Hong Kong Immigrant Investment Scheme Attracts HK$1.3 Billion

by Mary Swire, Tax-News.com, Hong Kong

11 June 2004

The Hong Kong government has revealed that its Capital Investment Entrant Scheme has brought around HK$1.3 billion in investment into the city (US$166.7 million) in its first seven months.

The program requires that applicants make a minimum investment of HK$6.5 million in real estate or securities in return for the granting of Hong Kong residency status.

By the end of last month, the government of the SAR had approved 111 such applicants who have already invested a little under $HK800 million.

A further 82 applications have been granted “approval-in-principle" allowing the applicants concerned to arrive in Hong Kong as visitors to make the necessary investment, expected to total HK$500 million.

The programme had received a total of 339 applications up to the end of May, Secretary for Security, Mr Ambrose S K Lee explained in a written response to a question tabled in the Legislative Council.

Of this number, 137 are foreign nationals (the majority from the US, Canada, Indonesia and the Philippines), 158 are Chinese nationals who have obtained permanent resident status in a foreign country, 33 are Taiwan residents, 10 are Macao Special Administrative Region (SAR) residents and one is a stateless person who has obtained permanent resident status in a foreign country.

In formulating the scheme, the Hong Kong government has looked to similar systems in operation in other countries. However, Lee noted that the government has striven to make the programme more flexible than those operating elsewhere regarding the choices of investment available, in an attempt to “attract quality immigrants.”

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