Recently, the Hong Kong SAR Government has introduced a number of new and optimized measures for the entry of talents, facing the world “to grab talent”, to obtain widespread attention and positive feedback.The Chief Executive of the HKSAR, Mr. Lee Ka Chiu, said that Hong Kong is one of the world’s most competitive economies, but also an important window for the Mainland to connect to the international market, the HKSAR Government must be more proactive and enterprising “to grab talent”, to strengthen the development of kinetic energy, to maintain the vitality of development.“Grabbing Talents” – Attracting at least 105,000 talents by 2025According to the target set by the SAR Government, it is expected that during the period from 2023 to 2025, at least 35,000 talents will be attracted annually through various talent admission programs, i.e., at least 105,000 talents will be attracted in three years.Top Talent Pass ProgramThe Highly Talented Persons Passport Scheme (“HTPP”) is launched by the Government of the Hong Kong Special Administrative Region of China, mainly for highly educated and high-income earners, who can experience working and living in Hong Kong within the next 24 months. on December 28, 2022, the scheme officially started to accept applications. The Highly Talented Persons (HTP) Program aims to attract high-end talents with extensive work experience and high academic qualifications from around the world to explore opportunities in Hong Kong.According to the policy issued by the Hong Kong SAR Government, talents admitted through the program will be granted a two-year visa and can apply for a permanent identity card after residing in Hong Kong for seven years.How to apply for the “Highly Talented Persons Scheme”? Which talents are suitable for the “Highly Talented Persons Program”, click to view.Good news, the list of prestigious universities under the scheme has been increased to 184, with Wuhan University, Xi’an Jiaotong University and Harbin Institute of Technology being added to the list.In addition, Hong Kong has set up a talent service window entity office, will be joint various talent grabbing, talent retention measures to assist the long-term development of talent in Hong Kong.
Capital Investment Entrant ProgramApplicants must have a net worth of not less than 30 million Hong Kong dollars, and investment in permitted financial assets, non-residential real estate and other 3 types of permitted investment assets.It is noted that the new scheme will accept applications from eligible persons aged 18 or above. Applicants must prove that they have absolute beneficial ownership of a net worth of not less than HK$30 million in the two years prior to the date of application and must invest at least HK$30 million in permissible investment assets, including at least HK$27 million in permissible financial assets and non-residential real estate, as well as HK$3 million in the new “Capital Investment Entrant Scheme Investment Portfolio”. and HK$3 million in a new “Capital Investment Entrant Scheme Portfolio”.The portfolio will be set up and managed by the Hong Kong Investment Management Company Limited, and will invest in Hong Kong-related companies or projects, with a view to supporting the innovation and technology sector and other key industries that are conducive to the long-term development of Hong Kong’s economy. “grabbing enterprises” – the establishment of companies in Hong Kong has many advantagesHong Kong will develop a “headquarters economy” to attract companies to set up their headquarters in Hong Kong. The Hong Kong Government has contacted more than 200 key companies, 30 of which are planning to set up or expand their operations in Hong Kong, involving new investments of about HK$30 billion and expected to provide about 10,000 jobs.In addition, foreigners who have registered their companies in Hong Kong can apply for a two-year or longer “one visa, multiple-entry” visa from the China Visa Application Service Center in Hong Kong to travel to the Mainland, and will receive expedited processing.To learn more about Hong Kong company registration, click here to view.
Other heavy favorable measuresStamp Duty AdjustmentThis is absolutely good news for foreigners who have the need to purchase properties in Hong Kong:1. The stamp duty rates for buyer’s stamp duty and stamp duty for new residential properties have been reduced by half, from 15% to 7.5%.2. The stamp duty on property purchases for foreign talents will be exempted first and then levied. The relevant tax will be waived at the time of purchase, and then paid if the person concerned fails to become a permanent resident of Hong Kong.Simply put, the previous need to pay up to 30% of the stamp duty, after the purchase of property in Hong Kong will be exempted from stamp duty, such as the success of the transfer of permanent residence, then the ad valorem stamp duty of 1.5%-4.25%; if not successful, then the new residential stamp duty 7.5% + buyer’s stamp duty of 7.5% = 15% of the tax.For example, for a HK$6 million property, the tax is reduced from $1.8 million to $135,000, a full $1.66 million difference in cost!Each newborn baby in Hong Kong will receive $20,000 cash bonusTo encourage childbirth, the SAR government will set up a newborn baby bonus. Starting today, newborn babies born in Hong Kong and whose parents are Hong Kong permanent residents will receive a one-time HK$20,000 cash incentive.
Building an International Education HubThe current annual level of about 15,000 bachelor’s degree subsidized places calculated to increase the limit means that non-local students from the current maximum of 3,000 people, doubled to 6,000 people.From the above favorable measures can be seen, Hong Kong to the outside world to release a strong signal: to attract talent, retain talent in the development!Taking advantage of the hot trend and favorable period in these two years, Elite Stage suggests you to seize the opportunity to assess the feasibility of your application for Hong Kong status.