Editorial | Immigration scheme will attract the well-off
- The New Capital Investment Entrant Scheme hopes to bring in investors who will benefit Hong Kong’s professional services as well as helping to drive the economy and create jobs
The city has taken a step to becoming a haven for high-net-worth individuals. A new immigration scheme aims to attract capital and talent by reeling in HK$120 billion worth of investment to Hong Kong per year.
At HK$30 million per applicant, the New Capital Investment Entrant Scheme hopes to bring in investors who will benefit the city’s professional services, especially wealth management.
It is a promising start, though the headline HK$120 billion a year may be a tad too optimistic. The scheme may take some time to establish itself.
The required investment can be in local stocks or other assets for investors and their families to qualify for Hong Kong residency.
Family offices may be set up under the scheme. To be sure, HK$30m is not for the super-rich; and it’s lower than that in Singapore.
But there is no denying that the appeal is there for well-off people with high mobility and investment incentives outside the city.