Hong Kong is making strides to re-establish itself as a premier hub for affluent individuals and families, competing with other financial centers such as Singapore and Dubai. According to recent government figures, the city’s new investor visa program has attracted more than HK$10 billion (US$1.28 billion) in investments.
The new Capital Investment Entrant Scheme (CIES) has seen a significant number of visa applications approved, with formal approvals granted in less than three months. Between March 1 and June 30, the Hong Kong government received 339 applications, approved 88 in principle (granting 180-day visas for making investments), and fully approved three applications involving investments of HK$30 million each, according to a government statement released yesterday.
“The new CIES brings a vast pool of talent to Hong Kong, attracting successful businesspeople and innovative entrepreneurs,” said Alpha Lau, Director-General of InvestHK. “With the current application numbers, we expect investments exceeding HK$10 billion if all applications are approved. This influx will bolster Hong Kong’s asset and wealth management industry, helping the city regain its status as a preferred destination for wealthy individuals and their families.”
Following a period of lockdowns and other setbacks, Hong Kong is eager to regain its attractiveness. Even before the pandemic, rival cities such as Dubai and Singapore had begun to lure business by introducing their own family office offerings. Hong Kong’s new investor visa scheme is a strategic move to counteract these challenges and restore its competitive edge.