- May 23,2013
- Dramatic increase in the number of English immigrants immigrants in London in 2031 will exceed nationals
- ID 990A - Application for Entry for Employment as Professionals in Hong Kong
- ID 990B - Application for Employing Professionals in Hong Kong (to be completed by the employing company)
- ID 999A - Application for Entry for Investment (to establish/join in business) in Hong Kong (to be completed by the applicant)
Hong Kong Visa & Immigration News
- 2012 Approved of applications for entry
- May 2, 2013
Capital Investment Entrant Scheme (CIES)
The CIES was launched in October 2003 with the objective of facilitating the entry for residence of capital investment entrants, i.e. persons who wish to make capital investment in Hong Kong but would not be engaged in the running of any business here. The entrant is allowed to make his choice of investments among permissible assets without the need to establish or join in a business.
Since March 16, 2009, applicants under the CIES have been able to, at their own cost, engage a Certified Public Accountant (Practising) (who is a member of the Hong Kong Institute of Certified Public Accountants (CPA) to issue a report) to demonstrate that they meet the asset requirement under paragraph 2.1(b) of the Scheme Rules. The arrangement is optional and will not affect the result of their application. As at the end of 2012, 12 391 applicants had submitted applications with a CPA report, amounting to around 64 per cent of the new applications received, and 8 864 of them were granted Approval-in-principle or Formal Approval.
In 2010, the Government reviewed and amended the rules of the CIES. The following amendments were introduced to the CIES with effect from October 14, 2010:
i) the threshold of investment (and net assets/net equity requirement) for admission to Hong Kong under the CIES is raised from $6.5 million to $10 million;
ii) real estate is suspended temporarily as a class of Permissible Investment Assets (PIA) under the CIES; and
iii) an insurer authorised to carry on Class C business as specified in Part 2 of the First Schedule to the Insurance Companies Ordinance is permitted to act as a financial intermediary for the purposes of the CIES.
The Government will review the CIES in 2013 in order to ensure that the Scheme is up to date and would continue to serve the overall best interests of Hong Kong.
As at the end of 2012, 26 492 applications had been received. A total of 16 915 applicants had made the requisite investments and were given formal approval to reside in Hong Kong. They invested a total of $129.8 billion in permissible investment assets, representing an average of $7.67 million per entrant. Additionally, a total of 1 724 applicants were given Approval-in-principle to enter Hong Kong to make the requisite investments. The monthly average of applications received was 542 in 2012.
- 2012 Approved of applications for entry
- April 30, 2013
Quality Migrant Admission Scheme (QMAS)
Under the QMAS launched in June 2006, talented people from around the world can apply to settle in Hong Kong without first securing an offer of local employment. Up to the end of 2012, 8 684 applications had been received. Twenty-five selection exercises were conducted and 2 392 applicants were allotted places - 2 202 under the General Points Test (GPT) and 190 under the Achievement-based Points Test (APT). Successful applicants under the GPT were mainly from financial and accounting services, information technology and telecommunications, and commerce and trade. Under the APT, successful applicants mainly came from the sports, arts and culture sectors.
Changes have been made to the scheme since January 2008 to attract more aspiring young talents as well as professionals with significant accomplishments and proven ability. These changes include lifting the upper age limit and adjusting the marking scheme under the GPT. From February 2008 to December 2012, the average monthly applications intake was 164, a substantial increase when compared with the average monthly intake of 67 before the changes. It indicates that the changes have been effective in attracting more applications from quality migrants.
- 2012 Approved of applications for entry
- April 27, 2013
Admission Scheme for Mainland Talents and Professionals (ASMTP)
The ASMTP has attracted a wide variety of qualified talents and professionals from the Mainland to come to work in Hong Kong since its implementation on July 15, 2003. Up to the end of 2012, a total of 67 523 entry applications for employment had been received. The main sectors of employment were academic research and education, arts and culture, and commerce and trade. In 2012, 8 105 applications were approved, representing a slight increase of 0.2 per cent when compared with 8 088 applications in 2011.Hide Details
- Singapore Protest Biggest Since Independence
- February 19,2013
In rare show of anger, crowd voices opposition to policy of increasing immigrat numbers, especially Chinese immigrats
Singapore rare anti-government demonstrators rally, 4,000 people braved the rain to take to the streets to protest the input immigration policy, the Chinese immigrants is regarded as "public enemy". Singapore economic growth outperformed Hong Kong in recent years, but the introduction of a large number of professionals also bring social conflicts and grievances deepen.
A rare anti-government demonstrations in Singapore last Saturday's rally has been described as the largest since Independence. The flashpoint in Singapore late last month, the Government published a White Paper on Population. The Government has made it clear that with the aging population, low fertility, it is necessary to introduce a more the young immigrant balance population structure will be introduced each year 15,000 to 25,000 immigrants, by 30,000 citizens. The White Paper is expected that the population will grow from the current 5.3 million people in 2030 from 6.5 million to 6.9 million, that is up to 30% increase.
Contradiction increases by increasing population from mainlanders who become "public enemy"
In fact, Singapore absorbs an alarming number of immigrants from 2001 to 2011, the population increased by more than 100 million, majority from importing population. But immigration policy is not welcomed by the local people, he bear the brunt of Chinese immigrants to become conflict spearhead. Demonstrations leader Mr. Wu had published an article last year, criticized the Chinese immigrants rude, Chinese women were regarded as "grab the others husband of woman", but also refers to Chinese immigrants is "public enemy number one" of the local population.
Singapore locals and immigrants intensify the conflict, the Singapore Government certainly see in the eyes, then why still insisted absorb a large amount of immigrants? Behind it is to continue to maintain like magic, "Singapore speed". After the Asian financial crisis, Singapore is more than out of the woods, the more enviable economic growth in recent years, Singapore speed "amazing, It is driven by its successful in attracting a large number of highly educated young working population!
CityU Mr. Tsang Yan Chong, Associate Professor, Department of Management at the author last year, analysis of Singapore outperformed Hong Kong reason is the difference between the population structure of the two large: less than 50% of the working population in Hong Kong, but the constant introduction of foreign workers in Singapore, foreign professionals, they almost full participation in the work. Yan Chong projections up to 64% the proportion of the working population in Singapore, higher than Hong Kong, even though the total population is less than the number of Hong Kong, but the per capita income, the total GDP surpassed Hong Kong, is not surprising.
In fact, the Singapore published the Government's new White Paper on Population mentioned, if the future does not continue to bring in immigrants, the local population will be in 2025 began to shrink, it will affect economic development. "Singapore speed slow down, the Singapore government had to maintain to absorb immigration policy, but the resulting grievances intensified, but also on the impact has always been a stable political and social atmosphere.
Locals dissatisfaction too many immigrants, complained that Singapore is like "Little China" immigration grab a high price, snatched jobs, even if the fast growth of the economy as a whole, but the ordinary people pay no synchronous growth, natural disgruntled directed at China immigrant contradiction spate. In August 2011, Chinese immigrants complained to the Government Indian descent neighbors cook curry pungent, triggering the "National Day cook curry, to counter Chinese immigrants do not integrate into the local culture; increase in Chinese broadcast the end of last year, the Singapore subway stop announcement systems, locals criticized for accommodating new immigrants from China, the last to be cut.
Learn from Sin Chew Valley economic consideration for the subject
Public discontent also reflects on the ballot paper, even if the economic development of miracles, but the 2011 Singapore parliamentary election, the ruling People's Action Party vote was only 60.1%, the lowest level since statehood, a bumper crop of the opposition, which won six seats; beginning of this year, Congress The by-election, the opposition to overwhelm the People's Action Party won the by-election seats, the Sin Chew political arena set off considerable controversy, is declared as public votes on immigration policy dissatisfaction.
The best of both worlds, not to slow down the face of international economic competition, but increase the other hand, we should take into account the people's grievances. Star Government after 2009, each year a new batch of permanent residents the right to reduce from 79,000 in 2008, up to now 30,000 a year. After the publication of the White Paper on Population cause people to anti-immigrant sentiment, Prime Minister Lee Hsien Loong has also changed to say, the population of 6.9 million is just a reference to the figures.
Hong Kong, enter a number of immigrants, and Singapore are far apart, but the immigrant population brought about social unrest and resentment, but also somewhat similar.
Leung Chun-ying, before he took office in June last year, the local economy in the past 20 years the average annual growth of 3.96%, Singapore 6.6%, Hong Kong half 10 years ago, Singapore's total economic output, now more than Hong Kong, "speed" means "fast" past, and in recent years have been as "slow". Admittedly, Hong Kong, Singapore speed rush, but judging from the Singapore example, even with suit optimization immigration policy, has seen it fit to highly educated professionals, but the price to pay on the Hong Kong people are willing to withstand?
- Prism is moved to a new office!
- November 06,2012
New Address: Suite 1404, Tung Wai Commercial Building, 109-111 Gloucester Road, Wanchai
Dear Valued Customers & Partners,
We would like to first express our gratitude and sincere thanks for all the support & co-operation you have given us through these years.
With our business growing and the needs arising for us to provide you all with better and higher service levels, please be informed that we will be relocating our office to the following new address effective November 3, 2012:
Suite 1404, Tung Wai Commercial Building, 109-111 Gloucester Road, Wanchai, Hong Kong
Our phone, email and fax remain unchanged:
Tel.:(852) 6073 3208
Fax: (852) 8343 1098
We still keep old email addresses so you can contact to us as usual. We will look forward to your continued support & goodwill going forward in the future.
- Taiwan visitors embrace online service
- September 23, 2012
Taiwan visitors embrace online service
Taipei resident Emily Tseng is a self-proclaimed Hong Kong fan who visits Asia’s world city six or seven times a year. Since the September 1 launch of the free online pre-arrival registration for Taiwan residents, she is poised to visit even more often.
"I love Hong Kong!" Ms Tseng exclaimed after she seized the chance to use the new service and enjoyed a weekend getaway earlier this month.
In its first two weeks, about 27,000 Taiwanese residents had already registered through the service, the Immigration Department said. Before, I had to pay several hundred (New Taiwan Dollars) to apply for a visa through a travel agent in Taiwan, but now I can do it myself online and the service is free. I just print out the slip and fly to Hong Kong - and I can spend more in Hong Kong from the money I saved," Ms Tseng said.
She and her companion are particularly fond of Hong Kong food and can state in Cantonese the names of their favourite dim sum dishes. They are attracted to Hong Kong’s energetic vibe.
“I really love this place. It's full of unlimited fun. I can come more frequently in the future,” Ms Tseng said.
Taiwan tourist Joyce Lin also used the convenient online service for a two-day vacation with her husband. Upon landing at Hong Kong International Airport, they headed straight to Hong Kong Disneyland.
“I didn't know what to expect,” Ms Lin said about her first time using the service. “But I felt happy and excited when I cleared the immigration counter.”
Eligible Taiwan residents can submit their pre-arrival registration to visit Hong Kong through the e-service platform on the GovHK website (www.gov.hk/par) and instantly know the result. Successful applicants can print their own notification slips for pre-arrival registration for Taiwan residents generated by the system, and present them with their travel documents upon arrival to Hong Kong.
Each pre-arrival registration is valid for two months and is good for two entries to Hong Kong, with a stay of up to 30 days as a visitor on each landing.
Hong Kong Tourism Board Chairman James Tien said the new service will attract more Taiwan tourists to Hong Kong, especially the younger generation. The forthcoming Halloween season with its myriad parties and events, and the Hong Kong Wine & Dine Festival will be major draws.
To tie in with the new service, the Tourism Board has collaborated with four airlines and more than 50 travel agents across Taiwan to launch promotions and discount travel packages.
- Mainland visitor jailed for possessing false instrument
- August 3, 2012
Mainland visitor jailed for possessing false instrument
A male Mainland visitor was convicted of one count of possession of false instrument at Shatin Magistrates' Courts today (August 3) and sentenced to 12 months' imprisonment.
On March 27, 2012, the 29-year-old defendant and his Mainland pregnant wife, who did not have a confinement booking in Hong Kong, presented their People's Republic of China passports for arrival clearance at Lok Ma Chau Control Point. During examination, the defendant represented to an Immigration Officer that he and his wife were in transit to Jakarta, Indonesia. Two sets of electronic air tickets in their names were produced as proof. At that point, his wife requested medical assistance as she was at an advanced stage of pregnancy. She subsequently gave birth to a baby at the Lok Ma Chau Control Point.
Upon further investigation, the defendant admitted that he purchased the fake electronic air tickets for Indonesia in Shenzhen at a cost of RMB40. He had then presented the said electronic air tickets and falsely represented that he and his wife intended to transit Hong Kong to Indonesia so that his wife could enter Hong Kong for confinement. In fact, they had no intention of going to Indonesia.
"Possession of false instrument is a serious offence. Offenders are liable to prosecution and, upon conviction, subject to the maximum penalty of 14 years' imprisonment," an Immigration Department spokesman said.
- Mainland visitor sentenced for offering dance teacher
- July 19, 2012
A female Mainland visitor pleaded guilty to her charge of breach of condition of stay by establishing business as a dance teache
A female Mainland visitor pleaded guilty to her charge of breach of condition of stay by establishing business as a dance teacher and was sentenced to two months' imprisonment at Shatin Magistrates' Court today (July 19).
During an anti-illegal worker operation mounted on June 21, 2012, the Immigration Task Force visited a centre which provided a dancing venue at North Point. A female Mainland resident, aged 54 and with visitor status, approached two undercover immigration investigators and offered to act as a dance teacher on her own in the centre and charged $400 per two hours as a teaching fee. She was then arrested for the offence of breach of condition of stay.
"Visitors are not allowed to take up employment in Hong Kong, whether paid or unpaid, or to establish or join in any business without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years' imprisonment," an Immigration Department spokesman said.
The spokesman also appealed to the public to report illegal worker activities through the 24-hour immigration enquiry telephone hotline on 2824 1551, by fax on 2824 1166, by email to email@example.com or through the "Online Reporting of Immigration Offences" System in the website www.immd.gov.hk.
- Immigration Department investigating on stay-out foreign domestic helper
- July 7, 2012
A foreign domestic helper should work and reside in the employer's residence in accordance with clause 3 of the contract.
During a surprise inspection conducted this morning (July 7) at Pok Fu Lam Village, immigration officers detected a foreign domestic helper who resided at a place other than his employer¡¦s residential address as stated in the employment contract, a spokesman for the Immigration Department said today.
During the operation, immigration officers conducted a total of 25 proof of identity checks. One foreign domestic helper was suspected to have made false representation with his employer upon his domestic helper visa application and was held for inquiry. The department is also investigating on his employer as to whether he had provided false information during visa application. The department will consider prosecution against any person who intentionally made false representation or provided false information about the live-in arrangement of foreign domestic helper. Case will also be referred to the Labour Department and Lands Department to see whether the employer had violated the Employment Ordinance and whether approval had been granted for owners of the leased flats to change the use of land.
Under prevailing policy, employers who wish to employ foreign domestic helpers shall enter into a Standard Employment Contract (ID 407). A foreign domestic helper should work and reside in the employer's residence in accordance with clause 3 of the contract. Any application for variation or addition to the terms of the contract during its duration shall be made in accordance with the provisions under clause 15 of the contract. On the other hand, employers who have obtained approval before April 1, 2003 for their foreign domestic helpers to stay out may continue to do so, as long as they continue to employ the foreign domestic helpers without a break of more than 6 months.
If employers or helpers breach the undertaking that the helper would work and reside in the employer's residence, such conduct will be taken into consideration in their future foreign domestic helper visa or extension of stay applications. The applications may thus be refused.
According to the spokesman, it is an offence to make false representation to Immigration Officers. Offenders are liable to prosecution and to a maximum fine of $150,000 and imprisonment for 14 years.
- Another Mainland resident jailed for arranging for non-local pregnant women to give birth in Hong Kong
- May 22, 2012
Another Mainland resident jailed for arranging for non-local pregnant women to give birth in Hong Kong
A 30-year-old female Mainland resident involved in arranging for non-local pregnant women to come to Hong Kong to give birth pleaded guilty today (May 4) in Sha Tin Magistrates' Court to five counts of breach of condition of stay.
She was sentenced to two months' imprisonment each for the first four charges, which related to four Mainland pregnant women with hospital confinement bookings in Hong Kong, and six months for the fifth charge, which related to a Mainland pregnant woman who had no hospital confinement booking. One month's imprisonment for each of the first four charges is to run consecutively to that of the fifth charge, making a total sentence of 10 months' imprisonment.
On May 2, 2012, the defendant was stopped for further examination at Lok Ma Chau Spur Line Control Point as she was suspected to be involved in arranging for non-local pregnant women to come to Hong Kong to give birth. Investigation revealed that the defendant had been employed by a Mainland agency since September 2011 to assist Mainland pregnant women in coming to Hong Kong for medical checks and delivery. She was initially assigned to escort the pregnant women to Hong Kong for antenatal checks and was paid RMB200 yuen per trip. Later, in December 2011, she started to receive a monthly salary of RMB2000 yuen instead of a reward per trip. The defendant also assisted the women in applying for extensions of stay, Hong Kong birth certificates and re-entry permits for their newborn babies. During the period from October 2011 to February 2012, the defendant assisted a total of five Mainland pregnant women in coming to Hong Kong. Four of the women had confinement bookings in Hong Kong while the fifth, who had no such booking, gave birth in February 2012 at the Accident and Emergency Unit of the Pamela Youde Nethersole Eastern Hospital.
"This is the fourth case of its kind since the successful conviction on February 10 of an intermediary who assisted Mainland pregnant women to come to Hong Kong for medical services. We are very concerned about the activities of Mainland agents arranging for non-local pregnant women to come to Hong Kong for confinement, particularly those who have no prior confinement booking. We will continue to spare no effort in combating any immigration offences detected," an Immigration Department spokesman said.
The spokesman warned that visitors are not allowed to take employment, or establish or join in any business in Hong Kong without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction to a maximum fine of $50,000 and imprisonment for two years.
- Extension of e-Channel service to Mainland
- March 22, 2012
Extension of e-Channel service to Mainland frequent visitors at Hong Kong International Airport control point
The Immigration Department announced today (March 22) that it will extend its Mainland frequent visitors e-Channel service to the Hong Kong International Airport control point with effect from next Monday (March 26).
A spokesperson for the Immigration Department said Mainland frequent visitors who have successfully enrolled with the department will be able to use e-Channels for immigration clearance at the Hong Kong International Airport control point. Currently, Mainland frequent visitors can use e-Channels at the Lok Ma Chau Spur Line, Lo Wu, Shenzhen Bay, China Ferry Terminal and Macau Ferry Terminal control points. The arrival and departure halls of the Hong Kong International Airport control point will be equipped with six and four e-Channels respectively for enrolled Mainland frequent visitors.
The e-Channel service is available to Mainland frequent visitors who have successfully enrolled. The enrolment offices are located at the Lok Ma Chau Spur Line, Lo Wu, Shenzhen Bay, China Ferry Terminal, Macau Ferry Terminal and Hong Kong International Airport control points. Enrolment is free of charge.
Macao permanent residents who have successfully enrolled with the department will also be able to enjoy the e-Channel service at the Airport control point starting from March 26.
- Appointment of Director of Immigration
- March 21, 2011
Chan Kwok-Ki will be the Director of Immigration from March 28
The State Council has, on the nomination and recommendation of Chief Executive Donald Tsang, approved the appointment of Deputy Director of Immigration Chan Kwok-ki as Director from March 28.
He will succeed Simon Peh who is retiring after 33 years' government service. Mr Tsang said Mr Chan has served in the Immigration Department for 28 years and has extensive knowledge and experience in its operations and management.
Mr Chan has made great efforts in enhancing the efficiency and professionalism of the department. I am confident he will lead the Immigration Department in meeting the challenges ahead.
Speaking on the retirement of Mr Peh, Mr Tsang said: “Since taking up the appointment as Director of Immigration in April 2008, Mr Peh has put in commendable efforts in ensuring effective immigration control and enforcement of immigration laws, leading the Immigration Department to become one of the most efficient and effective immigration services in the world. We sincerely wish Mr Peh a happy retirement.”
Mr Chan, 52, joined the department as an Assistant Immigration Officer in October 1982. He was appointed Assistant Director in April 2007 and Deputy Director in September 2009.
- HK signs Working Holiday Scheme with Korea
- Nov 12, 2010
Working Holiday visa allows young people to stay in Korea for traveling and working for a period up to 12 months
Hong Kong and the Republic of Korea have signed a Memorandum of Understanding (MoU) effective January 1, 2011to mark the establishment of a new bilateral working holiday scheme to benefit the young people of the two places from January 1, 2011. The MoU was signed by the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung, and the Consul-General of the Republic of Korea in Hong Kong, Mr Jun Ok-hyun.
The working holiday scheme provides an opportunity for young people to broaden their horizons and gain first-hand living and working experience in a foreign place.
Speaking at the Signing Ceremony, Mr Cheung said that Korea had been a growing tourist destination for Hong Kong people, thanks to its beautiful landscape, rich cultural heritage, pop culture and economic dynamism. Over 165,000 HongKong visitors travelled to Korea in the first nine months this year.
He said, "Through exchanges in person, I believe that our youngsters will better understand not only Korea, but also themselves and their own strengths and weaknesses through the experiences they gain throughout their adventures.
By the same token, Hong Kong can offer to young Koreans an attractive and vibrant cosmopolitan environment where the West meets the East, a can-do spirit and increasingly close economic integration with Mainland China. It is encouraging to note that some 660,000 Korean visitors came our way in the first three quarters this year.
The scheme with Korea is the seventh bilateral working holiday scheme that Hong Kong has drawn up with other places. There are 200 places available per year from each side under the scheme. Participants will be allowed to stay upto 12 months for holiday and take up employment to finance their stay.
Hong Kong has also established bilateral working holiday schemes with New Zealand and Australia in 2001, Ireland in 2005, and Germany, Japan and Canada in 2009. Over 14,000 Hong Kong youngsters have benefited from the scheme whilst about 1,500 young people from these countries have experienced Hong Kong's cosmopolitan and vibrant way of life.
Under the Hong Kong/Korea Scheme, the Hong Kong Immigration Department or the Consulate General of the Republic of Korea in Hong Kong will issue a working holiday visa to a successful applicant from Korea or Hong Kong respectively who meets the following eligibility criteria among others:
* the applicant must be either a Korean national possessing a valid passport of Korea, or a HKSAR or British National (Overseas) passport holder ordinarily resident in Hong Kong, who is aged between 18 and 30 and intends primarily to holiday in Korea or Hong Kong for a specified period of not more than one year;
* the applicant must not be accompanied by dependent family members;
* the applicant must possess a return travel ticket or sufficient funds with which to purchase such ticket, and sufficient funds for their maintenance during the initial period of stay in Korea or Hong Kong; and
* the applicant must hold comprehensive liability and medical insurance for the entire period of stay.
- Immigration facilitation measures for Taiwan visit
- October 27, 2010
Enhanced cross-strait relations between HK and Taiwan - both citizens can be allowed to apply entry permit online
Following is a written reply by the Secretary for Security, Mr. Ambrose S K Lee, to a question by the Hon Wong Ting-Kwong in the Legislative Council.
Following is a written reply by the Secretary for Security, Mr Ambrose S K Lee, to a question by the Hon Wong Ting-kwong in the Legislative
Question: The SAR Government has indicated that to enable Hong Kong to complement enhanced cross-strait relations, it is strengthening exchanges and cooperation with Taiwan. In this connection, will the Government inform this Council:
(a) given that since January last year, the Hong Kong SAR Government has implemented two new measures for the convenience of Taiwanese residents, which are the removal of the restriction that they may submit iPermit applications only twice within a 30-day period and extension of the limit of their stay in Hong Kong to 30 days, of the number of visits by Taiwanese residents visiting Hong Kong in the whole of last year, and how such figure compares with that in the year before the implementation of these measures;
(b) given that since September this year, Taiwan allows Hong Kong and Macao residents who were born in Hong Kong or Macao, are holders of a valid SAR passport and have visited Taiwan before, to submit an on-line application for entry permit and print their own permit for travelling to Taiwan with the fee waived, whether it knows the number to date of visits to Taiwan by Hong Kong people by means of this method and how the number of visits to Taiwan by Hong Kong residents since September this year compares with that for the same period in the previous year;
(c) whether the authorities have further explored relevant facilitating measures in respect of immigration arrangements for residents in both places; if so, ofthe specific contents; if not, the reasons for that; and
(d) whether the authorities will conduct a research on the possible impact on the local tourism industry of the measures for facilitating immigration clearance implemented by the Mainland, Hong Kong and Taiwan for residents of the three places; if they will, of the specific contents; if not, the reasons for that?
- Amendments on Capital Investment Entrant Scheme (CIES)
- October 13, 2010
investment fund is raised from HK$6.5M to HK$10M and real estate is suspended temprarily as a class of Permissible Investment As
The Government has announced that subsequent to a review, the following amendments will be introduced to the Capital Investment Entrant Scheme (CIES) with effect from October 14, 2010.
i) The threshold of investment (and net assets/net equity requirement) for admission to Hong Kong under the CIES is raised from HK$6.5 million to HK$10 million; and
ii) Real estate is suspended temporarily as a class of Permissible Investment Assets (PIA) under the CIES. Furthermore, with effect from the commencement date, an insurer authorised to carry on Class C business as specified in Part 2 of the First Schedule to the Insurance Companies Ordinance is permitted to act as a financial intermediary for the purpose of the CIES.
A government spokesman said: "The amendments aim to ensure that the scheme is up-to-date and continues to serve the best overall interest of Hong Kong. During the review, the Government has taken into account overseas practices, changes in relevant economic indicators, and views of the public and Legislative Council members.
Following the amendments, the scheme remains competitive compared with similar overseas schemes. The investment threshold (and net assets/net equity requirement) will be reviewed once every three years. The arrangement of the temporary suspension of real estate as a class of PIA will also be assessed at the next regular review, or earlier as necessary.
The amendments to investment threshold (and net assets/net equity requirement) and suspension of real estate as a class of PIA will not affect applications received before the commencement date, whether alreadyapproved or still under processing.
Under the existing scheme rules of the CIES, applicants are allowed to take into account the required investment made within six months prior to the date of lodging an application or within six months after being granted the approval-in-principle. According to past statistics, around 11% of the CIES entrants actually made the required investment before submitting an application.
In view of the above, as a transitional arrangement, new applications involving investment (including real estate) of no less than HK$6.5 million made within six months immediately preceding the commencement date are eligible for approval, subject to the applicant meeting the other criteria. For these cases, the scheme rules prevailing before the commencement date apply. However, any investment in real estate completed on or after the commencementdate, irrespective of the amount, will not be accepted as PIA for new applications under the CIES.