Recent Policy & Legal Developments

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Hong Kong’s Capital Investment Entrant Scheme (CIES) was officially relaunched in March 2024 following a ten-year suspension. Originally halted in 2015 due to concerns about overheating the real estate market and misuse by non-genuine investors, the revised 2024 version of the scheme represents a highly strategic recalibration. It was crafted not only to protect housing affordability for residents but also to reinforce Hong Kong’s reputation as a global capital hub.

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The new program, as announced by the Hong Kong Immigration Department and InvestHK, sets the minimum qualifying investment at HK$30 million (approximately US$3.8 million). Notably, up to HK$10 million of this amount may be allocated to non-residential real estate, while residential property is entirely excluded. This decision is directly tied to the Hong Kong government's objective to discourage speculative housing inflows and redirect high-net-worth capital into productive financial assets.

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Another important change involves the holding period, which has been shortened from the previously required 24 months to six months. Applicants must demonstrate possession of the qualifying assets over this duration prior to filing their formal application, along with clear documentation of ownership, origin of funds, and compliance with the designated asset list.

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Further reforms implemented in early 2025 introduced additional clarifications on jointly held assets. Under these rules, jointly owned properties, bank accounts, or securities may count toward the HK$30 million threshold so long as the applicant can demonstrate full legal entitlement to their portion of the asset. This shift was introduced in response to investor demand and to better accommodate applicants operating within trust structures, family offices, or marital regimes.

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Finally, the 2025 Budget increased the application fee to HK$600, while the visa issuance charge rose to HK$1,300, part of a broader fiscal sustainability effort. These changes were accompanied by commitments from InvestHK to streamline investment monitoring through digitized declarations, portfolio audits, and direct coordination with licensed financial institutions.

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