Successful applicants have the option of bringing their dependents, including their spouse and unmarried children under the age of 18, to Hong Kong. They can stay for a maximum of two years, after which they can apply for an extension for up to three years, which can be repeated on the expiry of each extension.

Provided the applicant and their dependents maintain continuous ordinary residence in Hong Kong for at least seven years, they can apply to become permanent residents, after which they are free to dispose of their invested assets. Applicants who are not able to meet the continuous ordinary residence requirement can apply for unconditional stay if they have met the financial requirements for at least seven years.

The main attraction of investment visa schemes is that successful applicants can obtain residency or citizenship in a country where they can enjoy a high standard of living, with the option of working or studying, and access good healthcare.

Applicants consider such schemes to diversify their assets, safeguard their future, expand their business interests or gain access to new markets. Some countries offer lower tax rates, exemptions or favourable tax regimes, which can help minimise tax liabilities.

Broadly, the economy offering the investment scheme stands to gain in terms of economic growth, job creation, knowledge transfer and economic diversification.

Some smaller European countries have schemes with comparatively low entry requirements, providing visa-free access throughout the Schengen Area of 27 European countries. Portugal’s scheme could be seen as an example of this.

While Hong Kong is trying to attract people, Hongkongers are also attracted by investment visas overseas. Australia and Canada are popular choices.

However, it is crucial to address the potential disadvantages of such schemes. These include wealth inequality, corruption risks, national security concerns and ethical considerations. Striking a balance between attracting investment and ensuring integrity is essential for the long-term success and sustainability of such schemes.

Take the case of Ireland, which introduced its Immigrant Investor Programme in 2012 when its economy was struggling. It closed the programme this year, after raising around €1.2 billion (US$1.3 billion) because it deemed such investments no longer a strategic fit for a healthy, prosperous economy.

According to Ireland’s minister for justice, the government was also responding to “serious concerns that had been expressed about immigrant investment programmes generally by the EU Commission, Council of Europe and OECD in a number of studies in relation to border security, money laundering, tax evasion and circumvention of EU law”.

Critics of these investor programmes argue that selling citizenship or residency undermines the principle of equal treatment and fairness. They believe citizenship should be earned through other means, such as cultural integration, language proficiency, or contribution to society, rather than solely through financial investments.

It will undoubtedly be a tough sell in Europe or the United States, where geopolitical tensions have been running high for some time, and threats of sanctions and ongoing negative media campaigns are likely to deter many, despite the host of positive attributes that Hong Kong has to offer.

Bernard Chan is a Hong Kong businessman and former Executive Council convenor