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Hong Kong verifies 47 applications under new investment visa scheme with each one investing HK30 million in the city

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Hong Kong has verified 47 applications under a new investment visa scheme launched six months ago each one having already made an investment of HK30 million in the city Invest Hong Kong InvestHK a government department focused on foreign direct investment announced on Monday that a total of 500 applications have been received under the investment visa scheme since its rollout in March 1 Among the applications 448 peoples assets have been verified According to the scheme any application should have net assets of no less than HK30 million over the previous two years before the application Following the verification process 47 people invested at least HK30 million each in the city meaning their visas were pending approval from the Immigration Department The department did not disclose the number of visas that had been approved nor where the applicants were from HKFP has reached out to inquire Hong Kong launched the New Capital Investment Entrant Scheme to allow foreign nationals and residents of Taiwan Macau and mainland China that have obtained permanent resident status in a foreign country to be granted a twoyear visa if they invest at least HK30 million in permissible assets in the city InvestHK announced on Monday that considering a total of 500 applications the scheme was expected to bring the city over HK15 billion According to the scheme investments can be made as in areas such as nonresidential real estate or financial products Those who successfully renew their visa and continue to live in Hong Kong for seven years can later apply to become permanent residents of the city Most applications from Vanuatu GuineaBissau Earlier in June the government announced that as of the end of May it had received 251 applications most of them from residents of the South Pacific island nation Vanuatu and GuineaBissau in West Africa The figure sparked debate after a financial commentator said on Facebook that the reason so many residents of Vanuatu and GuineaBissau had applied for Hong Kongs immigration scheme was perhaps because some Chinese nationals had gained permanent residency in small countries With a population of around 21 million GuineaBissaus per capita gross domestic product GDP was approximately US775 in 2022 according to the World Bank Vanuatu with a population of around 326000 had a GDP per capita of US3231 in 2022 Authorities have not released updated information about where applicants under the investment visa scheme came from since then Support HKFP Policies Ethics Errortypo Contact Us Newsletter Transparency Annual Report Apps Help safeguard press freedom keep HKFP free for all readers by supporting our team

Irene Chan

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