Hong Kong will soon relaunch its residency-by-investment program. What is known at the moment?

The Hong Kong government suspended the residency program for investment in 2015 to focus on attracting talent rather than investment.

“At the moment, we don't need to raise capital.” “What we need now is talent, not capital,” said Leung Chun-ying, Chief Executive of Hong Kong at that time.

Now, however, the country is restarting the program to rebuild the economy after the COVID-19 pandemic. It is important to keep in mind that real estate investments will not be included in the scheme.

Authorities have stated that participants will be able to apply for permanent residency after seven years of status under the program. Everyone except mainland Chinese citizens can participate.

The amount of investment has not yet been officially announced, but Hong Kong Financial Secretary Paul Chan expects it to exceed HK$14 million (US$1.78 million). This exceeds the previous limit of HK$10 million (US$1.27 million).  

“We don't need to attract everyone, but if 5 percent of the wealthiest people want to come, it will be a huge success,” the official explained.