to invest in Hong Kong.
New Capital Investment Entrant Scheme
The key changes relax the regulations surrounding the review and calculation of net assets, with the new rules officially coming into effect on March 1, 2025.
Shortened Asset Review Period
Under the new regulations, applicants now only need to prove that their net assets were no less than HKD 30 million within the six months before submitting the net asset review application (previously, applicants had to prove assets within the past two years).
Family Members’ Shared Assets
Previously, the scheme only allowed for the calculation of a single individual's assets, which could be difficult for some families to meet the set thresholds. However, under the new policy, assets jointly owned by applicants and their family members can now be included in the calculation.
Private Company Investments
In addition, investments in privately owned companies by the applicant will now count towards the investment amount under this scheme. This change will create a synergistic effect when combined with the option to establish a family office in Hong Kong.
Financial Secretary, Paul Chan Mo-po
To date, the "New Capital Investment Entrant Scheme" has received more than 880 applications, expected to bring in over HKD 26 billion in investment. The government is about to introduce a series of further optimization measures to provide greater flexibility for this scheme.
Conclusion
The release of this Budget highlights the Hong Kong government's determination to actively attract global talent. Future measures are expected to further enhance the appeal of the scheme, bringing in more investment and talent, which will have a profound impact on Hong Kong's economic development.
If you are considering relocating to Hong Kong, feel free to contact Oceanus Strategic.
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