Hong Kong Receives 251 Applications for New Investment Migration Scheme, with Majority from Vanuatu and Guinea-Bissau.
Hong Kong has received 251 applications for its newly launched investment migration scheme, with the majority coming from residents of Vanuatu, a South Pacific island nation, and Guinea-Bissau in West Africa.
The New Capital Investment Entrant Scheme, which was introduced on March 1, allows foreign nationals, as well as residents of Taiwan, Macau, and mainland China who have obtained permanent residency in a foreign country, to apply for a two-year visa in Hong Kong. To qualify, applicants must invest at least HK$30 million in permissible assets in the city, such as non-residential real estate or financial products. Those who renew their visa and continue to live in Hong Kong for seven years can apply for permanent residency.
This scheme is part of Hong Kong’s broader efforts to attract high-net-worth individuals to the city, complementing existing talent attraction initiatives aimed at addressing a brain drain in the professional sector.
Among the 251 applications received between March 1 and the end of May, 100 were from permanent residents of Guinea-Bissau and 92 from Vanuatu. Other applicants came from countries including Canada, Australia, Singapore, and South Korea, according to government data released on Wednesday.
As of the end of May, the Immigration Department had not officially approved any applications under the scheme. However, Secretary for Financial Services and the Treasury, Christopher Hui, stated in a written response to a lawmaker’s inquiry that the department had granted “approval-in-principle” for over 40 applications. This preliminary approval allows applicants to enter Hong Kong as visitors to make their committed investments.
‘Buying Permanent Residency’
A financial commentator speculated on Facebook that the high number of applicants from Vanuatu and Guinea-Bissau could be linked to Chinese nationals acquiring permanent residency in smaller countries. On the Chinese social media platform Xiaohongshu, immigration agents have advertised opportunities to obtain permanent residency in Guinea-Bissau for as little as 20,000 Renminbi. One of the benefits highlighted was the ability to apply for Hong Kong’s investment migration scheme.
Guinea-Bissau, with a population of around 2.1 million, had a per capita gross domestic product (GDP) of approximately US$775 in 2022, according to the World Bank. Vanuatu, with a population of about 326,000, had a GDP per capita of US$3,231 in the same year. In contrast, Hong Kong’s GDP per capita in 2022 was US$48,983.
A 2014 Reuters report revealed that some Chinese officials and wealthy Chinese nationals had “bought permanent residency” in African countries like Gambia and Guinea-Bissau to participate in Hong Kong’s previous investment immigration scheme, which was suspended in 2015. The report mentioned that an immigration agency claimed a family could obtain residency in Guinea-Bissau with just a copy of a Chinese passport, birth and marriage certificates, a clean criminal record, 12 passport photos, and 15 working days.
Between 2003 and 2007, over 1,100 applicants were approved under Hong Kong’s former investment immigration scheme, with 414 applicants from Gambia and 42 from Guinea-Bissau. Additionally, 208 applicants were from Canada, and 126 were from New Zealand, according to the Hong Kong government.