In his 2023 Policy Address on 25 October 2023, the Chief Executive announced the launch of the New Capital Investment Entrant Scheme (New CIES), which officially commenced on 1 March 2024. For details of the New CIES, please refer to our previous article here.
In his 2024 Policy Address last week (16 October 2024), the Chief Executive announced an amendment to the rules of the New CIES.
Amendment relating to permissible investment assets
To recap, investments must fall under two categories: -
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HK$3 million (representing 10% of the permissible investment amount) must be allocated to the New CIES Investment Portfolio.
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The remaining HK$27 million (representing 90% of the permissible investment amount) must be invested in permissible financial assets and/or real estate.
The option to invest in real estate has now been amended to include residential properties, effective from 16 October 2024. The investment must be made in one single property with a transaction price of HK$50 million or above, and includes a property with a date of completion falling on or after 16 October 2024. The effective date of 16 October 2024 applies solely to investments in residential real estate.
For the purposes of the New CIES, "date of completion" refers to the date of payment on completion, or if payment is made in instalments, the date of payment of the last instalment. The individual is considered to have made the investment in real estate on the date of completion.
Investments via a wholly-owned company
The Chief Executive also announced that investments made through an eligible private company wholly-owned by an applicant will be counted towards the applicant’s eligible investment, effective from 1 March 2025. Further details will be announced in due course.
Key takeaways
With this amendment to the rules of the New CIES, the expanded scope of permissible investment assets has made it more straightforward for individuals and their dependants to settle in Hong Kong by investing in a home. This paves the way to obtain permanent residency status after seven years of continuous ordinary residence in Hong Kong.
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